CleanPath Resources 10Q 2008 Q2 Quarterly report

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED APRIL 30, 2008

INDEX

Index		Page

Part I.	Financial Information
	Item 1. Financial Statements

	Consolidated Balance Sheet as of April 30, 2008 (unaudited)

	Consolidated Statements of Operations - for the three months ended April 30, 2008 and 2007 (unaudited)

	Consolidated Statements of Cash Flows for the nine months ended April 30, 2008and 2007 (unaudited)

	Notes to Consolidated Financial Statements (unaudited)

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Item 3. Controls and Procedures

Part II.	Other Information

	Item 1. Legal Proceedings

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

	Item 3. Defaults Upon Senior Securities

	Item 4. Submission of Matters to a Vote of Security Holders

	Item 5. Other Information

	Item 6. Exhibits

Signatures

Certifications

This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, concerning plans of CanAm Uranium Corp., a Nevada corporation (“CanAm Uranium” or the “Company”), regarding its properties, operations and other matters. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements concerning reserves, if any, and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed, and in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation:

·	risks related to uranium prices and other commodity price fluctuations;

·	risks related to uranium prices, gold prices and other commodity price fluctuations;

·	risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits;

·	risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses;

·	results of initial feasibility, prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the expectations of the Company;

·	mining and development risks, including risks related to accidents, equipment breakdowns, labor 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;

·	the uncertainty of profitability based upon the CanAm Uranium’s history of losses;

·	risks related to failure to obtain adequate financing on a timely basis and on acceptable terms;

·	risks related to environmental regulation and liability;

·	risks related to hedging activities;

·	political and regulatory risks associated with mining and exploration; and

·	other risks and uncertainties related to the CanAm Uranium’s prospects, properties and business strategy.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Forward looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the CanAm undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

CANAM URANIUM CORP.

(An Exploration Stage Company)

BALANCE SHEETS

(unaudited)

	April 30 2008			October 31 2007
	Unaudited

CURRENT ASSETS
Cash	$	3,564		$	100,017
Prepaid Expenses		224,500			152,443

TOTAL CURRENT ASSETS		228,064			252,460
Resource property acquisition costs (Note 3)		1,810,169			1,610,169
Fixed assets (net of depreciation)		440			600

TOTAL ASSETS	$	2,038,673		$	1,863,229

LIABILITIES AND STOCKHOLDERS’ DEFICIENCY


CURRENT LIABILITIES
Accounts payable and accrued liabilities		356,121			443,619
Notes payable (Note 7)		250,000			300,000
Convertible debentures and notes payable (Note 6)		316,921			357,827
Due to related party (Note 5)		5,720			5,720

TOTAL CURRENT LIABILITIES		928,762			1,107,166

GOING CONCERN (Note 1)

STOCKHOLDERS’ EQUITY (DEFICIENCY) (Note 4)
Preferred stock, series A, 24,000,000 shares authorized with $0.001 par value Preferred stock, series B, 100,000 shares authorized with $0.001 par value Issued and outstanding 100,000 Preferred stock, series B (2007: 100,000 Preferred stock, series B)		100			100

Common stock, 200,000,000 shares authorized with $0.001 par value
Issued and outstanding
96,430,000 common shares (2007 - 83,250,000)		96,430			83,250
Additional paid-in-capital		8,937,000			7,469,436
Share subscriptions received in advance		-			25,000
Share subscriptions receivable		(508,970	)		(392,000	)
Deficit accumulated during exploration stage		(7,414,649	)		(6,429,723	)

		1,109,911			756,063

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	$	2,038,673		$	1,863,269

___________________________ Director

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

CANAM URANIUM CORP

(An Exploration Stage Company)

INTERIM STATEMENTS OF OPERATIONS

(unaudited)

	For the three month period ended April 30 2008			For the three month period ended April 30 2007			For the six month period ended April 30 2008			For the six month period ended April 30 2007			June 7, 2004 (inception) to April 30 2008
	$			$			$			$			$
GENERAL AND ADMINISTRATIVE EXPENSES
Mining property costs		5,000			69,055			60,597			122,450			1,245,783
Office and general		991			31,792			7,178			62,862			66,475
Professional and consulting fees		44,000			123,707			482,548			192,301			1,629,833
Regulatory and filing fees		-			4,493			2,122			5,066			20,736
Directors’ fees		17,500			49,400			55,500			49,400			463,303
Debenture financing fees		-			54,025			-			54,025			54,025
Debenture option		-			302,673			-			302,673			302,673
Stock option benefit		-			1,711,333			-			1,711,333			2,234,665
Interest expense		84,600			30,000			98,314			30,000			235,292
Financing fees and investor relations		-			142,988			252,120			142,988			917,693
Printing and promotion		181			51,155			181			51,155			114,727
Travel and entertainment		-			-			16,192			-			72,367
Rent		-			-			10,175			-			57,077

		152,272			2,570,621			984,927			2,724,253			7,414,649
NET LOSS FOR THE PERIOD		(152,272	)		(2,570,621	)		(984,927	)		(2,724,253	)		(7,414,649	)

BASIC AND DILUTED LOSS PER COMMON SHARE	$	(0.00	)	$	(0.03	)	$	(0.01	)	$	(0.03	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		92,500,000			84,522,022			89,500,000			84,088,066

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

CANAM URANIUM CORP.

(An Exploration Stage Company)

INTERIM STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO April 30, 2008

(unaudited)

	Common Stock				Additional Paid in			Accumulated Earnings			Share Subscriptions Received		Subscription		Stockholders’
	Number of shares		Par Value		Capital			(Deficit)			in Advance		Receivable		Equity
			$		$			$			$				$
Balance at Inception June 7, 2004		-		-		-			-			-		-		-
Capital issued for Cash		72,320,000		72,320		(50,020	)									22,300
Net loss for the period from inception to October 31, 2004		-		-		-			(6,194	)		-				(6,194	)
Balance October 31, 2004		72,320,000		72,320		(50,020	)		(6,194	)		-				16,106
Net loss for the year ended October 31, 2005		-		-		-			(17,020	)		-				(17,020	)
Balance October 31, 2005		72,320,000		72,320		(50,020	)		(23,214	)		-		-		(914	)
Capital issued for Cash, net of stock issuance costs		7,110,000		7,110		264,890										272,000
Capital issued for services		1,560,000		1,560		189,540										191,100
Subscriptions received in advance												152,347				152,347
Net loss for the year ended October 31, 2006									(334,678	)						(334,678	)
Balance October 31, 2006		80,990,000		80,990		404,410			(357,892	)		152,347		-		279,855

CANAM URANIUM CORP.

(An Exploration Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO APRIL 30, 2008 (continued)

Common Stock

Additional Paid

Accumulated Earnings

Share Subscriptions Received

Subscription

Stockholders’

Number of shares

Par Value

in Capital

(Deficit)

in Advance

Receivable

Equity

Balance October 31, 2006

80,990,000

80,990

404,410

(357,892

)

152,347

279,855

Capital issued for cash	4,905,000		4,905		553,345			(152,347	)	(102,000	)	303,903
Capital issued for financing	1,600,000		1,600		1,247,900							1,249,500
Capital issued for services	1,860,000		1,860		967,140							969,000
Capital issued for Mineral Properties	3,295,000		3,295		1,315,805							1,319,100
Capital issued for stock options	400,000		400		289,600					(290,000	)	-
Capital issued on settlement of notes payable	200,000		200		49,800							50,000
Capital returned to Company and Cancelled	(10,000,000	)	(10,000	)								(10,000	)
Preferred shares B issued					9,900							10,000
Stock based compensation					2,234,665							2,234,665
Debenture option					396,871							396,871
Subscriptions received in advance								25,000				25,000
Net loss for the year ended October 31, 2007						(6,071,831	)					(6,071,831	)
Balance October 31, 2007	83,250,000		83,250		7,469,436	(6,429,723	)	25,000		(392,000	)	756,063

CANAM URANIUM CORP.

(An Exploration Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD FROM JUNE 7, 2004 (INCEPTION) TO APRIL 30, 2008 (continued)

Common Stock

Additional

Accumulated

Share Subscriptions

Number

Paid in

Earnings

Received

Subscription

Stockholders’

of shares

Par Value

Capital

(Deficit)

in Advance

Receivable

Equity

Balance October 31, 2007

83,250,000

83,250

7,469,436

(6,429,722

)

25,000

(392,000

)

756,063

Subscription received								102,000		102,000
Capital issued for Mineral Properties	1,000,000	1,000	199,000							200,000
Capital issued for services	1,680,000	1,680	275,320							277,000
Capital issued for cash	1,300,000	1,300	128,700					(130,000	)
Capital issued on settlement of notes payable	2,200,000	2,200	267,800					(100,000	)	170,000
Capital issued for prepaid consulting	3,000,000	3,000	227,000							230,000
Vested portion of option benefit			185,318							185,318
January 2008 option benefit			8,426							8,426
Capital issued for promissory note	2,000,000	2,000	138,000					(118,970	)	21,030
Capital issued for services	2,000,000	2,000	38,000							40,000
Offset						(25,000	)	130,000		105,000
Net loss for the period ended April 30, 2008				(984,927	)					(984,927	)
BalanceApril 30,2008	96,430,000	96,430	8,937,000	(7,414,649	)	-		(508,970	)	1,109,911

CANAM URANIUM CORP.

(An Exploration Stage Company)

INTERIM STATEMENTS OF CASH FLOWS

(unaudited)

	For the six month period ended April 30, 2008			For the six month period ended April 30, 2007			June 7, 2004 (inception) to April 30, 2008
	$			$			$

CASH FLOWS USED IN OPERATING ACTIVITIES
Net loss for the period		(984,927	)		(2,724,253	)		(7,414,649	)
Adjustment to reconcile net loss to net cash from operating activities:
Non cash expenses:
- stock option benefit		8,426			1,711,333			2,243,091
- debenture option		-			302,673			302,673
- depreciation		160			120			865
- accrued interest reversal		-			(2,001	)		-
- stock issued for services		317,000			181,900			1,379,847
- stock issued for financing fees		67,398			-			716,898
- other non cash items		297,165			-			297,165
Accounts payable and accrued liabilities		(84,750	)		10,983			358,868
Prepaid expenses		(72,057	)		2,500			(120,327	)


NET CASH USED IN OPERATING ACTIVITIES		(451,585	)		(516,745	)		(2,235,569	)

CASH FLOWS USED IN INVESTING ACTIVITY
Resource property acquisition costs		-			(251,821	)		(291,069	)
Acquisition of fixed assets		-			(4,471	)		(1,200	)

NET CASH FLOWS USED IN INVESTING ACTIVITY		-			(256,292	)		(292,269	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on sale of common stock		123,030			759,859			898,580
Proceeds on exercise of options		-						600,000
Note payable		(50,000	)		-			300,000
Convertible debenture and derivative contract liability		284,849			670,000			729,849
Related party advances		-			-			5,720

NET CASH PROVIDED BY FINANCING ACTIVITIES		357,879			1,129,859			2,534,149

INCREASE (DECREASE) IN CASH		(93,706	)		356,822			6,311

CASH, BEGINNING OF PERIOD		100,017			306,921			-

CASH, END OF PERIOD		6,311			663,743			6,311

SUPPLEMENTAL CASH FLOW INFORMATION:	$		$		$
Cash paid for interest		-		-		-
Cash paid for income taxes		-		-		-
Common stock issued for acquisition of mineral property		-		147,500		147,500

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

CANAM URANIUM CORP.

(An Exploration Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

April 30, 2008

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Canam Uranium Corp. (the “Company”) is an exploration stage company that was organized to engage in the business of natural resource exploration in the United States and Canada.

Going concern

These financial statements have been prepared with the on-going assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. However, certain conditions noted below currently exist which raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.

The operations of the Company have primarily been funded by the sale of common stock. Continued operations of the Company are dependent on the Company’s ability to complete additional equity financings or generate profitable operations in the future. Management’s plan in this regard is to secure additional funds through future equity financings.

	April 30, 2008			October 31, 2007
Deficit accumulated during the exploration stage	$	7,414,649		$	6,429,723
Working capital (deficiency)	$	(700,698	)	$	(854,706	)

Unaudited Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB of Regulation S-B. They do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended October 31, 2007 included in the Company’s Form 10KSB filed with the Securities and Exchange Commission. These interim unaudited financial statements should be read in conjunction with those financial statements included in the Form 10KSB. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended April 30, 2008 are not necessarily indicative of the results that may be expected for the year ending October 31, 2008.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The Company was incorporated on June 7, 2004 in the State of Nevada. The Company’s fiscal year end is October 31.

Basis of presentation

These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States.

CANAM URANIUM CORP.

(An Exploration Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

April 30, 2008

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Exploration stage company

The Company’s financial statements are prepared using the accrual method of accounting and according to the provision of Statement of Financial Accounting Standards (“SFAS”) No. 7, “ Accounting and Reporting for Development Stage Enterprises”, as it devotes substantially all of its efforts to acquiring and exploring mineral properties. It is industry practice that mining companies in the development stage are classified under Generally Accepted Accounting Principles as exploration stage companies. Until such properties are acquired and developed, the Company will continue to prepare its consolidated financial statements and related disclosures in accordance with entities in the exploration or development stage.

Natural resource properties

The Company has been in the exploration stage since its inception on June 7, 2004, and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. The Company expenses all costs related to the maintenance and exploration of mineral claims in which it has secured exploration rights prior to establishment of proven and probable reserves. To date, the Company has not established the commercial feasibility of its exploration prospects; therefore, all exploration costs are being expensed. Mineral property acquisition costs are initially capitalized when incurred using the guidance in EITF 04-02, “Whether Mineral Rights Are Tangible or Intangible Assets.” The Company assesses the carrying cost for impairment under SFAS No. 144, “Accounting for Impairment or Disposal of Long Lived Assets” at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated lie of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

Reclamation costs

The Company's policy for recording reclamation costs is to record a liability for the estimated costs to reclaim mined land by recording charges to production costs for each tonne of ore mined over the life of the mine. The amount charged is based on management's estimation of reclamation costs to be incurred. The accrued liability for reclamation expenditures is reduced as reclamation expenditures are made. Certain reclamation work is performed concurrently with mining and these expenditures are charged to operations at that time. As at April 30, 2008 the Company has determined that it has no significant asset retirement or reclamation obligations.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. We base our estimates on a number of factors, including historical experience, current events and actions the company may undertake in the future, and other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates. We use estimates when accounting for certain items such as asset impairments and stock based compensation,

CANAM URANIUM CORP.

(An Exploration Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

April 30, 2008

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Financial instruments

The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of SFAS No. 107, “ Disclosures about Fair Value of Financial Instruments” . The estimated fair value amounts have been determined by the Company, using available market information and appropriate valuation methodologies. The fair market value of the Company’s financial instruments comprising cash, accounts payable and accrued liabilities, and notes payable were estimated to approximate their carrying values due to immediate or short-term maturity of these financial instruments. The Company maintains cash balances at financial institutions which at times, exceed federally insured amounts. The Company has not experienced any material losses in such accounts

Loss per common share

Basic earnings per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive earnings per share reflects the potential dilution of securities that could share in the earnings of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share.

Foreign currency translation

The Company’s functional and reporting currency is the U.S. dollar. All transactions initiated in Canadian dollars are translated into U.S. dollars in accordance with SFAS No. 52 “Foreign Currency Translation” as follows:

a) monetary assets and liabilities at the rate of exchange in effect at the balance sheet date; and

b) revenue and expense items at the average rate of exchange prevailing during the period.

For foreign currency transactions, the Company translates these amounts to the Company's functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net loss for the period.

Income taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. As at April30,2008 the Company had net operating loss carry-forwards; however, due to the uncertainty of realization, the Company has provided a full valuation allowance for the deferred tax assets resulting from these loss carry-forwards.

Stock-based Compensation

SFAS No. 123(R), "Accounting for Stock-Based Compensation", as issued by the Financial Accounting Standards Board (“FASB”), as amended by SFAS No. 148, "Accounting for Stock-Based Compensation - transition and disclosure", was adopted by the company on January 1, 2006, which requires the measurement and recognition of compensation expense for all share-based awards made to employees and directors, including employee stock options and shares issued through its employee stock purchase plan, based on estimated fair values. Prior to the adoption of SFAS 123(R), the Company accounted for stock-based compensation using the intrinsic value method prescribed in Accounting Principles Board ("APB") Opinion No. 25. Under APB 25, compensation cost is measured based on the excess, if any, of the quoted market price or fair value of a company's stock at the grant date (or a later date where the option has variable terms that depend on events after the date of grant) over the amount an employee must pay to acquire the stock. Compensation expense is recognized immediately for past services and pro-rata for

CANAM URANIUM CORP.

(An Exploration Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

April 30, 2008

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

future services over the option-vesting period. SFAS 123(R) require that compensation cost resulting from the granting of stock options be measured and reported currently in the income statement and allocated over the remaining life of the option. The adoption of this standard had no impact to the Company’s financial position prior to January 1, 2006.

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with SFAS No. 123(R) and the conclusions reached by the Emerging Issues Task Force in Issue No. 96-18. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by EITF 96-18.

Comprehensive Income

SFAS No. 130, “Reporting Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at April 30, 2008 the Company had no items of other comprehensive income.

NOTE 3 - NATURAL RESOURCE PROPERTIES and RELATED EXPLORATION DEVELOPMENT

The Company has capitalized acquisition costs on these mineral properties as follows:

	April 30, 2008		October 31, 2007
Wheeler Beckett	$	289,422	$	189,422
OK Lake		82,843		82,843
Reilly Uranium		38,705		38,705
Don McCarthy		1,310,000		1,210,000
Bancroft		89,199		89,199
	$	1,810,169	$	1,610,169

TIM and PUN claims

The Company acquired through its previous President, an option to purchase a 100% undivided interest in two mining claims in the Lillooet Mining Division of British Columbia, Canada. The claims are named TIM and PUN and comprise of 36 claims.

Under the claim agreement (amended September 8, 2005 and March 31, 2006), annual payments of $25,000 commencing January 1, 2008 were required as long as an interest is held in the claims, and minimum exploration expenditures of $15,000 and $40,000 were required on or before October 31, 2006 and 2007.

NOTE 3 - NATURAL RESOURCE PROPERTIES and RELATED EXPLORATION DEVELOPMENT - continued

The Board of Directors of the Company, after lengthy analysis prior to and during a board meeting of October 2, 2006 elected to refocus the Company's exploration activity into the area of uranium exploration, as they felt that there were better prospects for shareholder returns. Consequently, they chose not to renew these claims and allowed them to lapse.

BANCROFT claims

On October 20, 2006, the Company entered into an agreement with El Nino Ventures Inc. to acquire a 60% option on the Bancroft properties in the Province of Ontario, Canada totaling 3,800 hectares over numerous individual claims.

The option required payment of CDN$40,000 on closing and CDN$25,000 within 10 days of closing 2006, payment of CDN $60,000 of exploration costs by November 15, 2006, and the issuance of 275,000 post split shares of its stock, restricted under Rule 144 of the Securities Act of 1933. In order to maintain the option the Company is required to make a payment of CDN$20,000 on the first anniversary of the agreement, and pay CDN $500,000 of exploration costs in each year of the first and second anniversaries of the agreement. In order to earn an 80% option, the Company is required to issue a further 300,000 restricted post split shares and complete a further CDN$1,500,000 in exploration expenditures in the third and fourth year after the execution of the agreement. The properties are also subject to Net Smelter Royalty (“NSR”) payments of 3% in the event of mineral production, and the Company may purchase 1% of the NSR for CDN$250,000, or total purchase of the NSR for CDN$750,000.

At October 31, 2007 the Company had not met the requirement to pay CDN $500,000 in exploration costs during the first year of the agreement and pay CDN $20,000 on the first anniversary of the agreement. Subsequent to the year end, the company amended the terms of the option agreement with El Nino such that a payment of CDN $25,000 is required on or before December 21, 2007, and CDN $165,000 on or before January 31, 2008. Subsequent to the year end the company paid CDN $25,000 pursuant to the amended option agreement, but had not paid CDN $165,000 by January 31, 2008. The company is re-negotiating the terms of the amended option agreement with El Nino.

On April 1^st 2008, the Board of Directors chose not to continue the option of the Bancroft Properties due to the poor drilling results and inability to renegotiate terms of the option.

BALD and OYAMA claims On November 16, 2006, the Company entered into an Agreement with Geomode Mineral Exploration Ltd. to acquire a 100% undivided interest in two mineral claims owned by Geomode known as the BALD and OYAMA claims in the Province of British Columbia, Canada, totalling 1,037 hectares. They are collectively known as the OK Lake claims. In order to earn its 100% interest, the Company is required to pay $25,000 on signing of the Agreement, issue 500,000 of its common shares (restricted) to the owner of the claims, and carry out exploration expenditures of $50,000, or issue 250,000 restricted shares on or before November 30, 2007, and exploration expenditures of $200,000 or 500,000 common shares (restricted) on or before November 30, 2008. The properties are subject to a 1% NSR which may be purchased by the Company for $1,000,000.

WHEELER-BECKETT claims On November 29, 2006, the Company entered into an Agreement with Northwind Resources Ltd. to acquire a 100% interest in 11 mineral property titles, collectively known as the Wheeler-Beckett Claims in the Athabasca basin region of the Province of Saskatchewan, Canada, totaling 51,100 hectares in size. In order to earn its 100% interest, the Company is required to make cash payments of CDN$150,000 on Agreement execution date and CDN$100,000 on the anniversary of the Agreement execution date. In addition, the Company is required to issue 500,000 of its common shares (restricted) on execution date, and an additional 500,000 restricted shares on the anniversary date of the Agreement's execution. The property is subject to a 2.5 % NSR of which 2.0% may be purchased by the Company for CDN$1,000,000.

NOTE 3 - NATURAL RESOURCE PROPERTIES and RELATED EXPLORATION DEVELOPMENT - continued

DON MCCARTHY claims

On the 17 ^th of May, 2007, the Company entered into a Property Option Agreement with Geomode Mineral Exploration Ltd. to acquire an undivided 100% interest in a mineral claim known as the Don McCarthy claim, located in the Athabasca basin area of the Province of Saskatchewan, Canada. The Company can acquire the 100% interest by making a cash payment of $50,000 and issuing 2,000,000 restricted common shares of the Company upon signing of the agreement, plus an additional payment of $50,000 on or before December 31, 2007, as well as the payment of $100,000 and 500,000 common shares on the first anniversary of the agreement, and $200,000 and 500,000 common shares on the second anniversary of the Agreement. At the Company’s discretion, it can accelerate any and all payments contemplated under this agreement. The owner of the property has reserved a 1% NSR, which can be acquired by the Company for a payment of $3,000,000 less any royalty payments paid.

The Don McCarthy Claims are currently in default of the option agreement, unless CanAm can pay the outstanding option payments.

REILLY URANIUM claims

On June 1, 2007, the Company completed an agreement to acquire a 100% interest in the Reilly Uranium Property in the Sault St. Marie district of Ontario, Canada from Rubicon Minerals Corp. The terms of the transaction include the option to purchase 100% of the property by the staged issuance of 80,000 CanAm common shares and $110,000 in cash payments in Canadian Dollars. The underlying vendor retains a 2% NSR royalty of which 1% can be bought back by the Company for $1 million and the first right of refusal for the remaining 1%. The payment schedule is as follows: an ``Initial Payment'' of $30,000 on signing of this Option Agreement, an additional $10,000 on the first anniversary date of the Option Agreement, an additional $15,000 on the second anniversary date of the Option Agreement; an additional $20,000 on the third anniversary date of the Option Agreement; and, a final payment of an additional $35,000 on the fourth anniversary date of the Option Agreement. Issue to the Owners a total of 80,000 common 144 shares in the capital stock of CanAm for the grant of the Mineral Claims according to the following schedule, 20,000 common shares to the Owner within 10 days of the approval of the terms of this Option Agreement;

NOTE 4 - STOCKHOLDERS’ EQUITY

The Company’s capitalization is 200,000,000 common shares with a par value of $0.001 per share, and 25,000,000 preferred shares with no par value.

As at April 30, 2007 the Company has not granted any stock options and has not recorded any stock-based compensation.

On July 10, 2004 the Company issued 7,000,000 common shares at $0.001 per share to the sole director and President of the Company for net cash proceeds of $7,000 to the Company.

On September 23, 2004 the Company issued 1,760,000 common shares to several investors at $0.0075 per share for net cash proceeds of $13,200 to the Company.

On October 15, 2004 the Company issued 280,000 shares to one investor at $0.0075 per share for net cash proceeds of $2,100 to the Company.

On May 1, 2006 and May 15, 2006 the Company issued 460,000 and 210,000 units at $0.05 per share purchase unit for net proceeds to the Company of $23,000 and $10,500. The 670,000 units are comprised of 670,000 common shares in capital of the Company.

On September 5 and September 7, 2006 the Company issued 700,000 common shares to several investors at $0.10 per share for net cash proceeds of $63,000 to the Company.

On October 13, 2006 the Company issued to two investors 600,000 shares at $0.25 per share, for net cash proceeds to the company of $135,000.

During March 2008, negotiations commenced for the disposal of 2 claims within the 11 claims which made up the Wheeler Beckett claims. These 2 claims where 7500 hectares in total and where transferred in the settlement of $200,000 in debt. The Wheeler Beckett is therefore 43,500 hectares.

NOTE 4 - STOCKHOLDERS’ EQUITY - continued

On October 13, 2006 the Company issued to two investors 450,000 shares at $0.10 per share, for net cash proceeds to the company of $40,500.

On October 13, 2006 the Company issued 260,000 shares to each of the 4 directors as compensation for their duties as directors. In addition, 260,000 shares were authorized for each of the CEO and CFO to reflect their additional responsibilities. The shares were valued at $0.1225 per share, the weighted average price of shares issued during the period.

On October 3 2006, the Board of Directors and majority shareholders agreed to a forward split of the Company's shares on an 8 for 1 basis, such that each shareholder would receive 8 new shares for each share currently held. This would become effective under Nevada law 10 days after the filing of the Certificate of Change under S78.209 of Nevada General Corporate Law. The board also agreed to increase the number of authorized common shares from 75,000,000 to 200,000,000 and to increase the number of preferred shares authorized from zero to 25,000,000. Further, and effective on the same date, the Board and the Company's majority shareholders agreed that the name of the Company would be changed from “Boulder Creek Explorations, Inc.” to Canam Uranium Corp. All filings were made and approved by the Nevada Secretary of State subsequent to the October 31, 2006 year end.

In November 2006, the Company issued a total of 1,475.000 shares, valued at $0.10 per share, as part payment for the El Nino property (275,000 restricted shares), the OK Lake properties (500,000 restricted shares.) and the Wheeler -Beckett claims (700,000 restricted shares in total, including fees).

Also in November 2006 the Company issued 1,725,000 shares to various investors who had subscribed for shares at prices of $0.10 and $0.25 per share. Proceeds net of finder's fees were $157,847.

In April 2007, the Company issued 810,000 shares to various investors who had subscribed for shares at prices ranging from $0.10 to $0.25 per share, for proceeds of $154,359. Additionally, the Company issued 600,000 shares at $1.00 per share upon exercise of an option agreement for total proceeds of $600,000. Also in April 2007, the Company issued 260,000 shares to a director for services, valued at $0.19 per share, and 250,000 shares valued at $0.53 per share (weighted average of recent subscriptions) for fees associated with a debenture financing.

On November 21, 2007 the Company issued 500,000 shares valued by the Company at $100,000 as part payment for the Wheeler-Beckett claims and issued 500,000 shares valued by the Company at $100,000 as part payment for the Don McCarthy claims.

Also on November 21, 2007 the Company issued:

	-	1,300,000 shares for subscriptions receivable of $130,000
	-	2,200,000 shares for debt repayment of $150,000
	-	1,680,000 shares for services valued by the Company at $$277,000

In February, 2008 the Company issued 2,000,000 shares for services valued at $40,000 and issued 2,000,000 shares for a promissory note in the amount of $118,970 after the receipt of $21,030 cash

All references in these financial statements to number of shares, price per share and weighted average number of common shares outstanding prior to the forward split have been adjusted to record the effect of the forward split on a retroactive basis.

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

NOTE 5 - RELATED PARTY TRANSACTIONS

The Company owes a director and President of the Company $5,720. There are no definite repayment terms, no security or accruing interest. Fair value cannot be determined.

The Company owes the previous sole director and President of the Company $3,000. There are no definite repayment terms, no security or accruing interest. Fair value cannot be determined.

As of September 1, 2006, the Company has been subletting premises from a company controlled by its President and CEO. Total payments for the six months ended April 30, 2008 were $10,175 (2007 $nil).

During the six months ended January 31, 2008 Directors of the Company were paid $55,500 (2007 $49,400).

NOTE 6 - CONVERTIBLE DEBENTURE PAYABLE

On March 2, 2007 the Company signed an agreement with Divine Capital Markets LLC to raise convertible debenture financing for the Company. The terms of the debenture were for a maximum of $400,000 to be raised at an interest rate of 6% for three years. The debentures are convertible into common shares of the Company at the greater of 75% of the 20 day lowest closing bid price of the Company stock and $0.05 per share at any time on or after six months from the date of issuance of the debenture. Divine received 250,000 restricted shares of the Company, valued at $0.53 per share (the weighted average of recent share issuance prices) as well as a 13% commission on total proceeds. The gross principal amount raised was $395,000.

NOTE 7 - NOTES PAYABLE

The Company issued a Note to a third party investor in the amount of $50,000 on September 6, 2006 for a one year term, bearing interest at 10% per annum. The note had been converted into 200,000 common shares on October 6, 2007. The party has agreed to waive its interest on the note in exchange for an option to acquire 600,000 shares of the Company’s common stock at $1.00 per share on or before April 1, 2007, and 666,667 shares at $1.50 per share on or before January 1, 2008. The investor exercised its first option on March 15, 2007. The option has been valued according to the Black-Scholes option pricing model, and the Company has recognized an expense of $ 302,673.

During the year ended October 31, 2007, the Company issued a note payable for $200,000. The note payable is unsecured, bears interest at 60% per annum, and matured July 25, 2007. As at October 31, 2007, the Company had not made any payments on the principle or interest due, and had received , prior to the end of the quarter, notice from the issuer that the Company was not in fact in default as negotiations to resolve the repayment were in progress..

During the year ended October 31, 2007, the Company issued a note payable for $100,000. The note payable is unsecured, bears interest at 60% per annum, and matured September 17, 2007. During the period ended January 31, 2008 the company settled the note payable through the issuance of common stock.

During the quarter ended April30, 2008 the Company issued a note payable for $50,000. The note payable is unsecured, bears interest at 6% per annum and has no fixed terms of repayment.

On February 25, 2007 the Company approved the 2007 Stock Incentive and Compensation Plan and set aside 5,000,000 shares of common stock for that purpose. The plan has been filed under regulation S-8 of the Securities and Exchange Commission Act. Pursuant to the plan, 2,950,000 stock options were issued to employees and consultants.

NOTE 8 - EMPLOYEE STOCK OPTION PLAN

Stock Based Compensation

The following incentive stock options were outstanding at April 30, 2008:


Exercise price	Number of options	Remaining contractual life (years)
0.07	3,000,000	9.97
0.09	1,000,000	9.95
1.19	2,500,000	9. 08
0.60	100,000	9. 41
0.26	200,000	9..66

	6,800,000

Changes in the Company’s stock options for the year ended October 31, 2007 are summarized below:


	Number		Weighted Avg. Exercise Price
Balance, beginning of year		3,466,667	$	0.97
Granted		4,000,000	$	0.075
Exercised		-		-
Expired		666,667		-
Balance, end of year		6,800,000	$	0.53

The Company uses the Black-Scholes option valuation model to value stock options granted. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates, which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values. For purposes of the calculation, the following assumptions were used:

	2008
Risk free interest rate		4.70	%
Expected dividend yield		0	%
Expected stock price volatility		100	%
Expected life of options		1 to 2 years

The grant-date fair value of options granted through April 30, 2008 was between $0.05 and $0.04.