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

FORM 10-Q

(Mark One)~~[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For~~[X] ~~the~~QUARTERLY ~~quarterly~~REPORT ~~period~~PURSUANT ~~ended~~TO ~~November~~SECTION ~~30,~~13 ~~2008~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~or[~~For ]the ~~TRANSITION~~quarterly ~~REPORT~~period ~~PURSUANT~~ended TOMay ~~SECTION~~31, 132009 ~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For the transition period from __________to __________~~or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to __________________

Commission File Number: 000-52824

~~AMERICAN URANIUM~~ ~~CORPORATION~~________________________________________________(Exact name of registrant as specified in its charter)

Nevada	9880-~~0491170~~0423251
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1600-17th Street, Suite 2800 South, Denver CO	80202
600 17th Street, Suite 2800 South, Denver, CO	80202
(Address of principal executive offices)	(Zip Code)

(303) 634-2265 (Registrant’s telephone number, including area code)

N/A(Former name, former address and former fiscal year, if changed since last report)

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

Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [ ]

- ii -

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

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN ~~BANKRUPTCYPROCEEDINGS~~BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 2,007,~~795~~946 shares of common stock are issued and outstanding as of ~~January~~July 1914, 2009.

ii- iii -

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION	1
ITEM 1. FINANCIAL STATEMENTS	1
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	9
ITEM 4T. CONTROLS AND PROCEDURES	9
PART II – OTHER INFORMATION	10
ITEM 1. LEGAL PROCEEDINGS	10
ITEM 1A. RISK FACTORS	10
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	15
ITEM 3. DEFAULTS UPON SENIOR SECURITIES	15
ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS.	16
ITEM 5. OTHER INFORMATION	16
ITEM 6. EXHIBITS	17
SIGNATURES	20

PART I—FINANCIAL INFORMATION	1
ITEM 1. FINANCIAL STATEMENTS.	1
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.	21
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	28
ITEM 4T. CONTROLS AND PROCEDURES	28
PART II—OTHER INFORMATION	29
ITEM 1. LEGAL PROCEEDINGS	29
ITEM 1A. RISK FACTORS	29
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	34
ITEM 3. DEFAULTS UPON SENIOR SECURITIES	34
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS	34
ITEM 5. OTHER INFORMATION	34
ITEM 6. EXHIBITS	34
SIGNATURES	37

PART I – —FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

AMERICAN URANIUM CORPORATION (An Exploration Stage Company) CONSOLIDATED BALANCE SHEETS (Expressed in United States Dollars) (Unaudited)

CONSOLIDATED FINANCIAL STATEMENTS

		May 31,			February 28,
		2009			2009
		(Unaudited)


ASSETS

Current
Cash and cash equivalents	$	534,165		$	891,886
Prepaid expenses		6,375			13,237
Exploration advances (Note 4)		316,936			236,886
		857,476			1,142,009

Equipment (Note 3)		7,069			7,499
Mineral property interests (Note 4)		2			2

Total assets	$	864,547		$	1,149,510



LIABILITIES AND STOCKHOLDERS' EQUITY

Current
Accounts payable and accrued liabilities	$	54,413		$	91,271
Due to related party (Note 6)		26,824			36,093
		81,237			127,364


Stockholders' Equity

Common stock, 108,695,652 shares authorized with a par value		20			20
of $0.00001 (issued: May 31, 2009 - 2,007,946;
February 28, 2009 - 2,007,946)
Additional paid-in capital		15,399,636			15,370,950
Deficit accumulated during the exploration stage		(14,616,346	)		(14,348,824	)

Total stockholders' equity		783,310			1,022,146

Total liabilities and stockholders' equity	$	864,547		$	1,149,510

Nature of Operations and Ability to Continue as a Going Concern (Note 1)
Commitments (Note 7)
Contingencies (Note 8)

~~(Expressed~~The inaccompanying ~~United~~notes ~~States~~are ~~Dollars)~~an integral part of these consolidated financial statements.

~~(Unaudited)~~3

~~November~~AMERICAN ~~30,~~URANIUM ~~2008~~CORPORATION (An Exploration Stage Company) CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in United States Dollars) (Unaudited)

AMERICAN URANIUM CORPORATION (An exploration Stage Company) CONSOLIDATED BALANCE SHEETS (Expressed in US dollars) (Unaudited)

								Inception
		3 Months			3 Months			(March 23,
		Ended			Ended			2005) to
		May 31,			May 31,			May 31,
		2009			2008			2009

Expenses

Consulting fees (Note 5)	$	21,547		$	43,628		$	617,208
Depreciation		430			517			3,923
Financing costs		-			-			761,565
General and administrative		37,768			45,902			328,980
Impairment of mineral interests (Note 4)		-			-			8,384,554
Investor relations		-			109,945			298,157
Legal and audit		67,728			100,141			609,157
Management fees (Notes 5 and 6)		88,675			161,238			1,262,568
Mineral property expenditures (Note 4)		51,374			311,773			2,485,957

Loss before other item		(267,522	)		(773,144	)		(14,752,069	)
Interest income		-			18,967			135,723

Net loss	$	(267,522	)	$	(754,177	)	$	(14,616,346	)


Basic and diluted loss per share	$	(0.13	)	$	(0.75	)

Weighted average number of shares outstanding		2,007,946			1,004,514

		November 30,			February 29, 2008
		2008
ASSETS
Current
Cash and cash equivalents	$	1,350,939		$	4,104,596
Receivables		715			-
Prepaid expenses		-			275,000
		1,351,654			4,379,596
Equipment (Note 3)		7,499			8,960
Exploration Advances (Note 4)		115,269			-
Mineral Property interests (Note 4)		8,384,556			8,160,000
Total assets	$	9,858,978		$	12,548,556
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current
Accounts payable and accrued liabilities (Note 5)	$	66,749		$	897,278
Due to related party (Note 6)		86,778			-
Due to Strathmore Resources (US) Ltd. (Note 4)		-			158,582
		153,527			1,055,860
Stockholders’ Equity
Common stock, 108,695,652 shares authorized with a
par value of $0.00001 (issued: November 30, 2008 -
1,007,795; February 29, 2008 - 1,004,514)		10			10
Additional paid-in capital		15,198,557			14,426,894
Donated capital		21,750			21,750
Deficit accumulated during the exploration stage		(5,514,866	)		(2,955,958	)
Total stockholders’ equity		9,705,451			11,492,696
Total liabilities and stockholders’ equity	$	9,858,978		$	12,548,556

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

~~Nature of Operations and Ability to Continue as a going concern (Note 1)~~4

~~The~~AMERICAN ~~accompanying~~URANIUM ~~notes~~CORPORATION ~~are~~(An anExploration ~~integral~~Stage ~~part~~Company) CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY For the period from March 23, 2005 (Date of ~~these~~Inception) ~~financial statements.~~to May 31, 2009 (Expressed in United States Dollars) (Unaudited)

F-1

										Deficit
										Accumulated
							Additional			During the			Total
	Number of						Paid-in			Exploration			Stockholders’
	common shares			Par Value			Capital			Stage			Equity

Balance, March 23, 2005	-		$	-		$	-		$	-		$	-
(date of inception)
Shares issued:
Initial capitalization	5,434,933			54			(4	)		-			50
Donated services	-			-			8,250			-			8,250
Net loss for the period	-			-			-			(23,321	)		(23,321	)

Balance, February 28, 2006	5,434,933						8,246			(23,321	)		(15,021	)
Shares issued:
Private placement	575,815			6			52,924			-			52,930
Donated services	-			-			9,000			-			9,000
Net loss for the year	-			-			-			(36,464	)		(36,464	)

Balance, February 28, 2007	6,010,748			60			70,170			(59,785	)		10,445
Shares issued:
Private placements	183,953			2			6,346,368			-			6,346,370
For purchase of mineral rights	130,435			1			7,859,999			-			7,860,000
Shares returned to treasury	(5,326,087	)		(53	)		53			-			-
Share issue costs	-			-			(283,444	)		-			(283,444	)
Finders' fee	5,615			-			-			-			-
Donated services	-			-			4,500			-			4,500
Stock-based compensation	-			-			450,998			-			450,998
Net loss for the year	-			-			-			(2,896,173	)		(2,896,173	)

Balance, February 29, 2008	1,004,664			10			14,448,644			(2,955,958	)		11,492,696
Shares issued
Private placements	1,000,000			10			100,000			-			100,010
Mineral rights	3,282			-			80,000			-			80,000
Stock-based compensation	-			-			742,306			-			742,306
Net loss for the year	-			-			-			(11,392,866	)		(11,392,866	)
Balance, February 28, 2009	2,007,946			20			15,370,950			(14,348,824	)		1,022,146

Stock-based compensation	-			-			28,686			-			28,686
Net loss for the period	-			-			-			(267,522	)		(267,522	)
Balance, May 31, 2009	2,007,946		$	20		$	15,399,636		$	( 14,616,346	)	$	783,310

~~AMERICAN~~On ~~URANIUM~~October ~~CORPORATION~~17, ~~(An~~2008, ~~exploration~~the ~~Stage~~ Company) ~~CONSOLIDATED~~effected ~~STATEMENTS~~a OF46:1 ~~OPERATIONS~~stock consolidation of the authorized, issued and outstanding common stock (~~Unaudited~~Note 5). All ~~(Expressed~~share inand ~~United~~per ~~States~~share ~~dollars)~~amounts have been retroactively adjusted for all periods presented.

		Three Months Ended						Nine Months Ended						Inception (March 23, 2005) to
		November 30						November 30						November 30, 2008
		2008			2007			2008			2007
Expenses
Consulting fees (recovery) (Note 5)	$	(10,192	)	$	32,958		$	489,786		$	52,684		$	562,635
Depreciation		457			1,222			1,461			1,762			3,493
Financing costs		-			-			-			-			761,565
General and administrative		95,968			35,071			264,914			51,242			315,796
Investor relations		27,216			57,017			149,131			70,078			296,500
Legal and accounting		55,882			28,979			196,456			107,665			425,856
Management fees (Notes 5 and 6)		163,702			361,705			485,652			364,705			1,070,762
Mineral property expenditures (Note 4)		65,123			1,035,459			1,000,705			1,035,459			2,213,983
		(398,156	)		(1,552,411	)		(2,588,105	)		(1,683,595	)		(5,650,590	)
Loss before other item
Interest income		4,208			56,771			29,197			77,500			135,724
Net Loss	$	(393,948	)	$	(1,495,640	)	$	(2,558,908	)	$	(1,606,095	)	$	(5,514,866	)
Basic and diluted loss per share	$	(0.39	)	$	(1.52	)	$	(2.55	)	$	(0.62	)
Weighted average number of shares
outstanding		1,007,175			984,951			1,005,388			2,577,131

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

~~The accompanying notes are an integral part of these financial statements.~~5

~~F-2~~AMERICAN URANIUM CORPORATION (An Exploration Stage Company) CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in United States Dollars) (Unaudited)

AMERICAN URANIUM CORPORATION (An exploration Stage Company) CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Expressed in United States dollars)

		Three			Three			Inception
		Months			Months			(March 23,
		Ended			Ended			2005) to
		May 31,			May 31,			May 31,
		2009			2008			2009

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(267,522	)	$	(754,177	)	$	(14,616,346	)
Items not affecting cash:
Depreciation		430			517			3,923
Donated rent and services		-			-			21,750
Stock-based compensation		28,686			124,330			1,221,990
Write off of mineral interests		-			-			8,384,554
Changes in assets and liabilities:
Prepaid expenses		6,862			275,000			(6,375	)
Exploration advances and due to Strathmore		(80,050	)		(339,480	)		(316,936	)
Due to related party		(9,269	)		13,889			26,824
Accounts payable and accrued liabilities		(36,858	)		(25,082	)		54,413
Net cash used in operating activities		(357,721	)		(705,003	)		(5,226,203	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of capital stock		-			-			6,499,360
Cost of share issuance		-			-			(283,444	)
Net cash provided by financing activities		-			-			6,215,916

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of mineral rights		-			-			(444,556	)
Purchase of equipment		-			-			(10,992	)
Net cash used in investing activities		-			-			(455,548	)

Increase (decrease) in cash and cash equivalents
during the period		(357,721	)		(705,003	)		534,165

Cash and cash equivalents, beginning of period		891,886			4,104,596			-

Cash and cash equivalents, end of period	$	534,165		$	3,399,593		$	534,165

Cash paid for interest during the period	$	-		$	-

Cash paid for income taxes during the period	$	-		$	-

Supplemental disclosure with respect to cash flows
Cash paid for interest during the period	$	-		$	-
Cash paid for income taxes during the period	$	-		$	-

														Inception
														(March 23,
		Three Months Ended						Nine Months Ended						2005) to
		November 30						November 30						November 30,
		2008			2007			2008			2007			2008
CASH FLOWS FROM OPERATING
ACTIVTIES
Net loss	$	(393,948	)	$	(1,495,640	)	$	(2,558,908	)	$	(1,606,095	)	$	(5,514,866	)
Items not affecting cash:
Depreciation		457			1,222			1,461			1,762			3,493
Donated rent and services		-			-			-			4,500			21,750
Stock-based compensation		29,628			279,127			691,663			298,853			1,142,661
Changes in assets and liabilities
Receivables		22,170			-			(715	)		-			(715	)
Exploration advances and due to Strathmore		651,137			85,459			(273,851	)		85,459			(115,269	)
Prepaid expenses		-			9,000			275,000			(24,000	)		-
Accounts payable and accrued liabilities		(746,897	)		82,574			(830,529	)		112,752			66,749
Due to related party		54,338			108			86,778			(15,183	)		86,778
Net cash used in operating activities		(383,115	)		(1,038,150	)		(2,609,101	)		(1,141,952	)		(4,309,419	)
CASH FLOWS FROM FINANCING
ACTIVTIES
Proceeds from issuance of common stock		-			1,140,000			-			6,327,404			6,399,350
Share issuance costs		-			(275,710	)		-			(275,710	)		(283,444	)
Net cash provided by financing activities		-			864,290			-			6,051,694			6,115,906
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisition of mineral rights		(144,556	)		(300,000	)		(144,556	)		(300,000	)		(444,556	)
Purchase of equipment		-			-			-			(10,992	)		(10,992	)
Net cash used in investing activities		(144,556	)		(300,000	)		(144,556	)		(310,992	)		(455,548	)
Increase (decrease) in cash and cash
equivalents, during the period		(527,671	)		(473,860	)		(2,753,657	)		4,598,750			1,350,939
Cash and cash equivalents, beginning of period		1,878,610			5,099,738			4,104,596			27,128			-
Cash and cash equivalents, end of period	$	1,350,939		$	4,625,878		$	1,350,939		$	4,625,878		$	1,350,939
Cash paid for interest during the period	$	Nil		$	Nil		$	Nil		$	Nil
Cash paid for income taxes during the period	$	Nil		$	Nil		$	Nil		$	Nil

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

~~Supplemental~~- ~~Disclosure~~6 ~~with respect to Cash flows (Note 7)~~-

~~The~~AMERICAN ~~accompanying~~URANIUM ~~notes~~CORPORATION ~~are~~(An anexploration ~~integral~~Stage ~~part~~Company) ofNOTES ~~these~~TO ~~financial statements.~~CONSOLIDATED THE FINANCIAL STATEMENTS May 31, 2009 (Expressed in US dollars) (Unaudited)

F-3

1.	NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN

	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. On October 17, 2008, the company effected a 46: 1 stock consolidation of the authorized, issued and outstanding common stock. As a result, the authorized share capital decreased from 5,000,000,000 shares of common stock to 108,695,652 shares of common stock.

	The Company is an Exploration Stage Company, as defined by Financial Accounting Standards Board (“FASB”) Statement No.7 and Securities and Exchange Commission (“SEC”) Industry Guide 7. The Company’s principal business is the acquisition and exploration of mineral property interests 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 assumes the Company will continue to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has not generated revenues and has accumulated losses of $14,616,346 since inception and is unlikely to generate earnings in the immediate or foreseeable future. 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 achieve its operating objectives, confirmation of the Company’s interests in the underlying properties and the attainment of profitable operations. Management cannot provide assurances that such plans will occur. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. 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.

	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, 2009. The results of operations for the three-month period ended May 31, 2009 are not necessarily indicative of the results to be expected for the year ending February 28, 2010.

	During the quarter ended May 31, 2009, the Company dissolved its wholly-owned inactive subsidiary, American Uranium Corporation, which was incorporated in Delaware.

~~AMERICAN~~- ~~URANIUM~~7 CORPORATION (An exploration Stage Company) CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY For the Period from March 23, 2005 (Date of Inception) to November 30, 2008 (Unaudited) (Expressed in US dollars)-

												Deficit
							Additional					Accumulated
	Number of						Paid-in					During the			Total
	common			Par			(distribution			Donated		Exploration			Stockholders’
	shares			Value			of) Capital			Capital		stage			Equity
Balance, March 23, 2005
(date of inception)	-		$	-		$	-		$	-	$	-		$	-
Shares issued:
Initial capitalization	5,434,783			54			(4	)		-		-			50
Donated services	-			-			-			8,250		-			8,250
Net loss for the period	-			-			-			-		(23,321	)		(23,321	)
Balance, February 29, 2006	5,434,783			54			(4	)		8,250		(23,321	)		(15,021	)
Shares issued:
Private placements	575,815			6			52,924			-		-			52,930
Donated services	-			-			-			9,000		-			9,000
Net loss for the year	-			-			-			-		(36,464	)		(36,464	)
Balance, February 28, 2007	6,010,598			60			52,920			17,250		(59,785	)		10,445
Shares issued:
Private placements	183,953			2			6,346,368			-		-			6,346,370
Acquisition of mineral rights	130,435			1			7,859,999			-		-			7,860,000
Shares returned to treasury	(5,326,087	)		(53	)		53			-		-			-
Share issue costs	-			-			(283,444	)		-		-			(283,444	)
Finders’ fees	5,615			-			-			-		-			-
Donated services	-			-			-			4,500		-			4,500
Stock-based compensation	-			-			450,998			-		-			450,998
Net loss for the year	-			-			-			-		(2,896,173	)		(2,896,173	)
Balance, February 29, 2008	1,004,514			10			14,426,894			21,750		(2,955,958	)		11,492,696
Shares issued:
Acquisition of mineral rights	3,281			-			80,000			-		-			80,000
Stock-based compensation	-			-			691,663			-		-			691,663
Net loss for the period	-			-			-			-		(2,558,908	)		(2,558,908	)
Balance, November 30, 2008	1,007,795		$	10		$	15,198,557		$	21,750	$	(5,514,866	)	$	9,705,451

AMERICAN URANIUM CORPORATION

(An exploration Stage Company)

NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS

May 31, 2009 (Expressed in US dollars)

(Unaudited)

On April 10, 2007, the Company effected a 50:1 forward stock split of the authorized, issued and outstanding common stock (Note 1). On October 17, 2008, the Company effected a 46:1 stock consolidation of the authorized, issued and outstanding common stock (Note 5). All share and per share amounts have been retroactively adjusted for all periods presented.

2.	SIGNIFICANT ACCOUNTING POLICIES

	These financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America.

	Principles of Consolidation

	These consolidated financial statements include the accounts of American Uranium Corporation, a Nevada corporation, and its wholly-owned subsidiary, American Uranium Corporation (the “subsidiary”), a Delaware corporation. During the quarter ended May 31, 2009, the subsidiary was dissolved.

	Use of Estimates

	The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances, asset impairment, stock- based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected.

	Cash and Cash Equivalents

	Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. Cash and cash equivalents consist entirely of cash on deposit with high quality major financial institutions.

	Equipment

	Equipment consists of office and computer equipment and is recorded at cost less accumulated depreciation. Depreciation is recorded on a declining balance basis at rates ranging from 20% to 30% per annum.

~~The~~- ~~accompanying~~8 ~~notes are an integral part of these financial statements.~~-

~~F-4~~AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS May 31, 2009 (Expressed in US dollars) (Unaudited)

AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS November 30, 2008 (Expressed in US dollars) (Unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

	Mineral Rights and Mineral Property Interests

	The Company follows a policy of expensing exploration expenditures as incurred. Such expenditures include exploration and administration expenditures. Mineral property acquisition costs are capitalized when incurred and are classified as tangible assets and are evaluated for impairment and written down as required.

	Management periodically reviews the carrying value of its investments in mineral leases and claims with internal and external mining related professionals. A decision to abandon, reduce or expand a specific project is based upon many factors including general and specific assessments of mineral deposits, anticipated future mineral prices, anticipated future costs of exploring, developing and operating a production mine, the expiration term and ongoing expenses of maintaining mineral properties and the general likelihood that the Company will continue exploration on such project. The Company does not set a pre-determined holding period for properties with unproven deposits, however, properties which have not demonstrated suitable metal concentrations at the conclusion of each phase of an exploration program are re-evaluated to determine if future exploration is warranted, whether there has been any impairment in value and that their carrying values are appropriate.

	If an area of interest is abandoned or it is determined that its carrying value cannot be supported by future production or sale, the related costs are charged against operations in the year of abandonment or determination of value. The amounts recorded as mineral leases and claims represent costs to date and do not necessarily reflect present or future values.

	The Company’s exploration activities and proposed mine development are subject to various laws and regulations governing the protection of the environment. These laws are continually changing, generally becoming more restrictive. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations.

	The accumulated costs of properties that are developed on the stage of commercial production will be amortized to operations through unit-of-production depletion.

	Asset Retirement Obligation

	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.

1.	NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN
	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. On October 17, 2008, the Company effected a 46:1 stock consolidation of the authorized, issued and outstanding common stock. As a result, the authorized share capital decreased from 5,000,000,000 shares of common stock to 108,695,652 shares of common stock.
	The Company is an Exploration Stage Company, as defined by Financial Accounting Standards Board (“FASB”) Statement No.7 and Securities and Exchange Commission (“SEC”) Industry Guide 7. The Company’s principal business is the acquisition and exploration of mineral property interests in the United States. The Company has not presently determined whether its properties contain mineral resources that are economically recoverable.
	These financial statements have been prepared on a going concern basis, which assumes the Company will continue to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has not generated revenues and has accumulated losses of $5,514,866 since inception and is unlikely to generate earnings in the immediate or foreseeable future. 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 achieve its operating objectives, confirmation of the Company’s interests in the underlying properties and the attainment of profitable operations. Management cannot provide assurances that such plans will occur. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. 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.
	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 29, 2008. The results of operations for the nine-month period ended November 30, 2008 are not necessarily indicative of the results to be expected for the year ending February 28, 2009.
	During the quarter ended May 31, 2008, the Company incorporated in Delaware, a wholly-owned inactive subsidiary, American Uranium Corporation.
2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	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 29, 2008. These financial statements are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars.

- 9 -

~~F-5~~AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS May 31, 2009 (Expressed in US dollars) (Unaudited)

AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS November 30, 2008 (Expressed in US dollars) (Unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

	Impairment of Long-lived Assets

	Long-lived assets are continually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.

	Stock-based Compensation

	The Company records stock-based compensation in accordance with SFAS No. 123R “Accounting for Stock- based Compensation” (“SFAS 123R”), and applied 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

	The Company follows the asset and liability method of accounting for income taxes in accordance with Statements of Financial Accounting Standards No. 109, "Accounting for Income Taxes". Under this method, deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is included in income in the period in which the change occurs.

	The amount of future income tax assets recognized is limited to the amount that is more likely than not to be realized.

	In June 2006, the FASB issued Interpretation No.48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement 109” (“FIN 48”). This interpretation clarifies the recognition threshold and measurement of a tax position taken or expected to be taken on a tax return, and requires expanded disclosure with respect to the uncertainty in income taxes. FIN 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. The Company adopted the provisions of FIN 48 on March 1, 2007.

	Foreign Currency Transactions

	The functional currency of the Company is the United States dollar. Accordingly, monetary assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date while non- monetary assets and liabilities denominated in a foreign currency are translated at historical rates. Revenue and expense items denominated in a foreign currency are translated at exchange rates prevailing when such items are recognized in the statement of operations. Exchange gains or losses arising on translation of foreign currency items are included in the statement of operations.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
	Use of Estimates
	The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, asset impairment, stock based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
	Basic and Diluted Loss Per Share
	The Company computes its net loss per share in accordance with SFAS No. 128, “Earnings per Share”. SFAS No. 128 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. For the period ended November 30, 2008, potentially dilutive common shares relating to options and warrants outstanding totalling 127,846 (February 29, 2008 – 122,411) were not included in the computation of loss per share because the effect was anti-dilutive.
	Equipment
	Equipment consists of office and computer equipment and is recorded at cost less accumulated depreciation. Depreciation is calculated using the declining balance at rates ranging from 20% to 30% per annum.
	Mineral Rights and Mineral Property Interests
	Mineral rights includes the cost of advance minimum royalty payments, the cost of capitalized property leases, and the cost of property acquired either by cash payment, the issuance of term debt or common shares. Expenditures for exploration on specific properties with no proven reserves are written off as incurred. Mineral rights will be amortized against future revenues or charged to operations at the time the related property is determined to have impairment in value.
	The Company also considers the provisions of EITF 04-02 “Whether Mineral Rights are Tangible or Intangible Assets” which concluded that mineral rights are tangible assets.
	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.

- 10 -

~~F-6~~AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS May 31, 2009 (Expressed in US dollars) (Unaudited)

AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS November 30, 2008 (Expressed in US dollars) (Unaudited)

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

	Comprehensive Loss

	SFAS No. 130, “Reporting Comprehensive Income” establishes standards for the reporting of comprehensive loss and its components in the financial statements. As at May 31, 2009 and May 31, 2008, the comprehensive loss and net loss are the same. Therefore, the Company has not included a schedule of comprehensive loss in the financial statements.

	Financial Instruments

	Financial instruments which include cash and cash equivalents, exploration advances, accounts payable and accrued liabilities and due to related party were estimated to approximate their carrying values due to the immediate short-term maturity of these financial instruments. Some of the Company’s operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign currency exchange rates and the degree of volatility of those rates. Currently the Company does not use derivative instruments to reduce its exposure to foreign currency risk.

	Basic and Diluted Loss Per Share

	The Company computes its net loss per share in accordance with SFAS No. 128, “Earnings per Share”. SFAS No. 128 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. At May 31, 2009, potentially dilutive common shares relating to options and warrants outstanding totalling 127,846 (February 29, 2009 – 127,846) were not included in the computation of loss per share because the effect was anti-dilutive.

	Comparative figures

	Certain comparative figures have been reclassified to conform to the current year’s presentation.

	Recent accounting pronouncements

	In September 2006, FASB issued SFAS No. 157, “Fair Value Measurements.” Among other requirements, SFAS 157 defines fair value and establishes a framework for measuring fair value and also expands disclosure about the use of fair value to measure assets and liabilities. SFAS 157 is effective for fiscal years beginning after November 15, 2007. The adoption of SFAS 157 did not have an impact on the Company’s consolidated balance sheets or statements of operations.

	In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities,” including an amendment of FASB Statement No. 115. This pronouncement permits entities to choose to measure eligible financial instruments at fair value as of specified dates. Such election, which may be applied on an instrument by instrument basis, is typically irrevocable once elected. SFAS 159 is effective for fiscal years beginning November 15, 2007, and early application is allowed under certain circumstances. The adoption of SFAS 159 did not have an impact on the Company’s consolidated balance sheets or statements of operations.

2.- ~~SUMMARY~~11 ~~OF SIGNIFICANT ACCOUNTING POLICIES (continued)~~-

~~Impairment~~AMERICAN ofURANIUM ~~long-lived~~CORPORATION ~~assets~~(An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS May 31, 2009 (Expressed in US dollars) (Unaudited)

Long-lived assets are continually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

	Recent accounting pronouncements (continued)

	In December 2007, the FASB issued SFAS No. 141R, “Business Combinations” which changes how business acquisitions are accounted. SFAS 141R requires the acquiring entity in a business combination to recognize all (and only) the assets acquired and liabilities assumed in the transaction and establishes the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed in a business combination. Certain provisions of this standard will, among other things, impact the determination of acquisition-date fair value of consideration paid in a business combination (including contingent considerations); exclude transaction costs from acquisition accounting; and change accounting practices for acquired contingencies, acquisition- related restructuring costs, in-process research and development, indemnification assets and tax benefits. SFAS No. 141R is effective for business combinations and adjustments to an acquired entity’s deferred tax asset and liability balances occurring for fiscal years beginning on after December 15, 2008. The adoption of this statement did not have a material effect on the Company’s consolidated financial statements.

	In December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statement, an amendment of ARB No. 51,” which establishes new standards governing the accounting for and reporting of noncontrolling interests (NCI) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCIs (previously referred to as minority interests) be treated as a separate component of equity, not as a liability; that increases and decreases in the parent’s ownership interest that leave control intact be treated as equity transactions, rather than as step acquisitions or dilution gains or losses; and that losses of a partially owned consolidated subsidiary be allocated to the NCI even when such allocation might result in a deficit balance. SFAS No. 160 is effective for fiscal years beginning on or after December 15, 2008 and interim periods within those fiscal years. The provisions of the standard are to be applied to all NCI’s prospectively, except for the presentation and disclosure requirements, which are to be applied retrospectively to all periods presented. The adoption of this statement did not have a material effect on the Company’s consolidated financial statements.

	In March 2008, the FASB issued SFAS 161 “Disclosures about Derivative Instruments and Hedging Activities – an amendment of SFAS 133. This Statement requires enhanced disclosures about an entity’s derivative and hedging activities and thereby improves the transparency of financial reporting. This Statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. This Statement encourages, but does not require, comparative disclosures for earlier periods at initial adoption. The adoption of this statement did not have a material effect on the Company’s consolidated financial statements.

	In May 2008, the FASB issued SFAS No. 162, "The Hierarchy of Generally Accepted Accounting Principles." The current GAAP hierarchy, as set forth in the American Institute of Certified Public Accountants (AICPA) Statement on Auditing Standards No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles, has been criticized because (1) it is directed to the auditor rather than the entity, (2) it is complex, and (3) it ranks FASB Statements of Financial Accounting Concepts. The FASB believes that the GAAP hierarchy should be directed to entities because it is the entity (not its auditor) that is responsible for selecting accounting principles for financial statements that are presented in conformity with GAAP. Accordingly, the FASB concluded that the GAAP hierarchy should reside in the accounting literature established by the FASB and is issuing this Statement to achieve that result. This Statement is effective 60 days following the SEC's approval of the Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. The adoption of FASB 162 is not expected to have a material impact on the Company's consolidated financial statements.

~~Foreign~~- ~~Currency~~12 ~~Translation~~-

~~The~~AMERICAN ~~Company’s~~URANIUM ~~functional~~CORPORATION ~~and~~(An ~~reporting currency~~exploration isStage ~~the~~Company) ~~United~~NOTES ~~States~~TO ~~dollar.~~CONSOLIDATED ~~Monetary~~THE ~~assets~~FINANCIAL ~~and~~STATEMENTS ~~liabilities~~May ~~denominated in foreign currencies are translated in accordance with SFAS No. 52 “Foreign Currency Translation”~~31, ~~using~~2009 ~~the~~(Expressed ~~exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included~~ in ~~the~~US ~~determination of income. Foreign currency transactions are primarily undertaken in Canadian~~ dollars.) ~~The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.~~(Unaudited)

Stock-based Compensation

2.	SIGNIFICANT ACCOUNTING POLICIES (continued)

	Recent accounting pronouncements (continued)

	FSP 142-3

	In April 2008, the FASB issued FSP No. 142-3, "Determination of the Useful Life of Intangible Assets" ("FSP 142-3"). FSP 142-3 amends the factors an entity should consider in developing renewal or extension assumptions used in determining the useful life of recognized intangible assets under FASB Statement No. 142, "Goodwill and Other Intangible Assets". This new guidance applies prospectively to intangible assets that are acquired individually or with a group of other assets in business combinations and asset acquisitions. FSP 142- 3 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2008. Early adoption is prohibited. FSP 142-3 did not have a material impact on the Company’s consolidated financial statements.

	APB 14-1

	In May 2008, FASB issued FASB Staff Position ("FSP") APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("FSP APB 14- 1"). FSP APB 14-1 clarifies that convertible debt instruments that may be settled in cash upon either mandatory or optional conversion (including partial cash settlement) are not addressed by paragraph 12 of APB Opinion No. 14, "Accounting for Convertible Debt and Debt issued with Stock Purchase Warrants." Additionally, FSP APB 14-1 specifies that issuers of such instruments should separately account for the liability and equity components in a manner that will reflect the entity's nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. FSP APB 14-1 is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. The implementation of APB 14-1 did not have a material impact on the Company’s consolidated financial statements.

3.	EQUIPMENT

The Company records stock-based compensation in accordance with SFAS No. 123R “Accounting for Stock-based Compensation” (“SFAS 123R”), and applied 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.

		May 31, 2009						February 28, 2009
				Accumulated		Net Book				Accumulated		Net Book
		Cost		Depreciation		Value		Cost		Depreciation		Value
Office equipment	$	3,153	$	1,122	$	2,031	$	3,153	$	957	$	2,196
Computer equipment		7,839		2,801		5,038		7,839		2,536		5,303
	$	10,992	$	3,923	$	7,069	$	10,992	$	3,493	$	7,499

~~Recent~~- ~~Accounting~~13 ~~Pronouncements~~-

InAMERICAN ~~September~~URANIUM ~~2006,~~CORPORATION ~~FASB~~(An ~~issued~~exploration ~~SFAS~~Stage ~~No. 157,~~Company) ~~“Fair~~NOTES ~~Value~~TO ~~Measurements.”~~CONSOLIDATED ~~Among~~THE ~~other~~FINANCIAL ~~requirements,~~STATEMENTS ~~SFAS~~May 157 defines fair value and establishes a framework for measuring fair value and also expands disclosure about the use of fair value to measure assets and liabilities. SFAS 157 is effective for fiscal years beginning after November 1531, ~~2007.~~2009 ~~The Company~~(Expressed ~~adopted~~in ~~the~~US ~~guidance~~dollars) ~~effective March 1, 2008, without any material impact on its consolidated financial statements.~~(Unaudited)

In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities,” including an amendment of FASB Statement No. 115. This pronouncement permits entities to choose to measure eligible financial instruments at fair value as of specified dates. Such election, which may be applied on an instrument by instrument basis, is typically irrevocable once elected. SFAS 159 is effective for fiscal years beginning November 15, 2007, and early application is allowed under certain circumstances. The Company adopted the guidance effective March 1, 2008, without any material impact on its consolidated financial statements.

4.	MINERAL PROPERTY INTERESTS

	a)	Effective August 20, 2007 and the subsequent agreement with effective date January 3, 2008, the Company entered into an option agreement with Strathmore Resources (US) Ltd (“Strathmore”) to earn up to a 60% interest in the Pinetree-Reno Creek uranium properties located in Campbell County, Wyoming. The property is held by AUC LLC, wholly-owned by Strathmore, and the Company will effectively earn an interest in the properties by earning an interest in the LLC. Pursuant to the terms of the agreement, to earn its interest the Company is required to:

InIssue ~~December 2007~~130,435 ~~the~~shares ~~FASB~~of ~~issued~~common ~~SFAS 141R~~stock ~~“Business Combinations”~~ (which ~~is effective for fiscal years beginning~~were ~~after~~issued ~~December~~during ~~15,~~the ~~2008.~~year ~~SFAS~~ended ~~141R,~~February ~~which will replace FAS 141~~29, is2008 ~~applicable to~~with ~~business~~a ~~combinations~~quoted ~~consummated~~market ~~after~~value ~~the effective date~~ of ~~December 15,~~ ~~2008.~~$7,860,000); ~~The adoption of this statement is not expected to have a material effect on the Company’s future reported financial position or results of operations.~~
Reimburse InStrathmore ~~December~~100% ~~2007,~~of the ~~FASB also issued SFAS No. 160, “Non-controlling Interests~~expenditures inincurred ~~Consolidated~~by ~~Financial~~Strathmore ~~Statements,~~for ~~an amendment of ARB 51”. SFAS No. 160 will change~~ the ~~accounting and reporting for minority interests~~property, ~~which~~up ~~will be~~to ~~re-characterized as non-controlling interests and classified as~~ a ~~component of~~maximum ~~equity. SFAS No. 160 requires retroactive adoption~~ of ~~the~~$300,000 ~~presentation and~~(paid), ~~disclosure~~plus ~~requirements~~any ~~for~~funds ~~existing~~spent ~~minority~~by ~~interests.~~Strathmore ~~SFAS~~to ~~No.~~acquire ~~160~~additional isuranium ~~effective for~~leases ~~fiscal years beginning on or after December 15, 2008 and interim periods~~(which ~~within~~will ~~those~~then ~~fiscal~~form ~~years.~~part ~~The adoption~~ of ~~this statement is not expected to have a material effect on~~ the ~~Company’s~~property) ~~future~~of ~~reported~~which ~~financial~~none ~~position or~~were ~~results~~acquired; ofand ~~operations.~~
FContribute a total of $33,000,000 to cover expenditures on the property over a six-7year period, of which $1,500,000 must be incurred in the first year (paid), $1,500,000 in the second year, $2,000,000 in the third year, and $28,000,000 before the end of the sixth year.

AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS November 30, 2008 (Expressed in US dollars) (Unaudited)

		The Company will have earned a 22.5% interest once $12,375,000 of the required expenditures has been incurred. The remaining 37.5% interest will be earned upon incurring the balance of $20,625,000 in required expenditures. Strathmore is the operator of the property until the Company has earned a 60% interest. As at May 31, 2009, the Company has advanced to Strathmore, as operator, $316,936 (February 28, 2009 - $236,886) in respect of future exploration on the property.

		Subsequent to the agreement with Strathmore, a director of Strathmore became a director of the Company. In January 2008, that director resigned as a director of the Company.

	b)	Effective September 18, 2008, the Company entered into an option agreement with Nu Star Exploration, LLC (“Nu Star”) to earn 100% interest in various mining claims known as “Big”, “Candy”, “Rush”, and “Wit” in the State of Arizona for a term of one year. Collectively, these mineral claims are referred to as “Arizona Properties”. In consideration, the Company agreed to pay Nu Star the sum of $144,556 (paid) and issue 3,282 shares (issued) of common stock with a quoted market value of $80,000.

		In consideration of any renewal terms entered into by the Company, the Company agrees to make additional cash payments or issue common shares to Nu Star as follows:

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
	Renewal Term	Cash	Value of Shares
	In March 2008, the FASB issued SFAS 161 “Disclosures about Derivative Instruments and Hedging Activities – an amendment of SFAS 133. This Statement requires enhanced disclosures about an entity’s derivative and hedging activities and thereby improves the transparency of financial reporting. This Statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. This Statement encourages, but does not require, comparative disclosures for earlier periods at initial adoption. The adoption of this statement is not expected to have a material effect on the Company’s future reported financial position or results of operations.
	September 18, 2009 through
	In May 2008, the FASB issued SFAS No. 162, "The Hierarchy of Generally Accepted Accounting Principles." The current GAAP hierarchy, as set forth in the American Institute of Certified Public Accountants (AICPA) Statement on Auditing Standards No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles, has been criticized because (1) it is directed to the auditor rather than the entity, (2) it is complex, and (3) it ranks FASB Statements of Financial Accounting Concepts. The FASB believes that the GAAP hierarchy should be directed to entities because it is the entity (not its auditor) that is responsible for selecting accounting principles for financial statements that are presented in conformity with GAAP. Accordingly, the FASB concluded that the GAAP hierarchy should reside in the accounting literature established by the FASB and is issuing this Statement to achieve that result. This Statement is effective 60 days following the SEC's approval of the Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. The adoption of FASB 162 is not expected to have a material impact on the Company's financial position.
	September 17, 2010 (1st Renewal Term)	$100,000	$100,000
3.	EQUIPMENT
	September 18, 2010 through
	September 17, 2011 (2nd Renewal Term)	$125,500	$125,500
	September 18, 2011 through
	September 17, 2012 (3rd Renewal Term)	$150,500	$150,500
	September 18, 2012 through September 17,	An amount equivalent to	An amount equivalent to
	2013 (4th Renewal Term) and all	previous Lease Renewal	previous Lease Renewal
	Subsequent Renewal Terms	Term plus $25,000	Term plus $25,000

		November 30, 2008						February 29, 2008
				Accumulated		Net Book				Accumulated		Net Book
		Cost		Depreciation		Value		Cost		Depreciation		Value
Office equipment	$	3,153	$	957	$	2,196	$	3,153	$	379	$	2,774
Computer equipment		7,839		2,536		5,303		7,839		1,653		6,186
	$	10,992	$	3,493	$	7,499	$	10,992	$	2,032	$	8,960

- 14 -

4.	MINERAL PROPERTY INTERESTS
	a)	Effective August 20, 2007, the Company entered into an option agreement with Strathmore Resources (US) Ltd (“Strathmore”) to earn up to a 60% interest in the Pinetree-Reno Creek uranium properties located in Campbell County, Wyoming. The property is held by AUC LLC, wholly-owned by Strathmore, and the Company will effectively earn an interest in the properties by earning an interest in the LLC. To earn its interest, the Company is required to:
			Issue 130,435 shares of common stock (which were issued during the year ended February 29, 2008 with a quoted market value of $7,860,000);
			Reimburse Strathmore 100% of the expenditures incurred by Strathmore for the property, up to a maximum of $300,000 (paid), plus any funds spent by Strathmore to acquire additional uranium leases (which will then form part of the property) of which none were acquired; and
			Contribute a total of $33,000,000 to cover expenditures on the property over a six-year period, of which $1,500,000 must be incurred in the first year (paid), $1,500,000 in the second year, $2,000,000 in the third year, and $28,000,000 before the end of the sixth year.

AMERICAN URANIUM CORPORATION

(An exploration Stage Company)

NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS

May 31, 2009 (Expressed in US dollars)

(Unaudited)

F-8

4.	MINERAL PROPERTY INTERESTS (continued)

		The Company also agreed to pay the Bureau of Land Management $56,125 on or before the renewal date for renewal fees due for the Arizona Properties (paid).

		At any time during the period of the agreement, the Company can exercise the option to purchase. The purchase price will be approximately twice the value of the renewal consideration that would otherwise be payable or transferable to Nu Star if the Company had leased the Arizona Properties in the year following the year in which the Company delivered the Option Notice, as adjusted pursuant to the agreement.

		Pursuant to the agreement, if commercial production has been achieved and the Company sells or otherwise disposes of yellowcake uranium that has been produced from uranium ore that was mined and removed from the Arizona Properties, the Company will pay Nu Star a 4% Net Smelter Return royalty. Alternatively, the Company can buy back the royalty right for $1,000,000 for each breccia pipe that reaches commercial production.

		During the initial term and each renewal term of the agreement, the Company has also agreed to incur the following minimum expenditure amounts in the exploration activities:

AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS November 30, 2008 (Expressed in US dollars) (Unaudited)

Lease Period		Amount
September 18, 2008 through September 17, 2009 (Initial Term)	$	NIL
1st Renewal Term	$	250,000
2nd Renewal Term	$	400,000
3rd Renewal Term	$	400,000
Each subsequent lease renewal term	$	400,000

4.	MINERAL PROPERTY INTERESTS (continued)
	The Company will have earned a 22.5% interest once $12,375,000 of the required expenditures has been incurred. The remaining 37.5% interest will be earned upon incurring the balance of $20,625,000 in required expenditures. Strathmore is the operator of the property until the Company has earned a 60% interest. As at November 30, 2008, the Company has advanced to Strathmore, as operator, $115,269 in respect of future exploration on the property.
	Subsequent to the agreement with Strathmore, a director of Strathmore became a director of the Company. In January 2008, that director resigned as a director of the Company.
	Mineral property expenditures are summarized as follows:

Mineral property interests are summarized as follows:

												Inception
		May 31,			February 28,
		Three			Three					Nine		(March
		2009			2009
		months			months		Nine months			months		23, 2005)
Pinetree/Reno Creek
		ended			ended		ended			ended		to
Balance, beginning of year	$	1		$	8,160,000
		November			November		November			November		November
Payment to optionor		-			-
		30, 2008			30, 2007		30, 2008			30, 2007		30, 2008
Issuance of common shares		-			-
Pinetree/Reno Creek
		1			8,160,000
Property acquisition	$	(1,170	)	$	-	$	141,878		$	-	$	241,285
Write down of mineral right		-			8,159,999
Camp and field supplies		19,402			-		39,390			-		40,089
		1			1
Drilling		(3,054	)		-		(1,954	)		-		(1,954	)
Arizona Properties
Environmental & permitting		18,737			80,443		672,282			80,443		758,604
Balance, beginning of year		1			-
Geological and geophysical		31,208			953,308		142,014			953,308		1,144,174
Payment to optionor		-			144,556
Travel and accommodation		-			1,708		7,095			1,708		23,035
Issuance of common shares		-			80,000
		65,123			1,035,459		1,000,705			1,035,459		2,205,233
		1			224,556
Other		-			-		-			-		8,750
Write down of mineral right		-			224,555
	$	65,123		$	1,035,459	$	1,000,705		$	1,035,459	$	2,213,983
		1			1
Total	$	2		$	2

~~Effective~~- ~~September~~15 18, 2008, the Company entered into an option agreement with Nu Star Exploration, LLC (“Nu Star”) to earn interest in various mining claims known as “Big”, “Candy”, “Rush”, and “Wit” in the State of Arizona. Collectively, these mineral claims are referred to as “Arizona Properties”. In consideration of the option, the Company agreed to pay Nu Star the sum of $144,556 (paid) and issue 3,281 shares (issued) of common stock with a quoted market value of $80,000.-

InAMERICAN ~~consideration~~URANIUM ofCORPORATION ~~any~~(An ~~renewal~~exploration ~~terms entered~~Stage ~~into by the~~ Company,) ~~the~~NOTES ~~Company~~TO ~~agrees~~CONSOLIDATED toTHE ~~make~~FINANCIAL ~~additional~~STATEMENTS ~~cash~~May ~~payments and~~31, ~~issue~~2009 ~~common~~(Expressed ~~shares~~in toUS Nudollars) ~~Star as follows:~~(Unaudited)

F-9

4.	MINERAL PROPERTY INTERESTS (continued)

	c)	Mineral property interests are summarized as follows (continued):

		Based on the upcoming cash requirement on the Pinetree/Reno Creek and Arizona properties, the Company currently does not have sufficient cash on hand to continue the exploration program on the properties without additional financing. Given the current capital market condition, the Company is uncertain that it would be able to raise the money that it requires on acceptable terms. Due to the uncertainty of the Company's ability to continue with the exploration program with the current cash position, the Company consequently has written down the carrying value of each property to a nominal value, being $1 and recorded $8,384,554 as impairment in mineral interest properties for the year ended February 28, 2009. As of May 31, 2009, the carrying value of these properties was $2 (February 28, 2009 - $2).

	d)	Mineral property expenditures are summarized as follows:

AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS November 30, 2008 (Expressed in US dollars) (Unaudited)

						Inception
		Three months		Three months		(March 23,
		ended		ended		2005) to
		May 31, 2009		May 31, 2008		May 31, 2009

Pinetree/Reno Creek
Claim maintenance	$	-	$	36,013	$	223,287
Camp and field supplies		7,386		6,835		206,955
Drilling		-		226		1,233
Environmental & permitting		25,846		154,165		476,710
Geological and geophysical (1)		18,142		108,790		1,485,132
Travel and accommodation		-		5,744		26,390
		51,374		311,773		2,419,707
Arizona Properties
Environmental & permitting		-		-		57,500

Other		-		-		8,750
	$	51,374	$	311,773	$	2,485,957

4(1) In October 2007, the Company purchased certain drill data for its mineral property interest at Reno Creek. ~~MINERAL~~The ~~PROPERTY~~data ~~INTERESTS~~for ~~(continued)~~the property was acquired for $950,000 pursuant to a data purchase agreement with Power Resources, Inc.

	Renewal Term	Cash	Value of Shares
5.	COMMON STOCK
	September 18, 2009 through	$100,000	$100,000
	On October 17, 2008, the Company effected a 46:1 reverse stock split of the authorized, issued and outstanding common stock. All share and per share amounts have been retroactively adjusted for all periods presented.
	September 17, 2010
	Share Issuances
	(1st Renewal Term)
	On March 23, 2005, the Company issued 5,434,878 founder shares to the former President of the Company at a price of $0.0000092 per share for cash proceeds of $50.
	September 18, 2010 through	$125,500	$125,500
	On September 8, 2006, the Company issued 575,815 shares of common stock at a price of $0.092 per share for proceeds of $52,930.
	September 17, 2011
	On June 1, 2007, the President of the Company returned, for no consideration, 5,326,087 shares of common stock to treasury for cancellation.
	(2nd Renewal Term)
	September 18, 2011 through	$150,500	$150,500
	September 17, 2012
	(3rd Renewal Term)
	September 18, 2012 through	An amount equivalent to	An amount equivalent to
	September 17, 2013 (4th	previous Lease Renewal Term	previous Lease Renewal Term
	Renewal Term) and All	plus $25,000	plus $25,000
	Subsequent Renewal Terms

~~The~~- ~~Company~~16 ~~also agreed to pay the Bureau of Land Management $56,125 on or before the renewal date for renewal fees due for the Arizona Properties (paid).~~-

AtAMERICAN ~~any~~URANIUM ~~time~~CORPORATION ~~during~~(An ~~the~~exploration ~~period~~Stage ~~of the agreement, the~~ Company) ~~can~~NOTES ~~exercise~~TO ~~the~~CONSOLIDATED ~~option~~THE toFINANCIAL ~~purchase.~~STATEMENTS ~~The~~May ~~purchase~~31, ~~price will~~2009 be(Expressed ~~approximately twice the value of the renewal consideration that would otherwise be payable or transferable to Nu Star if the Company had leased the Arizona Properties~~ in ~~the~~US ~~year~~dollars) ~~following the year in which the Company delivered the Option Notice, as adjusted pursuant to the agreement.~~(Unaudited)

Pursuant to the agreement, if commercial production has been achieved and the Company sells or otherwise disposes of yellowcake uranium that has been produced from uranium ore that was mined and removed from the Arizona Properties, the Company will pay Nu Star a 4% Net Smelter Return royalty. Alternatively, the Company can buy back the royalty right for $1,000,000 for each breccia pipe that reaches commercial production.

5.	COMMON STOCK (continued)

	On August 24, 2007, the Company issued 130,435 shares of common stock with a value of $7,860,000 (based on the quoted market value on the agreement date) pursuant to an option agreement with Strathmore (Note 4).

	In August 2007, the Company completed a private placement consisting of 175,801 units at a price of $34.50 per unit for aggregate proceeds of $6,065,120. 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 $57.50 per share until August 23, 2009. The Company agreed to issue finders’ fees to various finders regarding all investors at a rate of 7.5%, up to half to be issued in stock and the remainder in cash.

	In September 2007, the Company issued 5,615 common shares for finders’ fees with a value of $348,700 of which $2 was credited to common stock and $348,698 was credited to additional paid-in capital. The fair value of $348,700 was also charged to additional paid-in capital as a cost of share issuance. The cash portion of finders’ fees paid amounted to $283,444 and was also charged to additional paid-in capital as a cost of share issuance.

	In January 2008, the Company completed a private placement consisting of 8,152 units at a price of $34.50 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 $57.50 per share until August 23, 2009. The Company agreed to issue finders’ fees to various finders regarding all investors at a rate of 7.5%, up to half to be issued in stock and the remainder in cash, as above.

	The Company agreed to use its best efforts to register the August 2007 and January 2008 private placement common shares for resale by the purchasers within 180 days of issue. The Company also agreed, if the shares had not been registered by that date, to pay as a penalty to each purchaser an amount equal to 2% of the amount invested for each month that the shares remained unregistered, to a maximum of 6 months. At February 28, 2009, the full penalty as a financing cost in the amount of $761,565 had been paid.

	On September 18, 2008, the Company issued 3,282 common shares with a fair value of $80,000 pursuant to an option agreement with Nu Star (Note 4).

	In December 2008, the Company completed a non-brokered private placement for the issuance of 1,000,000 common shares at $0.10 per share and received $10 when the subscription was signed. The total proceeds of on this transaction was $100,010.

	Share Purchase Warrants

	Share purchase warrant transactions are summarized as follows:

During the initial term and each renewal term of the agreement, the Company has also agreed to incur the following minimum expenditure amounts in the exploration activities:

			Weighted
			Average
	Number of		Exercise
	Warrants		Price
Balance at February 28, 2008	91,976	$	57.50
Issued	-		-
February 28, 2009 and May 31, 2009	91,976	$	57.50

Lease Period		Amount
September 18, 2008 through	$	NIL
September 17, 2009 (Initial Term)
1st Renewal Term	$	250,000
2nd Renewal Term	$	400,000
3rd Renewal Term	$	400,000
Each subsequent lease renewal term	$	400,000

- 17 -

~~F-10~~AMERICAN URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS May 31, 2009 (Expressed in US dollars) (Unaudited)

~~AMERICAN~~5. ~~URANIUM~~COMMON ~~CORPORATION~~STOCK (Ancontinued) ~~exploration~~Share ~~Stage~~Purchase ~~Company~~Warrants (continued) ~~NOTES~~At TOMay ~~CONSOLIDATED~~31, ~~THE~~2009, ~~FINANCIAL~~the ~~STATEMENTS~~following ~~November~~share ~~30,~~purchase ~~2008~~warrants ~~(Expressed~~were inoutstanding USand ~~dollars) (Unaudited)~~exercisable:

5. COMMON STOCK

	Exercise
Number of Warrants	Price	Expiry Date

91,976	$ 57.50	August 23, 2009

OnStock ~~April~~Options 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. On October 17, 2008, the Company effected a 46:1 reverse stock split of the authorized, issued and outstanding common stock. All share and per share amounts have been retroactively adjusted for all periods presented.

~~Share~~The ~~issuances~~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 108,696 shares of common stock. At May 31, 2009, the Company had 72,826 shares of common stock available to be issued under the Plan (February 28, 2009 -72,826).

OnEffective ~~March~~with ~~23,~~the ~~2005~~adoption SFAS No.123R, the Company ~~issued 5,434,783~~has ~~founder~~elected ~~shares~~to use the Black-Scholes option pricing model to determine the ~~former~~fair ~~President~~value of stock options granted. Compensation expense for stock options granted to employees and non-employees is amortized over the contract ~~Company~~services atperiod aor, ~~price~~if none exists, from the date of grant until the $0options vest.~~0000092~~ ~~per~~Compensation ~~share~~associated ~~for~~with ~~cash~~unvested ~~proceeds~~options ofgranted ~~$50~~to non-employees is remeasured on each balance sheet date using the Black-Scholes option pricing model.

OnThe ~~September~~Company 8uses historical data to estimate option exercise, ~~2006~~forfeiture and employee termination within the valuation model. For non-employees, the ~~Company~~expected ~~issued~~term of the options ~~575,815~~approximates ~~shares~~the full term of ~~common~~the ~~stock~~options. atThe risk-free interest rate is based on a ~~price~~treasury instrument whose term is consistent with the expected term of $0the stock options.~~092~~ ~~per~~The ~~share~~Company ~~for~~has ~~proceeds~~not ofpaid and does not anticipate paying dividends ~~$52~~on its common stock; therefore,~~930~~ the expected dividend yield is assumed to be zero. In addition, SFAS No. 123R requires companies to utilize an estimated forfeiture rate when calculating the expense for the reporting period.

OnStock ~~June~~option 1,transactions ~~2007,~~restated ~~the~~to reflect ~~President of~~ the ~~Company~~ ~~returned,~~46:1 ~~for~~share noconsolidation ~~consideration,~~and ~~5,326,087~~are ~~common~~summarized ~~stock~~as ~~to treasury for cancellation.~~follows:

On August 24, 2007, the Company issued 130,435 shares of common stock with a value of $7,860,000 (based on the quoted market value on the agreement date) pursuant to an option agreement with Strathmore (Note 4).

				Weighted
	Number of			Average
	Options			Exercise Price

Balance at February 28, 2008	32,065		$	49.78
Granted	22,826		$	52.57
Forfeited	(17,391	)	$	55.20
Balance at February 28, 2009 and May 31, 2009	35,870		$	48.93

InThe ~~August~~weighted ~~2007,~~average ~~the~~fair ~~Company~~value ~~completed~~per astock ~~private~~option ~~placement~~granted ~~consisting~~during ofthe ~~175,801~~period ~~units~~ended atMay a31, ~~price~~2009 ofwas $~~34.50~~Nil ~~per~~(May ~~unit for aggregate proceeds of $6~~31,~~065,120.~~ ~~Each unit consisted of one common share~~2008 ~~and one~~-~~half~~ ~~of one share purchase warrant. One whole warrant is exercisable into one additional common share at a price of~~ $5724.5038) ~~per share until August 23, 2009~~. ~~The Company agreed to issue finders’ fees to various finders regarding all investors at a rate of 7.5%, up to half to be issued in stock and the remainder in cash.~~

~~In September 2007, the Company issued 5,615 common shares for finders’ fees with a value of $348,700 of which $2 was credited to common stock and $348,698 was credited to additional paid~~-~~in capital.~~ ~~The~~18 ~~fair value of $348,700 was also charged to additional paid~~-~~in capital as a cost of share issuance. The cash portion of finders’ fees paid amounted to $283,444 and was also charged to additional paid-in capital as a cost of share issuance.~~

InAMERICAN ~~January~~URANIUM ~~2008,~~CORPORATION ~~the~~(An ~~Company~~exploration ~~completed a~~Stage ~~private~~Company) ~~placement~~NOTES ~~consisting~~TO ofCONSOLIDATED ~~8,152~~THE ~~units~~FINANCIAL atSTATEMENTS aMay ~~price of $34.50 per unit for aggregate proceeds of $281~~31,~~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 $57.50 per share until August 23, 2009. ~~The~~(Expressed ~~Company agreed to issue finders’ fees to various finders regarding all investors at a rate of 7.5%, up to half to be issued~~ in ~~stock and~~US ~~the~~dollars) ~~remainder in cash, as above.~~(Unaudited)

~~The Company agreed to use its best efforts to register the August 2007 and January 2008 private placement common shares for resale by the purchasers within 180 days of issue~~5. ~~The~~COMMON ~~Company~~STOCK ~~also~~(continued) ~~agreed, if~~Stock ~~the~~Options ~~shares~~(continued) had not been registered by that date, to pay as a penalty to each purchaser an amount equal to 2% of the amount invested for each month that the shares remained unregistered, to a maximum of 6 months. At ~~November~~May 3031, ~~2008~~2009, ~~the~~ ~~full penalty as a financing cost in~~ the ~~amount~~following ofstock ~~$761,565~~options ~~has~~were ~~been~~outstanding ~~paid.~~and exercisable:

On September 18, 2008, the Company issued 3,281 common shares with a fair value of $80,000 pursuant to an option agreement with Nu Star (Note 4).

				Aggregate				Aggregate
				Intrinsic				Intrinsic
Number of				Value		Number of		Value
Options		Exercise		Closing		Options		Closing
Outstanding		Price		Value	Expiry Date	Exercisable		Value

6,522	$	46.00	$	-	January 15, 2013	3,261	$	-
6,522	$	39.10	$	-	February 14, 2013	3,261	$	-
5,435	$	36.80	$	-	March 14, 2012	2,173	$	-
17,391	$	57.50	$	-	August 1, 2012	17,391	$	-
35,870			$	-		26,086	$	-

FThe aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of $0.12 per share as of May 31, 2009, which would have been received by the option holders had all option holders exercised their options as of that date. The total number of in-11the-money options vested and exercisable as of May 31, 2009 was $Nil. As of May 31, 2009, 26,086 (February 28, 2009 –24,456) outstanding options were vested and exercisable and the weighted average exercise price was $48.93 (February 28, 2009 - $48.93) . The total intrinsic value of options exercised during the period ended May 31, 2009 was $Nil (February 28, 2009 - $Nil).

~~AMERICAN~~The ~~URANIUM~~following ~~CORPORATION~~table ~~(An~~summarizes information ~~exploration~~regarding ~~Stage~~the ~~Company)~~non-vested ~~NOTES~~stock TOpurchase ~~CONSOLIDATED~~options ~~THE~~outstanding ~~FINANCIAL~~as ~~STATEMENTS~~of May ~~November 30~~31, ~~2008 (Expressed in US dollars) (Unaudited)~~2009.

5.	COMMON STOCK (continued)
					Weighted
	Share purchase warrants
					Average
	Share purchase warrant transactions are restated to reflect the 46:1 share consolidation and are summarized as follows:
					Grant-Date
		Number of Options			Fair Value
	Non-vested options at February 29, 2008	22,826		$	43.24
	Granted	22,826		$	25.30
	Vested	(21,196	)	$	27.91
	Cancelled/forfeited	(13,042	)	$	40.94
	Non-vested options at February 28, 2009	11,414		$	38.74
	Granted	-		$	-
	Vested	(1,630	)	$	39.10
	Cancelled/forfeited	-		$	-
	Non-vested options at May 31, 2009	9,784		$	39.45

			Weighted
	Number of		Average
	Warrants		Exercise Price
Balance at inception and February 28, 2007	-	$	-
Issued	91,976		57.50
Balance at February 29, 2008 and November 30, 2008	91,976	$	57.50

At May 31, 2009, there was unamortized compensation expense of $121,248 relating to the outstanding unvested options. This unrecognized compensation cost is expected to be recognized over a weighted-average period of 3.38 years.

At- 19 ~~November 30, 2008, the following share purchase warrants were outstanding and exercisable:~~-

	Number of Shares	Exercise Price	Expiry Date
	91,976	$57.50	August 23, 2009

AMERICAN URANIUM CORPORATION

(An exploration Stage Company)

NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS

May 31, 2009 (Expressed in US dollars)

(Unaudited)

Stock Options

5.	COMMON STOCK (continued)

	Stock-based compensation

	The fair value of stock options granted during the period ended May 31, 2009 was $Nil (2008 - $132,671). 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:

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 108,696 shares of common stock. At November 30, 2008, the Company had 72,826 shares of common stock available to be issued under the Plan.

		Three		Three		Inception
		Months		Months		(March 23,
		Ended		Ended		2005) to
		May 31,		May 31,		May 31,
		2009		2008		2009
Expenses
Consulting fees	$	11	$	41,528	$	477,323
Management fees		28,675		82,802		744,667
	$	28,686	$	124,330	$	1,221,990

~~Effective~~The ~~with~~following ~~the adoption SFAS No.123R,~~weighted-average ~~the~~assumptions ~~Company~~were ~~has~~used ~~elected~~for ~~to use~~ the Black-Scholes ~~option~~valuation ~~pricing model to determine the fair value~~ of stock options ~~granted. Compensation expense for stock options~~ granted to employees and non-employees is amortized over the contract services period or, if none exists, from the date of grant until the options vest. Compensation associated with unvested options granted to non-employees is remeasured on each balance sheet date using the Black-Scholes option pricing model. :

The Company uses historical data to estimate option exercise, forfeiture and employee termination within the valuation model. For non-employees, the expected term of the options approximates the full term of the options. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company has not paid and does not anticipate paying dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. In addition, SFAS No. 123R requires companies to utilize an estimated forfeiture rate when calculating the expense for the reporting period.

			Year Ended
			February 28
			2009

	Risk-free interest rate		1.61% - 4.59%
	Expected life of options (years)		4 - 5
	Annualized volatility		215% - 240%
	Dividend rate		0%

F-12

6.	RELATED PARTY TRANSACTIONS

	During the three months ended May 31, 2009, the Company paid $60,000 in management fees to a related party (2008 - $60,000). As at May 31, 2009, the Company owed an officer of the Company $26,824 (February 28, 2009 - $36,093) for expenses paid on behalf of he Company.

	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 by the related parties.

~~AMERICAN~~- ~~URANIUM~~20 ~~CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS November 30, 2008 (Expressed in US dollars) (Unaudited)~~-

5.AMERICAN ~~COMMON~~URANIUM ~~STOCK~~CORPORATION (~~continued)~~An ~~Stock~~exploration ~~option~~Stage ~~transactions~~Company) ~~are~~NOTES ~~restated~~TO toCONSOLIDATED ~~reflect~~THE ~~the~~FINANCIAL ~~46:1~~STATEMENTS ~~share~~May ~~consolidation~~31, ~~and~~2009 ~~are~~(Expressed ~~summarized~~in asUS ~~follows:~~dollars) (Unaudited)

				Weighted
	Number of			Average
	Options			Exercise Price
Balance at February 28, 2007	-		$	-
Granted	32,065			50.76
Forfeited	(1,630	)		69.00
Balance at February 29, 2008	30,435			49.78
Granted	22,826			52.57
Forfeited	(17,391	)		55.20
Balance at November 30, 2008	35,870		$	48.93

7.	COMMITMENTS

	Effective January 1, 2009, the Company entered into a management service contract with a company controlled by an officer of the Company. The Company agreed to pay $20,000 per month for a period of 24 months. In addition, the following bonus must be paid in cash or in shares within 30 days following the Company’s achievement of the following milestones:

The weighted average fair value per stock option granted during the nine month period ended November 30, 2008 was $19.94 (November 30, 2007 - $46.92) .

Milestone	Occurrence	Bonus Amount
1	Company contributes $12,500,000 to Pine Tree-Reno Creek project and earns 22.5% interest	$120,000
2	Company completes its obligation under the Joint Venture Agreement with Strathmore Minerals and earns 60% of the Pine Tree-Reno Creek project	$120,000
3	Pine Tree-Reno Creek properties are put into profitable production by the Joint Venture or by a succeeding entity in which Company has an interest comparable to its interest in the Strathmore Joint Venture	$240,000
4	Company’s U3O8 NI43-101 resource interest exceed a total of 20,000,000 lbs	US$60,000
5	Company’s U3O8 NI 43-101 resource interest exceed a total of 30,000,000 lbs	US$100,000

AtAs ~~November~~of 30May 31, ~~2008~~2009, the ~~following~~Company ~~stock options~~had ~~were~~not ~~outstanding~~achieved ~~and~~the ~~exercisable:~~milestones noted above.

				Aggregate				Aggregate
				Intrinsic				Intrinsic
Number of				Value		Number of		Value
Options		Exercise		Closing		Options		Closing
Outstanding		Price		Value	Expiry Date	Exercisable		Value
6,522	$	46.00	$	-	January 15, 2013	1,631	$	-
6,522	$	39.10	$	-	February 14, 2013	1,631	$	-
5,435	$	36.80	$	-	March 14, 2013	543	$	-
17,391	$	57.50	$	-	August 1, 2012	17,391	$	-
35,870			$	-		21,196	$	-

8.	CONTINGENCIES

	On April 15, 2009, the Company received notice purportedly on behalf of a shareholder regarding a potential claim by a shareholder regarding the private placement completed in January 2009. No claim has yet been made and the Company cannot quantify the claim in terms of potential damages. At this time, any potential outcome from this matter is indeterminable and will be accounted for in the period in which the outcome becomes likely.

The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of $0.086 per share as of November 30, 2008, which would have been received by the option holders had all option holders exercised their options as of that date. The total number of in-~~the-money~~ ~~options vested and exercisable as of November 30, 2008 was $Nil. As of November 30, 2008,~~ 21~~,196 (2007~~ ~~–4,755) outstanding options were vested and exercisable and the weighted average exercise price was $48.93 (2007~~ - ~~$56.58) . The total intrinsic value of options exercised during the period ended November 30, 2008 was $Nil (2007 - $Nil).~~

~~F-13~~ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

~~AMERICAN~~Forward-Looking ~~URANIUM CORPORATION (An exploration Stage Company) NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS November 30, 2008 (Expressed in US dollars) (Unaudited)~~Statements

5.	COMMON STOCK (continued)
	On March 14, 2008, the Company granted 5,435 stock options to a consultant at an exercise price of $36.80 per share, exercisable until March 14, 2013. 10% of the options vest on the grant date with 30% vesting on each anniversary of the grant date thereafter.
	On June 5, 2008, the Company issued 17,391 options to a former consultant as a termination settlement. The option vest immediately, with an exercise price of $57.50 per share and expiry date of August 1, 2012.
	The fair value of stock options granted during the nine month period ended November 30, 2008 was $455,173 (November 30, 2007 - $798,595). 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 stock base compensation follows with a corresponding credit to additional paid-in capital. During the nine month period ended November 30, 2008, the Company recorded stock-based compensation of $691,663 (November 30, 2007 - $298,853). During the nine month period ended November 30, 2008, the Company recognized stock-based compensation of $440,235 as consulting fees and $251,428 as management fees.
	The following weighted-average assumptions were used for the Black-Scholes valuation of stock options granted:

This report contains forward-looking statements. 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 “Item 1A. Risk Factors” beginning on page 30 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:

	Period Ended	Year Ended
	November 30,	February 29, 2008
	2008
Risk-free interest rate	1.61% - 4.59%	3.29%
Expected life of options (years)	4-5	5
Expected volatility	253%	118%
Dividend rate	0%	0%

risks relating to general or market-specific economic or market factors;
~~The~~risks ~~following~~and ~~table~~uncertainties ~~summarizes~~relating ~~information regarding~~to the ~~non-vested~~interpretation ~~stock~~of ~~purchase~~drill ~~options~~results, the ~~outstanding~~geology, asgrade and continuity of ~~November~~mineral ~~30,~~deposits; ~~2008.~~

				Weighted
				Average
				Grant-Date
	Number of Options			Fair Value
Non-vested options at February 29, 2008	22,826		$	43.24
Granted	22,826		$	25.30
Vested	(17,935	)	$	24.84
Cancelled/forfeited	(13,043	)	$	40.94
Non-vested options at November 30, 2008	14,674		$	39.45

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;
Atmining ~~November~~and ~~30,~~development ~~2008~~risks, ~~there~~including ~~was~~risks ~~unamortized compensation~~related ~~expense of $341,738 relating~~ to ~~the outstanding unvested options.~~accidents, ~~This~~equipment ~~unrecognized~~breakdowns, ~~compensation~~labour ~~cost~~disputes isor ~~expected~~other tounanticipated bedifficulties ~~recognized over a weighted-average~~with ~~period~~or ofinterruptions 4in ~~years.~~production;
~~F-14~~the potential for delays in exploration or development activities or the completion of feasibility studies;
~~AMERICAN~~risks ~~URANIUM~~related ~~CORPORATION~~to ~~(An~~the ~~exploration~~inherent ~~Stage~~uncertainty ~~Company)~~of ~~NOTES~~production TOand ~~CONSOLIDATED~~cost ~~THE~~estimates and ~~FINANCIAL~~the ~~STATEMENTS~~potential ~~November~~for ~~30,~~unexpected ~~2008~~costs ~~(Expressed~~and ~~in US dollars) (Unaudited)~~expenses;

6.	RELATED PARTY TRANSACTIONS
	As of November 30, 2008, the Company has accrued liabilities of $86,778 (February 29, 2008 - $Nil) due to an officer and a company controlled by the officer of the Company for management services and reimbursement of expenses. The payables are non-interest bearing and with no specific terms of repayment.
	The Company has incurred the following management and rental expenses paid to directors and a company controlled by an officer of the Company:

risks related to commodity price fluctuations;

		Three months ended				Nine months ended
		November 30				November 30
		2008		2007		2008		2007
Management fees	$	45,000	$	1,500	$	150,000	$	4,500
Rental		-		750		-		2,250

the uncertainty of profitability based upon our history of losses;
~~These~~risks ~~transactions~~related ~~were~~to infailure ~~the~~to ~~normal course~~obtain ofadequate ~~operations~~financing ~~and~~on ~~were~~a ~~measured~~timely ~~at the exchange amount which represented~~basis ~~the~~and ~~amount~~on ofacceptable ~~consideration~~terms ~~established~~for ~~and~~our ~~agreed~~planned toexploration byand ~~the~~development ~~related parties.~~projects;

7.	SUPPLEMENTAL DISCLOSRE WITH RESPECT TO CASH FLOWS
	During the nine month period ended November 30, 2008, the Company issued 3,281 common shares to Nu Star in connection with an option agreement. The shares were valued at $80,000.
	During the nine month period ended November 30, 2007, the Company issued 130,435 common shares to Strathmore in connection with an option agreement. The shares were valued at $7,860,000.
8.	SUBSEQUENT EVENTS
	In December 2008, the Company completed its first year contractual obligations under its agreement with Strathmore Minerals Corp by making a payment of $210,899.
	In December 2008, the Company completed a non-brokered private placement for the issuance of 1,000,000 common shares at $0.10 per share for the total proceeds of $100,000.

risks related to environmental regulation and liability;
Frisks that the amounts reserved or allocated for environmental compliance, reclamation, post-15closure control measures, monitoring and on-going maintenance may not be sufficient to cover such costs;
3risks related to tax assessments;
~~ITEM~~political 2.and ~~MANAGEMENT’S~~regulatory ~~DISCUSSION~~risks ~~AND~~associated ~~ANALYSIS~~with OFmining ~~FINANCIAL~~development ~~CONDITION~~and exploration; ~~AND RESULTS OF OPERATIONS~~and
~~Forward~~other ~~Looking~~risks ~~Statements~~and uncertainties related to our prospects, properties and business strategy.

This ~~report~~list ~~contains~~is ~~forward-looking~~not ~~statements.~~an ~~These statements~~exhaustive ~~relate~~list toof ~~future~~the ~~events~~factors orthat ~~our future financial performance. In some~~may ~~cases,~~affect ~~you~~any ~~can~~of ~~identify~~our 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~~should ~~the risks in the~~be ~~section~~considered ~~entitled~~carefully ~~“Risk Factors”~~ and ~~the~~readers ~~risks~~should ~~set~~not ~~out~~place ~~below,~~undue ~~any~~reliance ofon ~~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~~Forward-looking statements are made based on management’s beliefs, estimates and ~~uncertainties~~opinions ~~relating~~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 ~~interpretation~~expectations ofreflected ~~drill~~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 ~~geology~~securities laws of the United States, ~~grade~~we ~~and~~do ~~continuity~~not intend to update any of ~~mineral~~the ~~deposits;~~forward-looking statements to conform these statements to actual results.

~~results~~Our offinancial ~~initial~~statements ~~feasibility,~~are ~~pre-feasibility~~stated ~~and~~in ~~feasibility~~United ~~studies,~~States dollars (US$) and ~~the~~are ~~possibility~~prepared ~~that~~in ~~future~~accordance ~~exploration,~~with ~~development~~United orStates ~~mining~~Generally ~~results~~Accepted ~~will~~Accounting ~~not be consistent with our expectations;~~ Principles.

~~mining~~In ~~and~~this ~~development risks~~report, ~~including~~unless ~~risks~~otherwise ~~related~~specified, toall ~~accidents,~~dollar amounts ~~equipment~~are ~~breakdowns,~~expressed ~~labour~~in ~~disputes~~United orStates ~~other~~dollars ~~unanticipated~~and ~~difficulties~~all ~~with~~references to "common shares" orrefer ~~interruptions~~to the common shares in ~~production;~~ our capital stock.

~~the~~- ~~potential~~22 ~~for delays in exploration or development activities or the completion of feasibility studies;~~ -

~~risks~~As ~~related~~used toin this report, the ~~inherent~~terms ~~uncertainty~~"we", of"us", ~~production~~"our", and "American ~~cost~~Uranium" ~~estimates and~~mean ~~the~~American ~~potential~~Uranium ~~for~~Corporation, ~~unexpected~~unless ~~costs~~the ~~and~~context ~~expenses;~~clearly requires otherwise.

~~risks~~Corporate ~~related~~Overview toand ~~commodity~~Description ~~price~~of ~~fluctuations;~~our Business

We were incorporated in the ~~uncertainty~~State of ~~profitability~~Nevada ~~based~~on ~~upon~~March 23, 2005 (Inception) under the name “Alpine Resources Corporation”. On April 10, 2007, we changed our ~~history~~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 ~~losses;~~our company to better reflect the direction and business of our company.

~~risks~~We ~~related~~are toan ~~failure~~Exploration toStage ~~obtain~~company, ~~adequate~~as ~~financing~~defined onby aFinancial Accounting ~~timely~~Standards ~~basis~~ Board (“FASB”) Statement No.7 and onSecurities ~~acceptable~~and ~~terms~~Exchange Commission ~~for~~(“SEC”) ~~our~~Industry ~~planned~~Guide ~~exploration~~7. ~~and~~Our ~~development~~principle ~~projects;~~business is the acquisition and exploration of mineral property interests in the United States.

~~risks~~Financial ~~related~~Condition ~~to environmental regulation and liability;~~

~~risks~~Our ~~that~~financial ~~the~~condition ~~amounts~~for ~~reserved~~the orthree ~~allocated~~months ~~for~~ended ~~environmental~~May ~~compliance~~31, 2009 ~~reclamation,~~and ~~post-~~the ~~closure~~fiscal ~~control~~year ~~measures~~ended February 28, ~~monitoring~~2009 and ~~on-going maintenance~~the ~~may~~changes ~~not~~between bethose periods ~~sufficient~~for tothe ~~cover~~respective ~~such~~items ~~costs;~~ are summarized below.

~~risks~~We ~~related~~have suffered recurring losses from inception. Our ability to ~~tax~~meet ~~assessments;~~our financial liabilities and commitments is primarily dependent upon the continued financial support of our directors and shareholders, the continued issuance of equity to new or existing shareholders, and our ability to achieve and maintain profitable operations.

~~political~~Working ~~and regulatory risks associated with mining development and exploration; and~~ Capital

other risks and uncertainties related to our prospects, properties and business strategy.

		May 31, 2009		February 28, 2009
Current Assets	$	857,476	$	1,142,009
Current Liabilities		81,237		127,364
Working Capital	$	776,239	$	1,014,645

~~This~~In ~~list~~order isto ~~not~~finance anour ~~exhaustive~~operations, ~~list~~we intend to sell shares of our ~~the~~equity ~~factors~~securities. ~~that~~Also, we may ~~affect~~ ~~any~~consider ofselling our ~~forward-looking~~Reno ~~statements.~~Creek ~~These~~data package and ~~other~~our ~~factors~~Wyoming ~~should~~DEQ beDeep Injection Well Permit, which are respectively valued at ~~considered~~$975,000 ~~carefully~~and $25,000, their costs of acquisition. The recent weakening of economic conditions in the U.S. and ~~readers~~around ~~should~~the ~~not~~world ~~place~~have ~~undue~~made ~~reliance~~it ondifficult for us to raise money to fund our planned operations. If we are unable to raise the ~~forward~~funds we need for at least the maintenance of either our Pinetree-~~looking~~Reno ~~statements~~Creek or Nu Star interests or we are unable to fund the acquisition of a new interest, we will likely go out of business. If we go out of business, our investors will likely lose their entire investment in our company.

~~Forward~~We ~~looking~~do ~~statements~~not ~~are~~expect ~~made~~that ~~based on management’s beliefs, estimates and opinions on~~ the ~~date~~difficult ~~the~~economic ~~statements~~conditions are ~~made and we~~ ~~undertake~~likely ~~no obligation~~ to ~~update~~improve ~~forward-looking~~significantly ~~statements if these beliefs, estimates and opinions or other circumstances should change. Although we believe that the expectations reflected~~ in the ~~forward-looking~~near ~~statements are reasonable, we cannot guarantee~~ future. ~~results,~~Further ~~levels~~deterioration of ~~activity~~the economy, ~~performance or~~and ~~achievements.~~even ~~Except~~consumer asfear ~~required~~that bythe ~~applicable~~economy ~~law,~~will ~~including~~deteriorate ~~the~~further ~~securities~~could ~~laws~~intensify of the ~~United~~adverse ~~States,~~effects ~~we do not intend to update any~~ of ~~the forward-looking statements to conform~~ these ~~statements~~difficult tomarket ~~actual results~~conditions.

InAs ~~this~~of ~~report~~May 31, ~~unless~~2009 ~~otherwise~~our ~~specified~~working capital decreased from the February 28, ~~all~~2009 ~~dollar~~year-end ~~amounts~~by 23% due to the continued expenditure of funds ~~are~~without ~~expressed~~raising innew ~~United~~capital. ~~States~~We ~~dollars~~have ~~and~~incurred ~~all~~recurring ~~references~~losses from inception. Our ability to ~~"common~~meet ~~shares"~~our financial obligations and commitments is primarily ~~refer~~dependent toupon ~~the~~continued ~~common~~financial ~~shares~~support inof our ~~capital~~shareholders, ~~stock~~directors and the continued issuance of equity to new and existing shareholders.

AsCash ~~used in this quarterly report, the terms "we", "us", "our", and "American Uranium" mean American Uranium Corporation, unless the context clearly requires otherwise.~~ Flows

		Three Months Ended May 31
		2009			2008
Cash flow provided by (used in) operating activities	$	(357,721	)	$	(705,003	)
Cash provided by(used in) financing activities		Nil			Nil
Cash flow provided by (used in) investing activities		Nil			Nil
Decrease in cash and cash equivalents during the period	$	(357,721	)	$	(705,003	)

~~The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this Form 10~~-Q. ~~The~~23 ~~following discussion contains forward~~-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this report.

~~Our~~Cash ~~audited~~Used ~~statements are stated~~ in ~~United~~Operating ~~States~~Activities ~~Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.~~

~~Corporate~~Our ~~Overview~~cash used in operating activities for the three months ended May 31, 2009 compared to our cash used in operating activities for the three months ended May 31, 2008 decreased by 49% largely due to a $259,430 decrease in the amount that we spent on exploration advances due to Strathmore from $339,480 for the three months ended May 31, 2008 compared to $80,050 for the three months ended May 31, 2009.

WeCash ~~were~~Provided incorporated in the State of Nevada on March 23, 2005 (Inception) 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~~Financing ~~with~~Activities 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.

OnThere ~~March~~was ~~23,~~no ~~2005~~change ~~we acquired a 100% interest~~ in ~~one-24~~our ~~unit mineral~~cash ~~claims~~provided inby ~~the~~or ~~Nanaimo~~used ~~Mining Division, British Columbia, Canada,~~ in ~~consideration~~financing activities for ~~$1,750. The claims on that property are registered in~~ the ~~name of~~three ~~the~~months ~~former~~ended ~~President~~May ~~of our Company~~31, ~~who~~2009 ~~has~~compared ~~executed~~to aour cash ~~trust~~provided ~~agreement whereby~~by ~~the~~or ~~former~~used ~~President~~in ~~agrees~~financing toactivities ~~hold~~for the ~~claims~~three inmonths ~~trust~~ended ~~on our behalf.~~May We31, do2008 ~~not~~because ~~intend~~it towas ~~explore~~nil ~~this~~for ~~property~~both ~~in the foreseeable future~~periods.

OnCash ~~April~~Used 10, 2007, we 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~~Investing ~~value.~~Activities 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.

OnThere ~~April~~was ~~19,~~no ~~2007,~~change ~~Robert~~in ~~Rich,~~ our ~~current~~cash ~~President,~~provided ~~acquired 250,000,000~~by ~~common~~or ~~shares~~used ~~of our company, thereby obtaining approximately 90.4%~~in ofinvesting ~~our~~activities ~~issued~~for ~~and~~the ~~outstanding~~three ~~shares~~months atended ~~that~~May ~~time and~~31, ~~therefore,~~2009 ~~control~~compared ofto our ~~company.~~cash ~~Mr.~~provided ~~Rich~~by ~~was~~or ~~appointed~~used asin ~~President,~~investing ~~Secretary,~~activities ~~Treasurer,~~for ~~and Director. In relation to~~ the ~~acquisition~~three ofmonths ~~the~~ended ~~shares by Mr. Rich, our main~~May ~~office was moved from Vancouver B.C. Canada to Orleans~~31, ~~Massachusetts,~~2008 ~~where~~because ~~Mr. Rich~~it ~~lives.~~was Onnil ~~June 1, 2007, Mr. Rich returned 245,000,000 post-split shares of common stock to treasury~~ for ~~cancellation~~both ~~for no consideration~~periods.

~~Effective~~Results ~~August~~of ~~20,~~Operation 2007, we entered into an option and joint venture agreement with Strathmore for an option to earn-up to a 60% interest in the Pine Tree-Reno Creek Property located in Campbell County, Wyoming. Effective December 31, 2007, we entered into an amendment to our option and joint venture agreement with Strathmore through which we have the option to earn-in a 60% interest in Strathmore’s Pine Tree-Reno Creek Property located in Campbell County, Wyoming.

OnThe ~~March~~following 6,summary ~~2008,~~of ~~Strathmore~~our ~~and~~results ~~American~~of ~~Uranium~~operations ~~entered~~should ~~into~~be aread ~~Limited~~in ~~Liability~~conjunction ~~Company~~with ~~Operating~~our ~~Agreement~~audited ~~dated~~financial ~~effective~~statements ~~January~~for ~~3, 2008 and formed a limited liability company under~~ the ~~Delaware~~year ~~Limited Liability~~ended ~~Company~~February ~~Act~~28, 62009 ~~Del. C. 18-101, et seq. to own~~ and ~~conduct~~our ~~the~~unaudited ~~operations~~financial onstatements ~~the Property.~~for ~~The company is incorporated under~~ the ~~name~~three ~~of AUC LLC and is~~months ~~controlled~~ended byMay ~~Strathmore~~31, ~~Minerals~~2009.

OnRevenues ~~April 7, 2008, we incorporated in Delaware, a wholly owned inactive subsidiary, American Uranium Corporation.~~

5We have had no operating revenues since our inception on March 23, 2005 through to the period ended May 31, 2009. We anticipate that we will not generate any revenues for so long as we are an exploration stage company.

~~Effective~~Expenses October 17, 2008, we amended our Articles to effect a reverse split of our authorized common stock and our issued and outstanding shares of common stock at a ratio of one new share for 46 old shares. As a result, our authorized capital decreased from 5,000,000,000 shares of common stock with a par value of $0.00001 to 108,695,652 shares of common stock with a par value of $0.00001. Our issued and outstanding share capital decreased from 46,358,568 shares of common stock to 1,007,795 shares of common stock.

~~Plan~~In ofthe ~~Operations~~tables below show our expenses for the ~~Next~~three 12month periods ~~Months~~ended May 31, 2009 and May 31, 2008:

We are an Exploration Stage company, as defined by Financial Accounting Standards Board (“FASB”) Statement No.7 and Securities and Exchange Commission (“SEC”) Industry Guide 7. Our principle business is the acquisition and exploration of mineral property interests in the United States. We have not presently determined whether our properties contain mineral resources that are economically recoverable. These statements have been prepared on a going concern basis, which implies that our company will continue to meet its obligations and continue its operations for the next fiscal year. Realization values 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, 2008, our company has not generated revenues and has accumulated losses of $5,514,866 since inception. The continuation of our company as a going concern is dependent upon the continued financial support from its shareholders, the ability of our company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding our company’s ability to continue as a going concern. To mitigate this risk, management plans to obtain additional equity financing if possible, or to curtail operations, thereby conserving cash resources.

		Three Months Ended
		May 31
		2009		2008
Expenses
Consulting fees	$	21,547	$	43,628
Depreciation		430		517
General and administrative		37,768		45,902
Investor relations		-		109,945
Legal and audit		67,728		100,141
Management fees		88,675		161,238
Mineral property expenditures		51,374		311,773
Total Expenses	$	267,522	$	773,144

~~All~~Consulting ~~project~~fees: ~~obligations~~The ~~for~~decrease ~~calendar~~in ~~year~~consulting ~~2008~~fees ~~have been~~spent ~~satisfied~~for ~~and~~the ~~new~~three ~~large~~months ~~obligatory~~ended ~~project~~May ~~expenses~~31, ~~will~~2009 ~~not~~compared beto ~~due~~the ~~until~~three ~~August~~months ended May ~~2009.~~31, We2008 ~~estimate~~was ~~that~~largely ~~our~~due ~~total~~to ~~monthly~~a ~~expenses~~reduction ~~are~~of ~~approximately~~stock ~~$50,000~~based -compensation from May ~~$100,000~~2008 to May 2009.

~~Current~~- ~~Status~~24 ~~of Exploration Projects~~-

~~During~~Investor ~~the~~relations: ~~quarter~~The ~~ended~~100% ~~November~~decline ~~30,~~in ~~2008~~2009 is mostly the ~~following~~result ~~items were~~of ~~accomplished~~the onJune ~~our~~2008 ~~company~~termination of the Company’s ~~two~~Investor ~~active~~Relations contract ~~exploration~~with ~~projects:~~Michael Baybak.

~~Pinetree-Reno~~Legal ~~Creek~~and ~~Joint~~audit: ~~Venture,~~This ~~Powder~~decrease ~~River~~was ~~Basin,~~due to a concerted ~~Wyoming~~effort to reduce costs by replacing the accounting and related services with a new service provider.

ToManagement ~~conserve~~fees: ~~cash,~~The amajor ~~minimum~~reason offor ~~project~~the ~~activity~~decrease ~~was supported,~~for ~~including~~the ~~obtaining~~three ~~Wyoming~~months ~~DEQ~~ended ~~drilling~~May ~~permit for 19 future hydrologic test wells~~31, ~~renewal~~2009 ofcompared ~~Wyoming~~to ~~DEQ~~the ~~Deep~~three ~~Injection~~months ~~Well~~ended ~~Permit~~May 31, 2008 ~~and~~was ~~pursuit~~the departure of ~~additional~~ ~~mineral~~our ~~rights~~former ~~within~~CFO ~~the~~and ~~joint~~a ~~venture’s~~director ~~area~~ of ~~interest~~the Company.

WeMineral ~~previously~~property ~~announced~~expenditures: anThe ~~exploration~~decrease ~~program~~for ~~at Pinetree-Reno~~the ~~Creek~~three ~~deposit~~months inended ~~Wyoming.~~May ~~Analysis of historical data (including at least 1~~31,~~100 drill~~ ~~hole~~2009 ~~logs)~~compared ~~acquired~~to ~~from~~the ~~Power~~three ~~Resources~~months ~~Inc.~~ended ~~convinced~~May us31, ~~that no more~~2008 ~~exploration~~was ~~drilling~~due ~~will~~to bea ~~needed~~general atreduction ~~the~~in ~~Reno~~activities ~~Creek~~to ~~deposit.~~preserve ~~We anticipate moving this property toward future operation as expeditiously as is feasible given the time required of the permitting process~~cash.

~~NuStar~~Anticipated ~~JV,~~Cash ~~Arizona~~Requirements ~~Strip~~

OnWe ~~September~~estimate ~~18,~~that ~~2008~~our wetotal ~~entered~~expenditures ~~into~~over athe ~~lease~~12 ~~and~~months ~~option agreement with Nu Star Exploration LLC pursuant~~ to ~~which we have the option to~~ ~~purchase~~end ~~all~~May ~~or some of the mineral claims~~31, ~~known~~2010 aswill ~~the~~be ~~‘Rock’,~~approximately ~~‘Big’~~$1, ~~‘Candy’~~420, ‘Rush’ and ‘Wit’ properties, from Nu Star located in the state of Arizona. We refer to these properties as the Arizona Properties. The agreement is for one or more years, but automatically extended as long as our commitments are met.000:

As consideration for the lease and option on the Arizona Properties, we made an initial cash payment of $202,050.00 ($25,000 deposit paid on July 11th, $57,500 paid on Aug 18th to renew federal mining claims, and $119,556 paid on September 18th to complete 1st year’s cash paid for lease) and issued 3,281 common shares with a fair value of $80,000 to Nu Star.

Consulting fees	$	40,000
General and administrative		100,000
Investor relations		16,000
Legal and audit		120,000
Management fees		324,000
Mineral property exploration costs		820,000
Total	$	1,420,000

6At May 31, 2009, we had cash resources of $534,165 and accounts payable and accrued liabilities of $54,413 and due to related party of $26,824 for reimbursement of expenses. We would have $452,928 available after paying off the liabilities. We believe that we will require additional funds to implement our growth strategy in exploration operations over the next 12 months ending May 31, 2010. 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. If we need and are unable to obtain additional financing, we could be forced to scale down or cease operations and investors could lose their entire investment in our common stock. We may continue to be unprofitable.

InThe ~~consideration~~recent weakening of ~~any~~economic ~~renewal~~conditions ~~terms,~~in wethe ~~agree~~U.S. and around the world could have harmful effects on our ability to ~~pay~~raise ~~make~~money to ~~additional~~fund ~~cash~~our ~~payments~~planned operations. If this happens, we would likely go out of business and ~~issue~~our ~~common~~investors ~~shares~~will tolose Nutheir ~~Star~~entire asinvestment ~~follows:~~in our company.

Renewal Term	Cash Payment	Value of Shares
September 18, 2009 through	$100,000	$100,000
September 17, 2010
(1st Renewal Term)
September 18, 2010 through	$125,500	$125,500
September 17, 2011
(2nd Renewal Term)
September 18, 2011 through	$150,500	$150,500
September 17, 2012
(3rd Renewal Term)
September 18, 2012 through	An amount equivalent to	An amount equivalent to
September 17, 2013	previous Lease Renewal Term	previous Lease Renewal Term
(4th Renewal Term) and All	plus $25,000	plus $25,000
Subsequent Renewal Terms

We have not generated any revenues since our inception and we will continue to incur operating expenses without revenues until we are in commercial deployment. Our net loss from March 23, 2005 (Inception) to May 31, 2009 was $14,616,346. We had cash and cash equivalents in the amount of $534,165 as of May 31, 2009, which is not expected to meet our planned cash requirements for the ensuing year. We have no income from operations. We have reduced our budget and estimate our average monthly operating expenses to be approximately $100,000 each month. We cannot provide assurances that we will be able to successfully explore the current property and project and develop our business. These circumstances raise substantial doubt about our ability to continue as a going concern. If we are unable to continue as a going concern, investors will likely lose all of their investments in our company. Therefore, there is substantial doubt about our ability to continue operations in the future as a going concern as described in the auditors’ report by our auditors with respect to the consolidated financial statements for the year ended February 28, 2009. Our audited financial statements for the year ended February 28, 2009 don’t include adjustments for this uncertainty. If we are unable to continue as a going concern, investors will likely lose all of their investments in our company.

~~The~~- ~~Company~~25 ~~has also paid the Bureau of Land Management $56,125 on or before the renewal date for renewal fees due for the Arizona Properties.~~-

AtWe ~~any~~believe ~~time~~that ~~during~~recent ~~the~~decreases ~~period~~in value of the ~~agreement,~~common shares of many companies worldwide will make selling shares of our common stock increasingly difficult. If we ~~can~~are ~~exercise~~not able to sell enough of our shares to meet our ~~option~~financial needs, we will have to ~~purchase~~consider borrowing the money we need. ~~The~~A tightening ~~purchase~~of ~~price~~credit ~~will~~conditions behas ~~approximately~~also ~~twice~~been experienced in the ~~value~~economy recently. Because of the ~~renewal~~recent ~~consideration~~credit crisis, it is possible that we would ~~otherwise~~ not be ~~payable~~able orto ~~transferrable~~borrow adequate amounts to Nu ~~Star~~fund byour usoperations ifon weterms ~~had~~and ~~leased~~at ~~the~~rates of ~~Arizona~~interest ~~Properties~~we find acceptable and in the ~~year~~best ~~following~~interests ~~the year~~of inour ~~which~~company. If we are ~~delivered~~unable to obtain the ~~Option~~amount ~~Notice,~~of asmoney ~~adjusted~~that ~~pursuant~~we need to ~~the~~fund our operations, ~~agreement~~then we will likely go out of business and investors will lose their entire investment in our company.

~~Pursuant~~We todo ~~the~~not ~~agreement,~~expect ifthat ~~commercial~~the ~~production~~difficult ~~has~~economic ~~been~~conditions are ~~achieved~~likely ~~and~~to weimprove ~~sell~~significantly orin ~~otherwise~~the ~~dispose~~near offuture. ~~yellowcake~~Further ~~uranium~~deterioration ~~that~~of ~~has been~~the ~~produced~~economy, ~~from~~and ~~uranium~~even ~~ore~~consumer fear that ~~was mined and removed from~~ the ~~Arizona Properties,~~economy we will ~~pay~~deteriorate Nufurther ~~Star a 4% Net Smelter Return. Alternatively, we can~~could ~~buy~~intensify ~~back~~ the ~~royalty~~adverse ~~right~~effects ~~for~~of ~~$1,000,000~~these ~~for~~difficult ~~each~~market ~~breccia pipe that reaches commercial production~~conditions.

~~During~~Recent ~~the~~accounting ~~initial~~pronouncements term and each renewal term of the agreement, we have agreed to make spend certain amounts on or for the benefit of the Arizona Properties. We must spend at least the minimal amount necessary to maintain and preserve each and all of the Arizona Properties. The table below set out the minimum expenses we have agreed to:

	Total amount of Expenditures required
	to be incurred on or for the benefit of
Lease Period	the Properties
September 18, 2008 through	$NIL
September 17, 2009 (Initial Term)
1st Renewal Term	$250,000
2nd Renewal Term	$400,000
3rd Renewal Term	$400,000
All subsequent lease renewal Terms	$400,000

In September 2006, FASB issued SFAS No. 157, “Fair Value Measurements.” Among other requirements, SFAS 157 defines fair value and establishes a framework for measuring fair value and also expands disclosure about the use of fair value to measure assets and liabilities. SFAS 157 is effective for fiscal years beginning after November 15, 2007. The adoption of SFAS 157 did not have an impact on the Company’s consolidated balance sheets or statements of operations.

~~Because~~In ~~uranium~~February ~~exploration~~2007, ~~work~~the isFASB ~~weather~~issued ~~dependent~~SFAS No. 159, ~~the~~“The Fair Value ~~preponderance~~Option for Financial Assets and Financial Liabilities,” including an amendment of ~~exploration~~FASB ~~expenditures~~Statement ~~tends~~No. to115. ~~occur~~This ~~during~~pronouncement ~~the~~permits ~~six~~entities to ~~eight~~choose to ~~warmer~~measure ~~months~~eligible financial instruments at fair value as of ~~each~~specified ~~year~~dates. Such election, which may be applied on an instrument by instrument basis, is typically irrevocable once elected. SFAS 159 is effective for fiscal years beginning November 15, 2007, and early application is allowed under certain circumstances. The adoption of SFAS 159 did not have an impact on the Company’s consolidated balance sheets or statements of operations.

~~Liquidity~~In December 2007, the FASB issued SFAS No. 141R, “Business Combinations” which changes how business acquisitions are accounted. SFAS 141R requires the acquiring entity in a business combination to recognize all (and only) ~~Capital~~the ~~Resources~~assets acquired and liabilities assumed in the transaction and establishes the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed in a business combination. Certain provisions of this standard will, among other things, impact the determination of acquisition-date fair value of consideration paid in a business combination (including contingent considerations); exclude transaction costs from acquisition accounting; and change accounting practices for acquired contingencies, acquisition- related restructuring costs, in-process research and development, indemnification assets and tax benefits. SFAS No. 141R is effective for business combinations and adjustments to an acquired entity’s deferred tax asset and liability balances occurring for fiscal years beginning after December 15, 2008. The adoption of this statement did not have a material effect on the Company’s consolidated financial statements.

~~Our~~In ~~financial~~December ~~condition~~2007, ~~for~~the FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statement, an amendment of ARB No. 51,” which establishes new standards governing the ~~three~~accounting for and ~~nine~~reporting ~~months~~of noncontrolling ~~ended~~interests (NCI) in partially owned consolidated subsidiaries and ~~November~~the 30loss of control of subsidiaries. Certain provisions of this standard indicate, ~~2008~~among other things, that NCIs (previously referred to as minority interests) be treated as a separate component of equity, not as a liability; that increases and ~~2007~~decreases in the parent’s ownership interest that leave control intact be treated as equity transactions, rather than as step acquisitions or dilution gains or losses; and that losses of a partially owned consolidated subsidiary be allocated to the ~~changes~~NCI ~~between~~even ~~those~~when ~~periods~~such allocation might result in a deficit balance. SFAS No. 160 is effective for fiscal years beginning on or after December 15, 2008 and interim periods within those fiscal years. The provisions of the standard are to be applied to all NCI’s ~~respective~~prospectively, ~~items~~except for the presentation and disclosure requirements, which are ~~summarized~~to asbe ~~follows:~~applied retrospectively to all periods presented. The adoption of this statement did not have a material effect on the Company’s consolidated financial statements.

7- 26 -

WeIn ~~have~~March ~~suffered~~2008, ~~recurring~~the ~~losses~~FASB ~~from~~issued ~~inception.~~SFAS ~~Our~~161 ~~ability~~“Disclosures about toDerivative ~~meet~~Instruments ~~our~~and ~~financial~~Hedging ~~liabilities~~Activities ~~and~~– ~~commitments~~an isamendment ~~primarily~~of ~~dependent~~SFAS ~~upon~~133. This Statement requires enhanced disclosures about an entity’s derivative and hedging activities and thereby improves the ~~continued~~transparency of financial ~~support~~reporting. ofThis Statement ~~our~~is ~~directors~~effective for financial statements issued for fiscal years and interim ~~shareholders~~periods beginning after November 15, ~~the~~2008, ~~continued~~with early application ~~issuance~~encouraged. ofThis ~~equity~~Statement toencourages, ~~new~~but ordoes ~~existing~~not ~~shareholders~~require, ~~and~~comparative disclosures ~~our~~for ~~ability~~earlier toperiods ~~achieve~~at initial adoption. The adoption of this ~~and~~statement ~~maintain~~did ~~profitable~~not ~~operations~~have a material impact on the Company’s consolidated financial statements.

Working Capital
		November 30, 2008		February 29,
				2008
Current Assets	$	1,351,654	$	4,379,596
Current Liabilities		153,527		1,055,860
Working Capital	$	1,198,127	$	3,323,736

In May 2008, the FASB issued SFAS No. 162, "The Hierarchy of Generally Accepted Accounting Principles." The current GAAP hierarchy, as set forth in the American Institute of Certified Public Accountants (AICPA) Statement on Auditing Standards No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles, has been criticized because (1) it is directed to the auditor rather than the entity, (2) it is complex, and (3) it ranks FASB Statements of Financial Accounting Concepts. The FASB believes that the GAAP hierarchy should be directed to entities because it is the entity (not its auditor) that is responsible for selecting accounting principles for financial statements that are presented in conformity with GAAP. Accordingly, the FASB concluded that the GAAP hierarchy should reside in the accounting literature established by the FASB and is issuing this Statement to achieve that result. This Statement is effective 60 days following the SEC's approval of the Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. The adoption of FASB 162 is not expected to have a material impact on the Company's consolidated financial statements.

~~The~~FSP ~~decrease~~142-3 in our working capital was primarily due to payments to Nu Star and Strathmore relating to exploration activities. Furthermore, we paid approximately $762,000 penalty to the private placement unit holders during the quarter ended November 30, 2008.

~~Cash~~In ~~Flows~~April 2008, the FASB issued FSP No. 142-3, "Determination of the Useful Life of Intangible Assets" ("FSP 142-3"). FSP 142-3 amends the factors an entity should consider in developing renewal or extension assumptions used in determining the useful life of recognized intangible assets under FASB Statement No. 142, "Goodwill and Other Intangible Assets". This new guidance applies prospectively to intangible assets that are acquired individually or with a group of other assets in business combinations and asset acquisitions. FSP 142-3 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2008. Early adoption is prohibited. FSP 142-3 did not have a material impact on the Company’s consolidated financial statements.

		Three months ended				Nine months ended
		November 30				November 30
		2008		2007		2008		2007
Cash flow used in operating activities	$	(383,115	)	(1,038,150	)	(2,609,101	)	(1,141,952	)
Cash flow used in investing activities		(144,556	)	(300,000	)	(144,556	)	(310,992	)
Cash provided by financing activities		-		864,290		-		6,051,694
Net increase (decrease) in cash	$	(527,671	)	(473,860	)	(2,753,657	)	4,598,750

APB 14-1

AsIn ofMay ~~November 30~~2008, ~~2008~~FASB weissued ~~had~~FASB ~~cash~~Staff ofPosition $("FSP") APB 14-1,~~350,939~~ "Accounting ~~and~~for ~~working~~Convertible Debt Instruments That May Be Settled in Cash upon ~~capital~~Conversion of(Including $Partial Cash Settlement)" ("FSP APB 14-1~~,198,127~~"). ~~compared~~FSP toAPB 14-1 clarifies that convertible debt instruments that may be settled in cash ofupon either ~~$4,104,596~~mandatory ~~and~~or ~~working~~optional ~~capital~~conversion of(including partial cash settlement) are ~~$3,323,736~~not asaddressed by paragraph 12 of ~~February~~APB ~~29,~~Opinion ~~2008~~No. We14, ~~have~~"Accounting ~~incurred~~for ~~recurring~~Convertible Debt ~~losses~~and ~~from inception~~Debt issued with Stock Purchase Warrants." ~~Our~~Additionally, ~~ability~~FSP toAPB ~~meet~~14-1 specifies ~~our~~that ~~financial~~issuers ~~obligations~~of such instruments should separately account for the liability and ~~commitments~~equity components in a manner that will reflect the entity's nonconvertible debt borrowing rate when interest cost is recognized in ~~primarily~~subsequent ~~dependent~~periods. ~~upon~~FSP ~~continued~~APB 14-1 is effective for financial ~~support~~statements ofissued for ~~our~~fiscal ~~shareholders~~years beginning after December 15, ~~directors~~ 2008, and ~~the~~interim ~~continued~~periods ~~issuance~~within those fiscal years. The implementation of ~~equity~~APB to14-1 ~~new~~did ~~and~~not ~~existing~~have a material ~~shareholders~~impact on the Company’s consolidated financial statements.

~~Cash~~Application ~~Used~~of inCritical ~~Operating~~Accounting ~~Activities~~Policies

~~During~~The ~~the~~financial ~~three~~statements ~~months~~of ~~ended~~our ~~November~~Company ~~30,~~have ~~2008~~been weprepared ~~used net~~in ~~cash~~accordance inwith ~~operating~~generally ~~activities~~accepted accounting principles in the ~~amount~~United ~~of $383,115~~States. Because ~~The~~a ~~cash~~precise ~~used~~determination inof ~~the nine-month~~many ~~period~~assets ~~ended~~and ~~November~~liabilities 30is dependent upon future events, ~~2008~~the bypreparation ~~our~~of ~~operating~~financial ~~activities~~statements ~~is primarily~~for ~~represented~~a byperiod necessarily involves the ~~$762,000~~use weof ~~refunded~~estimates towhich ~~shareholders~~have ~~who participated~~been inmade ~~our~~using ~~equity~~careful ~~financing~~judgment.

~~Cash~~- ~~Used~~27 ~~in Investing Activities~~-

~~During~~The ~~the~~financial ~~three~~statements ~~months~~have, ~~ended~~in ~~November~~management’s 30opinion, ~~2008,~~been properly weprepared ~~had incurred~~within anreasonable ~~amount~~limits of ~~$144,556~~materiality toand Nuwithin ~~Star pursuant to~~ the ~~terms and conditions~~ ~~set~~framework ~~forth~~of on the ~~lease~~significant ~~and~~accounting ~~option~~policies ~~agreement.~~summarized below:

~~Cash~~Mineral ~~Provided~~Property byand ~~Financing~~Exploration ~~Activities~~Costs

~~During~~Exploration ~~the~~costs ~~three~~are ~~months~~expensed ~~period~~as ~~ended~~incurred. ~~November~~Development ~~30,~~costs are ~~2008,~~expensed weuntil ~~did~~it has been established that a mineral deposit is ~~not~~commercially ~~raise~~mineable ~~any~~and ~~additional~~a ~~capital.~~production ~~For~~decision ~~the~~has ~~comparative~~been ~~period~~made ~~ended~~by ~~November~~our ~~30,~~company to ~~2007,~~implement wea ~~had~~mining ~~raised~~plan aand ~~total~~develop ofa ~~$864~~mine,~~290~~ inat ~~cash~~which bypoint ~~issuing~~the ~~common~~costs subsequently ~~shares~~incurred ofto ~~our~~develop the mine on the property prior to the start of ~~company~~mining operations are capitalized.

~~Results~~Our company capitalizes the cost of ~~Operation~~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.

~~The~~Capitalized ~~following~~amounts ~~summary~~(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 ~~results~~company reviews the carrying value of each ~~operations~~mineral ~~should~~property periodically, and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. ~~read~~Reductions in ~~conjunction~~the ~~with~~carrying ~~our~~value ~~audited~~of ~~financial~~a ~~statements~~property would be recorded to the extent that the total carrying value of the mineral property exceeds its estimated fair value. Due to the uncertainty of the recoverability of the carrying values of the Pinetree-Reno Creek and Arizona properties, management has recorded a write down of $8,384,554 in the mineral property interests for the year ended February 28, 2009. As of May 31, 2009, the carrying values of these properties were $2 (February 28, 2009 - $2).

8Asset Retirement Obligations

In ~~the~~accordance ~~table~~with ~~below~~Statement ~~shows~~of ~~our~~Financial ~~operating~~Accounting ~~results~~Standards No. 143, Accounting for Asset Retirement Obligations (''SFAS 143''), the ~~three~~fair ~~and~~value ~~nine~~of ~~months~~an ~~ended~~asset ~~November~~retirement 30cost, ~~2008~~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 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 ~~operating~~company ~~results~~will reassess ~~for~~the obligation to determine whether a change in any estimated obligation is necessary. Our company will evaluate whether there are indicators that suggest the ~~three~~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. As of May 31, 2009, our company had not undertaken major drilling activity on its properties and ~~nine~~had not incurred significant reclamation obligations. As such, no asset retirement obligation accrual was made in the three-months period ended ~~November~~May 3031, ~~2007:~~2009 and May 31, 2008 consolidated financial statements.

		Three Months Ended				Nine months ended
		November 30				November 30
		2008		2007		2008		2007
Expenses
Consulting fees	$	(10,192	)	32,958		489,786		52,684
Depreciation		457		1,222		1,461		1,762
Financing costs		-		-		-		-
General and administrative		95,968		35,071		264,914		51,242
Investor relations		27,216		57,017		149,131		70,078
Legal and accounting		55,882		28,979		196,456		107,665
Management fees		163,702		361,705		485,652		364,705
Mineral property expenditures		65,123		1,035,459		1,000,705		1,035,459
	$	(398,156	)	(1,552,411	)	(2,588,105	)	(1,683,595	)

- 28 -

~~Revenues~~Stock-based Compensation

WeManagement has made significant assumptions and estimates determining the fair market value of stock-based compensation granted to employees and non-employees. These estimates have ~~had~~an noeffect ~~operating~~on ~~revenues~~the ~~since~~stock-based compensation ~~our~~expense ~~inception~~recognized and the additional paid-in capital and share capital balances on ~~March~~our company’s Balance Sheet. The value of each option award ~~23,~~is ~~2005~~estimated ~~through~~on tothe date of grant using the ~~period~~Black-Scholes ~~ended~~option-pricing ~~November~~model. For 30non-employees, ~~2008~~such amount is revalued on a quarterly basis. WeTo ~~anticipate~~date, substantially ~~that~~all weof our stock option grants have been to directors and employees. Increases in our share price will ~~not~~likely ~~generate~~result ~~any~~in ~~revenues~~increased stock option compensation expense. The Black-Scholes option-pricing model requires the input of subjective assumptions, including the expected term of the option award and stock price volatility. The expected term of options granted for sothe purposes ~~long~~of asthe weBlack-Scholes calculation is the term of the award since all grants are anto ~~exploration~~non-employees. ~~stage~~Because our company has only recently become a mineral exploration company, the expected volatility is based on comparable junior mineral exploration companies who granted similar term options. These estimates involve inherent uncertainties and the application of management judgment.

~~Expenses~~Off-Balance Sheet Arrangements

~~Consulting~~We ~~fees~~have not entered into any transactions with unconsolidated entities whereby we have financial guarantees or other contingent arrangements that expose us to material continuing risks, contingent liabilities or any other obligations that provide financing, liquidity, market risk or credit risk support to us.

For the three month period ended November 30, 2008, consulting fee expense includes fees paid for consulting services as well as an aggregate recovery of $32,721 in stock-based compensation representing the fair value of vesting stock options granted to consultants.

General and Administrative

The $60,897 increase in our general and administrative expenses for the three months ended November 30, 2008 compared to the same three month period in 2007 was due primarily to the increase in travel and promotion expense.

Legal and Audit

The increase in legal and audit fees for the three months ended November 30, 2008 reflects the legal costs associated with the NuStar option agreement and the company’s share consolidation.

Management Fees

There were no Management fees for the three months ended November 30, 2008 paid to our President pending the negotiations of a Management Services Agreement. An accrual provision to accounts payable in the order of $45,000 has been recorded. Stock base compensation expenses in an aggregate amount of $62,349. Management fees for the nine months ended November 30, 2007 represent services donated by our former president.

Mineral Property Exploration Costs

During the three months ended November 30, 2008 we expended $65,123 on our Pinetree-Reno Creek Project.

Off-Balance Sheet Arrangements

Our company does not have any 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

ITEM 4T. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

AsOur ~~required~~management byis ~~paragraph~~responsible ~~(b)~~for ofestablishing ~~Rules 13a-15 or 15d-15 under the Exchange Act, we must maintain disclosure controls~~ and ~~procedures and our~~maintaining ~~management,~~adequate ~~with~~internal ~~the~~control ~~participation~~over ~~of our principal executive and principal~~ financial ~~officer,~~reporting ~~evaluated the effectiveness of our disclosure controls and procedures (~~as defined in Rules 13a-15(ef) and 15d-15(ef) ofunder the Exchange Act~~) as of the end of the period covered by this quarterly report on Form 10-Q~~. ~~Disclosure~~ ~~controls~~Our ~~and~~management ~~procedures~~has ~~are~~employed ~~controls~~a ~~and other procedures that are~~framework ~~designed~~consistent towith ~~ensure~~Exchange ~~that~~Act ~~information~~Rule ~~required~~13a-15(c), to beevaluate ~~disclosed in~~ our ~~company's~~internal control ~~reports~~over ~~filed~~financial orreporting. ~~submitted~~Our ~~under~~internal ~~the~~control ~~Exchange~~over ~~Act~~financial reporting is ~~recorded, processed,~~a ~~summarized~~process ~~and~~designed ~~reported,~~to ~~within~~provide ~~the~~reasonable ~~time~~assurance ~~periods~~regarding ~~specified in~~ the ~~Securities~~reliability ~~and~~of ~~Exchange~~financial ~~Commission's~~reporting ~~rules~~ and ~~forms.~~the ~~Disclosure~~preparation ~~controls~~ and ~~procedures include~~fair ~~controls~~presentation ~~and~~of ~~procedures~~financial statements ~~designed~~for toexternal ~~ensure~~purposes ~~that information required to be disclosed~~ in ~~our~~accordance ~~company's~~with ~~reports~~generally ~~filed under the Exchange Act is~~accepted ~~accumulated and communicated to our principal executive officer and our principal~~ accounting ~~officer, as appropriate, to allow timely decisions regarding required disclosure~~principals.

Based on its evaluation, our management, with the participation of our principal executive and principal financial officer, concluded that as of the end of the period covered by this quarterly report on Form 10-Q, our disclosure controls and procedures were not effective.

~~Changes~~More inspecifically, ~~Internal~~management ~~Control~~has ~~over~~identified ~~Financial~~the ~~Reporting~~following material weaknesses:

~~There~~we ~~have~~do ~~been~~not ~~no changes in our internal controls over financial reporting during the quarter ended November 30, 2008 that~~ have ~~materially~~ ~~affected~~accounting orpersonnel ~~are~~and ~~reasonably~~management ~~likely~~who tohas ~~materially affect our internal~~sufficient ~~controls.~~ knowledge Wein ~~have~~dealing ~~identified~~with ~~the~~complex ~~weaknesses~~accounting ~~as below.~~ issues
~~our~~we ~~company's~~do not have accounting personnel and management ~~does~~who ~~not~~has ~~have~~ sufficient technical accounting knowledge relating to accounting for options granted to directors, and officers and ~~employees;~~consultants
~~tax~~we ~~returns~~do not have ~~not~~accounting ~~been~~personnel ~~filed~~and ~~for~~management ~~our~~who ~~company;~~has sufficient technical knowledge in the preparation of financial statements
~~our~~there ~~company's~~is ~~accounting~~no ~~personnel~~whistleblower ~~and management does not have sufficient~~policy ~~technical accounting knowledge relating to accounting for income taxes;~~
~~our~~the ~~company’s~~Board ~~accounting personnel and management~~ does not ~~have~~exercise ~~sufficient technical~~oversight ~~knowledge~~over ~~in the preparation of~~ financial ~~statements; and~~reporting
~~insufficient~~the ~~corporate~~small ~~governance~~number ~~policies.~~of ~~Our~~staff ~~corporate~~does ~~governance activities and processes are~~ not ~~always~~permit ~~formally~~segregation ~~documented. Specifically, decisions made by the board to be carried out by management should be documented and communicated on a timely basis to reduce the likelihood~~ of ~~any~~duties ~~misunderstandings regarding key decisions affecting our operations and management.~~
~~The~~there ~~term~~are ~~internal~~no ~~control~~established ~~over~~purchasing ~~financial reporting is defined~~authorities as a process designed by, or under the supervision of, our principal executive and principal financial officer, or persons performing similar functions, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:
10there is no independent check on stock-based compensation calculations

1.- Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer; 2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and, 3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.29-

~~Because~~shares ofoutstanding ~~the~~not ~~inherent~~reconciled ~~limitation~~to intransfer ~~all~~agent ~~control~~on ~~systems,~~regular nobasis evaluation of controls can provide absolute assurance that all control issues within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake.
~~Certificates~~tax returns are not filed timely.

~~Certificates~~Changes ~~with~~in ~~respect~~Internal toControls ~~disclosure controls and procedures and internal control~~ over ~~financial~~Financial ~~reporting under Rules 13a-14(a) or 15d-14(a)~~Reporting ~~of the Exchange Act are attached to this quarterly report on Form 10-Q.~~

~~PART~~There IIwere –no ~~OTHER~~changes ~~INFORMATION~~in our internal control over financial reporting during the three months ended May 31, 2009 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

~~ITEM 1. LEGAL PROCEEDINGS.~~Certifications

~~None~~Certifications with respect to disclosure controls and procedures and internal control over financial reporting under Rules 13a-14(a) or 15d-14(a) of the Exchange Act are attached to this quarterly report on Form 10-Q.

PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

ITEM 1A. RISK FACTORS

An investment in our common stock involves a number of very significant risks. You should carefully consider the following risks and uncertainties in addition to other information in this report in evaluating our company and its business before purchasing shares of our company’s common stock. Our business, operating results and financial condition could be seriously harmed due to any of the following risks. You could lose all or part of your investment due to any of these risks.

Risks Related to our Business

Because of the unique difficulties and uncertainties inherent in mineral exploration ventures, we face a high risk of business failure.

Potential investors should be aware of the difficulties normally encountered by new mineral exploration companies and the high rate of failure of such enterprises. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration program that we intend to undertake on the ~~Pine Tree~~Pinetree-Reno Creek Property, the Arizona Properties and any additional properties that we may acquire. These potential problems include, but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates. The expenditures to be made by us in the exploration of the ~~Pine Tree~~Pinetree-Reno Creek Property and the Arizona Properties may not result in the discovery of uranium. Any expenditures that we may make in the exploration of any other mineral property that we may acquire may not result in the discovery of any commercially exploitable mineral resources. Problems such as unusual or unexpected geological formations and other conditions are involved in all mineral exploration and often result in unsuccessful exploration efforts. If the results of our exploration do not reveal viable commercial mineralization, we may decide to abandon our interests in the ~~Pine Tree~~Pinetree-Reno Creek Property and the Arizona Properties. If this happens, our business will likely fail.

11- 30 -

Because of the speculative nature of the exploration of mineral properties, there is no assurance that our exploration activities will result in the discovery of ~~any~~additional any quantities of uranium on the ~~Pine Tree~~Pinetree-Reno Creek Property,or any quantities of uranium on the Arizona Properties or any other additional properties we may acquire.

We intend to continue exploration on the ~~Pine Tree~~Pinetree-Reno Creek Property and the Arizona Properties and we may or may not acquire additional interests in other mineral properties. The search for minerals as a business is extremely risky. We can provide investors with no assurance that exploration on the ~~Pine Tree~~Pinetree-Reno Creek Property, the Arizona Properties or any other property that we may acquire, will establish that any commercially exploitable quantities of minerals exist.

Additional potential problems may prevent us from discovering any minerals. These potential problems include, but are not limited to, unanticipated problems relating to exploration and additional costs and expenses that may exceed current estimates. If we are unable to establish the presence of minerals on our property, our ability to fund future exploration activities will be impeded, we will not be able to operate profitably and investors may lose all of their investment in our company.

Because of the inherent dangers involved in mineral exploration and exploitation, there is a risk that we may incur liability or damages as we conduct our business.

The search for minerals involves numerous hazards. As a result, we may become subject to liability for such hazards, including pollution, cave-ins and other hazards against which we cannot insure or against which we may elect not to insure. At the present time we have no coverage to insure against these hazards. The payment of such liabilities may have a material adverse effect on our financial position.

The potential profitability of mineral ventures depends in part upon factors beyond the control of our company and even if we discover and exploit mineral deposits, we may never become commercially viable and we may be forced to cease operations.

The commercial feasibility of an exploration program on a mineral property is dependent upon many factors beyond our control, including the existence and size of mineral resources in the properties we explore, the proximity and capacity of processing equipment, market fluctuations of prices, taxes, royalties, land tenure, allowable production and environmental regulation. These factors cannot be accurately predicted and any one or a combination of these factors may result in our company not receiving an adequate return on invested capital. These factors may have material and negative effects on our financial performance and our ability to continue operations.

Exploration and exploitation activities are subject to comprehensive regulation which may cause substantial delays or require capital outlays in excess of those anticipated causing an adverse effect on our company.

Exploration and exploitation activities are subject to federal, provincial or state, and local laws, regulations and policies, including laws regulating the removal of natural resources from the ground and the discharge of materials into the environment. Exploration and exploitation activities are also subject to federal, provincial or state, and local laws and regulations which seek to maintain health and safety standards by regulating the design and use of drilling methods and equipment.

Environmental and other legal standards imposed by federal, provincial or state, or local authorities may be changed and any such changes may prevent us from conducting planned activities or increase our costs of doing so, which would have material adverse effects on our business. Moreover, compliance with such laws may cause substantial delays or require capital outlays in excess of those anticipated, thus causing an adverse effect on us. Additionally, we may be subject to liability for pollution or other environmental damages that we may not be able to or elect not to insure against due to prohibitive premium costs and other reasons. Any laws, regulations or policies of any government body or regulatory agency may be changed, applied or interpreted in a manner which will alter and negatively affect our ability to carry on our business.

12- 31 -

Uranium prices are highly volatile; even if we do discover a deposit of uranium, if the price of uranium is too low, we would not be able to exploit that resource.

Uranium prices have been highly volatile, and are affected by numerous international economic and political factors over which ~~Yellowcake~~we ~~has~~have no control. The spot price of uranium ~~ranged~~on ~~from~~July ~~about $10 per pound to $138 per pound~~7, to2009 ~~the~~was ~~current spot price of~~ $~~51.00~~52 ~~at January 16, 2009~~ 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.

Our 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.

Risks Associated with our Company

~~Because~~The ~~both~~recent ~~the~~weakening ~~Pine~~of ~~Tree-Reno~~economic ~~Creek~~conditions ~~Property~~in ~~and~~ the ~~Arizona~~ ~~Properties~~U.S. ~~may~~and around ~~not~~the ~~contain~~world ~~commercially~~could ~~exploitable~~have ~~uranium~~harmful ~~and~~effects weon ~~have never~~our ~~made~~ability ato ~~profit~~raise ~~from~~money to fund our planned operations, which could cause us to be unable to recommence our planned ~~securities~~exploration program on the Pinetree-Reno Creek Property or the Arizona Properties, which are ~~highly~~currently ~~speculative~~the only properties we intend to explore. If ~~and~~this ~~investors~~happens, ~~may~~we ~~lose~~would ~~all~~likely go out of ~~their~~business ~~investment~~and ininvestors ~~our~~will ~~company~~lose their entire investment.

~~Our~~Selling ~~securities~~common ~~must~~shares ~~be considered highly speculative, generally because~~ of ~~the nature of~~ our ~~business~~company ~~and~~to fund our ~~early~~operations ~~stage~~has become ofincreasingly ~~operations~~difficult. We ~~currently~~ ~~intend~~believe tothat ~~conduct~~recent andecreases ~~exploration~~in ~~program~~value onof ~~our Pine Tree-Reno Creek~~the ~~Property~~common ~~and~~shares onof ~~the~~many ~~Arizona~~companies ~~Properties.~~worldwide ~~Both~~has ~~properties~~most ~~are~~likely incaused ~~the~~or ~~exploration~~exacerbated ~~stage~~this ~~only~~problem. WeIf ~~may or may not acquire additional interests in other mineral properties. Accordingly,~~ we ~~have~~are not ~~generated~~able ~~any~~to ~~revenues~~sell ~~nor~~enough ~~have~~of ~~we realized a profit from~~ our ~~operations~~shares to ~~date~~meet ~~and there is little likelihood that we will~~our ~~generate~~financial ~~any revenues or realize any profits in the short term. So~~needs, ~~any profitability~~we ~~in the future from our business~~ will behave ~~dependent~~to ~~upon~~consider ~~locating and~~borrowing ~~exploiting uranium on~~ the ~~Pine~~money ~~Tree-Reno Creek Property, the Arizona Properties or mineral deposits on any additional properties that~~ we ~~may acquire~~need. A Ittightening isof ~~uncertain~~credit ~~whether~~conditions ~~any~~has ~~mineral~~also ~~properties~~been ~~that~~experienced ~~we may acquire or have an interest~~ in, ~~including~~ the ~~Pine Tree-Reno Creek Property and the Arizona~~economy ~~Properties will contain commercially exploitable mineral deposits and any funds that we spend on exploration likely will be lost~~recently. WeBecause ~~may~~of ~~never discover commercially exploitable uranium in~~ the ~~Pine~~recent ~~Tree-Reno~~credit ~~Creek Property~~crisis, ~~the Arizona~~it ~~Properties~~is orpossible ~~any~~that ~~other area, or~~ we ~~may~~would ~~do so and still~~ not be ~~commercially~~be ~~successful~~able ifto weborrow ~~are~~adequate ~~unable~~amounts to ~~exploit~~fund ~~those~~our ~~mineral~~operations ~~deposits profitably.~~on Weterms ~~may not be able to operate profitably~~ and ~~may~~at ~~have to cease~~rates ~~operations, the price~~ of ~~our~~interest ~~securities~~we ~~may~~find ~~decline~~acceptable and ~~investors~~in ~~may~~the ~~lose~~best ~~all~~ interests of ~~their investment in~~ our company.

We do not expect that the difficult economic conditions are likely to improve significantly in the near future. Further deterioration of the economy, and even consumer fear that the economy will deteriorate further could intensify the adverse effects of these difficult market conditions.

If we are unable to obtain the amount of money that we need to fund our operations, then we will likely go out of business and investors will lose their entire investment in our company.

Because both the Pinetree-Reno Creek Property and the Arizona Properties may not contain commercially exploitable uranium and we have never made a profit from our operations, our securities are highly speculative and investors may lose all of their investment in our company.

Our securities must be considered highly speculative, generally because of the nature of our business and our early stage of operations. We currently intend to conduct an exploration program on our Pinetree-Reno Creek Property and on the Arizona Properties. Both properties are in the exploration stage only. We may or may not acquire additional interests in other mineral properties. Accordingly, we have not generated any revenues nor have we realized a profit from our operations to date and there is little likelihood that we will generate any revenues or realize any profits in the short term. So, any profitability in the future from our business will be dependent upon locating and exploiting uranium on the Pinetree-Reno Creek Property, the Arizona Properties or mineral deposits on any additional properties that we may acquire. It is uncertain whether any mineral properties that we may acquire or have an interest in, including the Pinetree-Reno Creek Property and the Arizona Properties will contain commercially exploitable mineral deposits and any funds that we spend on exploration likely will be lost. We may never discover commercially exploitable uranium in the Pinetree-Reno Creek Property, the Arizona Properties or any other area, or we may do so and still not be commercially successful if we are unable to exploit those mineral deposits profitably. We may not be able to operate profitably and may have to cease operations, the price of our securities may decline and investors may lose all of their investment in our company.

- 32 -

As we face intense competition in the uranium exploration and exploitation industry, we will have to compete with our competitors for financing and for qualified managerial and technical employees. If we are unable to successfully compete for properties, financing or for qualified employees, or if our competitors are able to locate and produce minerals at lower costs, our operations will suffer.

Our competition in this area includes large established mining companies with substantial capabilities and with greater financial and technical resources than we have. As a result of this competition, we may have to compete for financing and be unable to acquire financing on terms we consider acceptable. We may also have to compete with the other mining companies in the region for the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for properties, financing or for qualified employees, or if our competitors are able to locate and produce minerals at lower costs, our operations will suffer.

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 inception and we will continue to incur operating expenses without revenues until we are in commercial deployment. Our net loss from March 23, 2005 (Inception) to ~~November 30~~May 31, 2009 ~~2008~~ was $514,~~514~~616,~~866~~346. We had cash and cash equivalents in the amount of $1534,~~350,939~~ 165 as of ~~November~~May 3031, ~~2008~~2009, which is not expected to meet our planned cash requirements for the ensuing year. We have no income from operations. We have reduced our budget and estimate our average monthly operating expenses to be approximately $100,000 each month. We cannot provide assurances that we will be able to successfully explore the current property and project and develop our business. These circumstances raise substantial doubt about our ability to continue as a going concern. If we are unable to continue as a going concern, investors will likely lose all of their investments in our company. Therefore, there is substantial doubt about our ability to continue operations in the future as a going concern as described in the auditors’ report by our auditors with respect to the consolidated financial statements for the year ended February 28, 2009. Our audited financial statements for the year ended February 28, 2009 don’t include adjustments for this uncertainty. If we are unable to continue as a going concern, investors will likely lose all of their investments in our company.

Our future is dependent upon our ability to obtain financing. If we do not obtain such financing, we may have to cease our exploration activities and investors could lose their entire investment.

There is no assurance that we will operate profitably or will generate positive cash flow in the future. We will require additional financing in order to proceed beyond the first few months of our exploration program. We will also require additional financing for the fees we must pay to maintain our status in relation to the rights to our properties and to pay the fees and expenses necessary to become and operate as a public company.

We will also need more funds if the costs of the exploration of our uranium claims are greater than we have anticipated. We will require additional financing to sustain our business operations if we are not successful in earning revenues. We will also need further financing if we decide to obtain additional mineral properties. We currently do not have any arrangements for further financing and we may not be able to obtain financing when required. Our future is dependent upon our ability to obtain financing. If we do not obtain such financing, our business could fail and investors could lose their entire investment.

Because we may never earn revenues from our operations, our business may fail.

Prior to the 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 our exploration for minerals, we will not be able to earn profits or continue operations. There is no history upon which to base any assumption as to the likelihood that we will prove successful, and we can provide no assurance that we will generate any revenues or ever achieve profitability. If we are unsuccessful in addressing these risks, our business will fail and investors may lose all of their investment in our company.

- 33 -

We have a limited operating history and if we are not successful in operating our business, then investors may lose all of their investment in our company.

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 uranium on the ~~Pine~~ ~~Tree~~Pinetree-Reno Creek Property or the Arizona Properties. If our business plan is ~~not~~ not successful and we are not able to operate profitably, then our stock may ~~become~~ become worthless and investors may lose all of their investment in our company.

Risks Associated with our Common Stock

~~Sales~~If ofwe aissue ~~substantial~~additional ~~number of~~ shares ofin ~~our common stock into~~ the ~~public~~future, ~~market~~it bywill ~~the selling shareholders may cause a reduction~~ result in the ~~price~~ dilution of our ~~stock~~existing ~~and purchasers who acquire shares from the selling~~ shareholders ~~may lose some or all of their investment~~.

~~Sales~~Our articles of aincorporation ~~substantial~~authorize ~~number~~the issuance of up to 108,695,652 shares of ~~our~~ common stock ~~in the~~with ~~public~~a ~~market~~par ~~could~~value ~~cause~~of a$0.00001 ~~reduction~~per inshare. ~~the~~Our board ~~price~~ of ~~our~~directors ~~common~~may ~~stock.~~choose ~~We filed~~to aissue ~~registration~~some ~~statement~~or onall ~~Form~~of ~~S-1~~such ~~with~~shares ~~the~~to ~~SEC~~acquire onone or ~~August~~more 6properties, ~~2008.~~to ~~We intend~~fund toour ~~file~~proposed aexploration ~~further~~programs ~~amendment~~and to ~~that~~fund ~~registration~~our overhead ~~statement~~and general operating requirements. ~~After~~The ~~our registration~~issuance ~~statement~~of isany ~~declared~~such ~~effective,~~shares will reduce the ~~selling~~book ~~shareholders~~value ~~may resell~~and upmarket toprice ~~26%~~ of the ~~issued and~~ outstanding shares of our common stock. If we issue any such additional shares, ~~which is~~such ~~28%~~issuance ofwill ~~our~~reduce the ~~issued~~proportionate ownership and ~~outstanding~~voting ~~shares~~power ~~that~~of ~~are~~all ~~not~~current ~~held~~shareholders. Further, bysuch ~~our~~issuance ~~directors, officers~~may orresult in a change of control ~~persons.~~of our corporation.

At that time, a substantial number of our shares of common stock which have been issued may be available for immediate resale, which could have an adverse effect on the price of our common stock. As a result of any such decreases in the price of our common stock, purchasers who acquire shares from the selling shareholders may lose some or all of their investment.

Any significant downward pressure on the price of our common stock as the selling shareholders sell the shares of our common stock could encourage short sales by the selling shareholders or others. Any such short sales could place further downward pressure on the price of our common stock.

We do not intend to pay dividends on any investment in the shares of stock of our company.

We have never paid any cash dividends and currently do not intend to ever pay any cash dividends. To the extent that we require additional funding currently not provided for in our financing plan, our funding sources may prohibit the payment of a dividend. Because we do not intend to declare dividends, any gain on an investment in our company will need to come through an increase in the stock’s price. This may never happen and investors may lose all of their investment 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 shareholder’s ability to buy and sell our stock.

Our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines “penny stock” to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and “accredited investors”. The term “accredited investor” refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock.

- 34 -

effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock.

In addition to the “penny stock” rules promulgated by the Securities and Exchange Commission, 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 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On September 18, 2008 we issued 3,281 shares of common stock at a price of $24.38 per share pursuant to a lease and option agreement with Nu Star Exploration LLC. We issued the shares to one U.S. person pursuant to an exemption from registration provided for under Rule 506 of Regulation D, promulgated under the United States Securities Act of 1933, as amended.None

On December 29, 2008 we issued 1,000,000 shares of common stock to Odysseus III LLC pursuant to a private placement subscription agreement dated December 17, 2008. The investor is an accredited investor, and in issuing the shares we relied on the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Act”), provided by Section 4(2) of the Act and/or by Rule 506 of Regulation D promulgated thereunder.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

16ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

~~ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS.~~None

None

ITEM 5. OTHER INFORMATION

~~Since the completion of our last quarter, we have experienced the following corporate developments:~~None

1.	On September 18, 2008 we entered into a lease and option agreement with Nu Star Exploration LLC pursuant to which we have the option to purchase certain mineral properties from Nu Star located in the state of Arizona. The agreement is for one year and may be cancelled or renewed by either party.
	Consideration for the mineral properties is an initial cash payment of US $119,556 and 3,128 shares of common stock at a price of $24.38.
2.	On September 30, 2008, we dismissed our previous independent accountant, Davidson & Company LLP,.
	The report of Davidson regarding the Company's financial statements for the fiscal year ended February 29, 2008 did not contain any adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles, except that such report on our financial statements contained an explanatory paragraph in respect to uncertainty as to the Company’s ability to continue as a going concern.
	During the year ended February 29, 2008 and during the period from the end of the most recently completed fiscal quarter through to September 30, 2008, the date of dismissal, there were no disagreements with Davidson on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Davidson would have caused it to make reference to the subject matter of the disagreements in connection with its report.
	We provided Davidson with a copy of this Current Report on Form 8-K prior to its filing with the Securities and Exchange Commission, and requested that Davidson furnish us with a letter addressed to the SEC stating whether it agrees with the statements made by us in this Current Report, and if not, stating the aspects with which it does not agree. A copy of the letter provided Davidson, dated October 17, 2008, is filed as Exhibit 16.1 to our Form 8-K/A – filed on October 23, 2008.
	Also on September 30, 2008, we engaged BDO Dunwoody LLP, independent registered accountants, as our independent accountant.
	On September 30, 2008 the Company’s board of directors appointed BDO as the Company’s new independent registered public accounting firm following the dismissal of Davidson. Prior to the engagement of BDO, the Company has not consulted with BDO regarding either:
	(a)	the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report was provided to the Company nor oral advice was provided that BDO concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or
	(b)	any matter that was either the subject of a disagreement (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K), or a “reportable event” (as that term is defined in Item 304(a)(1)(v) of Regulation S-K).

3. Effective October 17, 2008, we amended our Articles to effect a reverse split of our authorized common stock and our issued and outstanding shares of common stock at a ratio of one new share for 46 old shares. As a result, our authorized capital decreased from 5,000,000,000 shares of common stock with a par value of $0.00001 to 108,695,652 shares of common stock with a par value of $0.00001. Our issued and outstanding share capital decreased from 46,358,568 shares of common stock to 1,007,795 shares of common stock.

The Reverse Stock Split became effective with NASDAQ’s Over-the-Counter Bulletin Board at the opening for trading on October 20, 2008 under the new stock symbol “ACUC”, Our new CUSIP number is 030363 204.

4. On December 17, 2008, we entered into a private placement subscription agreement with Odysseus III LLC providing for the purchase of 1,000,000 shares of common stock of our company at a price of $0.10 per share. We intend to use the private placement funds towards the costs of listing on the Canadian National Stock Exchange. 5. On December 29, 2008 we issued 1,000,000 shares of common stock of our company to Odysseus III LLC in a private placement. Jeffrey Rich holds voting and dispositive power over shares held by Odysseus III LLC. The purchase price of the shares was $100,000, which was paid in cash and by the corporate funds of Odysseus. Odysseus now owns 1,000,000 of our common shares, which is 49.8% of our issued and outstanding common shares as of December 29, 2008. Prior to the issuance of 1,000,000 common shares to Odysseus, our President and director, Robert Rich, previously held 10% of our issued and outstanding stock and AUC LLC, the limited liability company controlled by Pat Groening who is the Chief Financial Officer of Strathmore, held approximately 12% of our issued and outstanding shares. Robert Rich and AUC had been our two largest controlling shareholders prior to this issuance. On January 6, 2009, Odysseus and Robert Rich, our President and director, entered into a voting agreement whereby the parties agreed that the 1,000,000 shares of our common stock held by Odysseus will be voted as directed by Mr. Rich at any meeting of shareholders or in response to any written request by us for the consent of shareholders to any corporate action. The voting agreement is for a period of one year and has no provisions for renewal. 6. There have been no material changes to the procedures by which security holders may recommend nominees to our board of directors.

ITEM 6. EXHIBITS

Exhibits required by Item 601 of Regulation S-K:

Exhibit Number	Description
3.1	Articles of Incorporation ~~of the Registrant,~~ (attached as an exhibit to the registration statement on Form SB-2 filed on June 21, 2006.)
3.2	By-laws ~~of the Registrant,~~ (attached as an exhibit to the registration statement on Form SB-2 filed on June 21, 2006.)
3.3	Certificate of Change filed with the Nevada Secretary of State on March 27, 2007 to be effective on April 10, 2007, (attached as an exhibit to the current report on Form 8-K filed on April 12, 2007)
3.4	Certificate of Change filed with the Nevada Secretary of State on March 27, 2007 to be effective on October 7, 2008 (attached as an exhibit to the current report on Form 8-K filed on October 21, 2008)
3.5	Amended By-laws (attached as an exhibit to our current report on Form 8-K filed on April 15, 2009)
4.1	Specimen Stock Certificate (attached as an exhibit to the registration statement on Form SB-2 filed on June 21, 2006)
9.1	Voting Trust Agreement dated January 6, 2009 with Odysseus III LLC (attached as an exhibit to our current report on Form 8-K/A filed on January 12, 2009)

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Exhibit Number	Description
3.4	Certificate of Change filed with the Nevada Secretary of State on March 27, 2007 to be effective on October 7, 2008, attached as an exhibit to the current report on Form 8-K filed on October 21, 2008.
10.1	Mining Claim (attached as an exhibit to the registration statement on Form SB-2 filed on June 21, 2006)
4.1	Specimen Stock Certificate, attached as an exhibit to the registration statement on Form SB-2 filed on June 21, 2006.
10.2	Affiliate Stock Purchase Agreement dated April 19, 2007 between Mir Huculack and Robert A. Rich (attached as an exhibit to the current report on Form 8-K filed on April 23, 2007)
10.1	Mining Claim, attached as an exhibit to the registration statement on Form SB-2 filed on June 21, 2006.
10.3	Letter of Intent dated May 12, 2007 with Strathmore Resources (US) Ltd. (attached as an exhibit to the current report on Form 8-K filed on May 18, 2007)
10.2	Affiliate Stock Purchase Agreement, attached as an exhibit to the current report on Form 8-K filed on April 23, 2007.
10.4	Investor Relations Agreement dated June 15, 2007 with Carson Seabolt (attached as an exhibit to the current report on Form 8-K filed on July 5, 2007)
10.3	Letter of Intent, attached as an exhibit to the current report on Form 8-K filed on May 18, 2007.
10.5	Stock Option and Subscription Agreement dated July 20, 2007 with Carson Seabolt (attached as an exhibit to the current report on Form 8-K filed on July 5, 2007)
10.4	Investor Relations Agreement, attached as an exhibit to the current report on Form 8-K filed on July 5, 2007.
10.6	Option and Joint Venture Agreement dated August 20, 2007 with Strathmore Resources (US) Ltd. (attached as an exhibit to the current report on Form 8-K filed on September 5, 2007)
10.5	Stock Option and Subscription Agreement, attached as an exhibit to the current report on Form 8-K filed on July 5, 2007.
10.7	Virtual Office agreement with Your Office USA dated August 29, 2007 (attached as an exhibit to our current report on Form 10-K filed on June 15, 2009)
10.6	Option and Joint Venture Agreement dated August 20, 2007, attached as an exhibit to the current report on Form 8-K on September 5, 2007.
10.8	Form of Subscription Agreement for Offshore subscribers (attached as an exhibit to the current report on Form 8-K filed on September 5, 2007)
10.7	Form of Subscription Agreement for Offshore subscribers, attached as an exhibit to the current report on Form 8-K on September 5, 2007.
10.9	Form of Subscription Agreement for U.S. subscribers (attached as an exhibit to the current report on Form 8-K filed on September 5, 2007)
10.8	Form of Subscription Agreement for U.S. subscribers, attached as an exhibit to the current report on Form 8- K on September 5, 2007.
10.10	Form of Warrant certificate for Offshore subscribers (attached as an exhibit to the current report on Form 8-K filed on September 5, 2007)
10.9	Form of Warrant certificate for Offshore subscribers, attached as an exhibit to the current report on Form 8- K on September 5, 2007.
10.11	Form of Warrant certificate for Canadian subscribers (attached as an exhibit to the current report on Form 8-K filed on September 5, 2007)
10.10	Form of Warrant certificate for Canadian subscribers, attached as an exhibit to the current report on Form 8- K on September 5, 2007.
10.12	Form of Warrant for U.S. subscribers (attached as an exhibit to the current report filed on Form 8-K on September 5, 2007)
10.11	Form of Warrant for U.S. subscribers, attached as an exhibit to the current report on Form 8-K on September 5, 2007.
10.13	2007 Stock Option Plan (attached as an exhibit to the current report on Form 8-K filed on September 24, 2007.
10.16	2007 Stock Option Plan, attached as an exhibit to the current report on Form 8-K with the Commission on September 24, 2007.
10.14	Stock Option Agreement with Robert Rich dated effective January 15, 2008, attached as an exhibit to the current report on Form 8-K on January 23 2008.
10.17	Purchase Agreement with Power Resources, Inc., dated October 10, 2007, attached as an exhibit to the current report on Form 8-K on October 10, 2007.
10.15	Stock Option Agreement with Donald Cooper dated effective February 14, 2008, attached as an exhibit to the current report on Form 8-K on February 20, 2008.
10.18	Pine Tree-Reno Creek ISR Property Amendment to Option and Joint Venture Agreement, attached as an exhibit to the quarterly report on Form 10-QSB on January 22, 2008.
10.16	Limited Liability Company Operating Agreement of AUC, LLC dated effective January 3, 2008, (attached as an exhibit to the current report on Form 8-K on March 18, 2008)
10.19	Form of Subscription Agreement Offshore subscribers (attached as an exhibit to our current report on Form 8-K filed on September 5, 2007)
10.17	Stock Option Agreement between the Company and Raymond Foucault dated March 14, 2008 (attached as an exhibit to the current report on Form 8-K on April 7, 2008)
10.20	Form of Subscription Agreement U.S. subscribers (attached as an exhibit to our current report on Form 8-K filed on September 5, 2007)
10.18	Lease and Option Agreement dated September 18, 2008 with Nu Star Exploration LLC (attached as an exhibit to the current report on Form 8-K filed on September 22, 2008)
10.21	Form of Warrant certificate Offshore subscribers ( attached as an exhibit to our current report on Form 8-K filed on September 5, 2007)
10.19	Stock Option Agreement dated effective August 1, 2007 between the Company and Michael Baybak (attached as an exhibit to our current report on Form 8-K filed on August 8, 2008)
10.22	Form of Warrant U.S. subscribers (attached as an exhibit to our current report on Form 8-K filed on September 5, 2007)
10.20	Form of private placement subscription agreement (attached as an exhibit to our current reports on Form 8-K filed on December 30, 2008 and Form 8-K/A filed on January 12, 2009)
10.23	Stock Option Agreement with Robert Rich dated effective January 15, 2008, attached as an exhibit to the current report on Form 8-K on January 23 2008.
10.21	Rich Associates, Inc. Employment agreement dated January 1, 2009 (attached as an exhibit to our annual report on Form 10-K/A filed on April 1, 2009)
10.25	Stock Option Agreement with Donald Cooper dated effective February 14, 2008, attached as an exhibit to the current report on Form 8-K on February 20, 2008.
14.1	Code of Business Conduct, Ethics and Compliance (attached as an exhibit to our current report on Form 8-K filed on May 27, 2009)
16.1	Letter from Telford Sadovnick PLLC dated January 14, 2008 (attached as an exhibit to our current report on Form 8-K filed on January 14, 2008)
16.2	Letter from Davidson & Company LLP dated October 17, 2008 (attached as an exhibit to our current report on Form 8-K/A filed on October 23, 2008)
31.1*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002

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Exhibit Number	Description
10.26	Limited Liability Company Operating Agreement of AUC, LLC dated effective January 3, 2008, attached as an exhibit to the current report on Form 8-K on March 18, 2008.
10.27	Stock Option Agreement between the Company and Raymond Foucault dated March 14, 2008, attached as an exhibit to the current report on Form 8-K on April 7, 2008.
10.28	Lease and Option Agreement dated September 18, 2008 with Nu Star Exploration LLC, attached as an exhibit to the current report on Form 8-K filed on September 22, 2008.
10.29	Stock Option Agreement dated effective August 1, 2007 between the Company and Michael Baybak, attached as an exhibit to our current report on Form 8-K filed on August 8, 2008.
10.30	Form of private placement subscription agreement attached as an exhibit to our current reports on Form 8-K filed on December 30, 2008 and Form 8-K/A filed on January 12, 2009
10.31	Voting Trust Agreement attached as an exhibit to our current report on Form 8-K/A filed on January 12, 2009
16.1	Letter from Davidson & Company LLP dated October 17, 2008 attached as an exhibit to our current report on Form 8-K/A filed on October 23, 2008
21.1	American Uranium Corporation, our 100% owned subsidiary incorporated in Delaware
31.1*	Certification pursuant to, Section 302 of the Sarbanes-Oxley Act Of 2002
32.1*	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act Of 2002

*~~filed~~ Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its ~~In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its~~ behalf by the undersigned, thereunto duly authorized.

AMERICAN URANIUM CORPORATION

~~By:~~ /s/ Robert A. ~~RichRobert~~Rich Robert A. Rich President, ~~RichPresident~~Chief Executive Officer, ~~CEO~~Chief Financial Officer, ~~CFO~~Secretary, ~~and~~Treasurer and Director (Principal Executive Officer, Principal ~~Accounting~~Financial Officer and Principal ~~Financial~~Accounting Officer) Date: July 14, 2009

Dated: January 20, 2009

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