-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Bj6Wk+d+hcMNSYenkl6NTTp7XkNq5fZLKOhT5JBQR+hivPA25RUTVCeEUY0SQUb8
 64THlWjTUJCj09c+ac79mg==

<SEC-DOCUMENT>0001273511-07-000063.txt : 20071217
<SEC-HEADER>0001273511-07-000063.hdr.sgml : 20071217
<ACCEPTANCE-DATETIME>20071217142403
ACCESSION NUMBER:		0001273511-07-000063
CONFORMED SUBMISSION TYPE:	10KSB
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070930
FILED AS OF DATE:		20071217
DATE AS OF CHANGE:		20071217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Transglobal Mining Corp.
		CENTRAL INDEX KEY:			0001384195
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				980495938
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10KSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-140024
		FILM NUMBER:		071309718

	BUSINESS ADDRESS:	
		STREET 1:		#114, 219 GRANT STREET
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7N 2A1
		BUSINESS PHONE:		306-880-2441

	MAIL ADDRESS:	
		STREET 1:		#114, 219 GRANT STREET
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7N 2A1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Blanca Corp.
		DATE OF NAME CHANGE:	20061220
</SEC-HEADER>
<DOCUMENT>
<TYPE>10KSB
<SEQUENCE>1
<FILENAME>tmnc10ksb2007.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE><B>FORM 10-KSB</TITLE>
<META NAME="author" CONTENT="Robert Sawatsky">
<META NAME="date" CONTENT="12/17/2007">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<BR>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION<BIG> </BIG></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>WASHINGTON, DC 20549 </P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>FORM 10-KSB </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><B>[ X ] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>For the fiscal year ended September 30, 2007</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>OR </P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><B>[ &nbsp;&nbsp;] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. </B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>For the transition period from _______ to ___________.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Commission file number <B>333-140024</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-bottom:3pt; line-height:16pt; font-family:Times New Roman; font-size:14pt; border-bottom:0.5pt solid #000000" align=center><B>TRANSGLOBAL MINING CORP. </B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>(Name of small business issuer &nbsp;in its charter) </I></P>
<P style="margin-top:5pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">____________<B><U>NEVADA</U></B>_________________ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B><U>98-0495938</U></B>______</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:27pt; font-family:Times New Roman"><I>(State or Other Jurisidiction of</I></P>
<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman"><I>(I.R.S. Employer Identification No.)</I></P>
<P style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><I>Incorporation of Organization)</I></P>
<P style="margin-top:5pt; margin-bottom:0pt; font-family:Times New Roman"><B>___<U>#114, 219 Grant Street, Saskatoon, Saskatchewan</U></B>___ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____<B><U>S7N 2A1</U></B>____</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:18pt; font-family:Times New Roman">(<I>Address of principal executive offices)</I></P>
<P style="margin:0pt; text-indent:342pt; font-family:Times New Roman"><I>(ZIP Code)</I></P>
<P style="margin-top:5pt; margin-bottom:0pt; font-family:Times New Roman">Registrant&#146;s telephone number, including area code:_________________<B><U>(306) 880-2441</U>____________</B></P>
<P style="margin-top:5pt; margin-bottom:-12pt; font-family:Times New Roman">Securities registered pursuant to Section 12(b) of the Act</P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman">__________<B><U>None</U>______________________</B></P>
<P style="margin-top:5pt; margin-bottom:0pt; font-family:Times New Roman">Securities registered pursuant to Section 12(g) of the Act:</P>
<P style="margin:0pt; font-family:Times New Roman">____________________________________<B><U>Common Shares</U>_______________________________</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>(Title of Class)</I></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. &nbsp;Yes &nbsp;[ &nbsp;&nbsp;] &nbsp;&nbsp;No &nbsp;&nbsp;[ X ]</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">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 shorter period that the registrant as required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. </P>
<P style="margin:0pt; font-family:Times New Roman">Yes &nbsp;[ X ] &nbsp;&nbsp;No &nbsp;&nbsp;[ &nbsp;&nbsp;].</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.[ X ].</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Yes &nbsp;[X &nbsp;] &nbsp;&nbsp;No &nbsp;&nbsp;[ &nbsp;&nbsp;].</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>State the aggregate market value of the voting and non-voting equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant&#146;s most recently completed fiscal quarter: &nbsp;&nbsp;<B>$Nil.</B> </P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Indicate the number of shares outstanding of each of the registrant&#146;s classes of common stock, as of the latest practicable date: &nbsp;&nbsp;<B>54,742,500</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Documents Incorporated by Reference<B>: NONE </B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Transitional Small Business Disclosure Format (check one):</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Yes &nbsp;[ &nbsp;&nbsp;] &nbsp;&nbsp;No &nbsp;&nbsp;[ X ]</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman" align=center>-</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>TABLE OF CONTENTS</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:432pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>PAGE</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>PART I </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 1.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Description of Business</P>
<P style="margin:0pt; text-indent:453.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 2.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Description of Property</P>
<P style="margin:0pt; text-indent:453.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">7</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 3.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Legal Proceedings</P>
<P style="margin:0pt; text-indent:453.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">7</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 4.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Submission of Matters to a Vote of Security Holders</P>
<P style="margin:0pt; text-indent:453.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">7</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>PART II</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 5.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Market for Common Equity and Related Stockholder Matters</P>
<P style="margin:0pt; text-indent:453.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">7</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 6.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Management's Discussion and Analysis or Plan of Operation</P>
<P style="margin:0pt; text-indent:453.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">8</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 7.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Financial Statements</P>
<P style="margin:0pt; text-indent:453.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">9</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; text-indent:-45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 8.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</P>
<P style="margin:0pt; padding-left:45pt; text-indent:408.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">9</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; text-indent:-45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 8A.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Controls and Procedures</P>
<P style="margin:0pt; padding-left:45pt; text-indent:408.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>PART &nbsp;III</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; text-indent:-45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 9.</P>
<P style="margin:0pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Directors, Executive Officers, Promoters and Control Persons; </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Compliance with Section 16(a) of the Exchange Act </P>
<P style="margin:0pt; padding-left:45pt; text-indent:408.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">9</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 10.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Executive Compensation </P>
<P style="margin:0pt; text-indent:448pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 11.</P>
<P style="margin:0pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Security Ownership of Certain Beneficial Owners and Management</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">and Related Stockholder Matters</P>
<P style="margin:0pt; text-indent:448pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">11</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 12.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certain Relationships and Related Transactions </P>
<P style="margin:0pt; text-indent:448pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 13.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Exhibits and Reports on Form 10-K </P>
<P style="margin:0pt; text-indent:448pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">12</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 14.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal Accountant Fees and Services</P>
<P style="margin:0pt; text-indent:448pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">13</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>SIGNATURES</B></P>
<P style="margin:0pt; text-indent:448pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">14</P>
<P style="margin:0pt; font-family:Times New Roman" align=center></P>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>PART I</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>This report contains forward-looking statements within the meaning of Section 27A of the <I>Securities Act of 1933</I> and Section 21E of the <I>Securities Exchange Act of 1934</I>. &nbsp;Actual results could differ materially from those projected in the forward-looking statements if assumptions upon which the forward-looking statements are based do not turn out to be true. &nbsp;The assumptions upon which the forward-looking statements are based include without limitation:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; line-height:13pt; font-family:Wingdings 2; font-size:11pt" align=justify>&#151;</P>
<P style="margin:0pt; padding-left:18pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We will obtain funding sufficient to execute its business plan.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings 2; font-size:11pt" align=justify>&#151;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We will be successful competing in a competitive market.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings 2; font-size:11pt" align=justify>&#151;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Our key personnel will remain with the Company.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Wingdings 2; font-size:11pt" align=justify>&#151;</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We will be able to hire skilled personnel for key positions as needed and within our budgetary constraints.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 1.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Description of Business</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We are a start-up mineral exploration company. &nbsp;We have had no revenues as of the end of our most recent fiscal year and we have only recently begun operations. &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Our principal offices are located at #114, 219 Grant Street, Saskatoon, Saskatchewan, S7N 2A1. &nbsp;Our telephone number is (360)-880-2441. &nbsp;Our fiscal year end is September 30. &nbsp;&nbsp;On August 1, 2006 we staked a 405 hectare (approximately 1,000 acres) mineral claim in the Province of British Columbia, Canada using an online staking system operated by the government of British Columbia. &nbsp;We have since allowed this claim to expire in favor of more promising prospects.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On May 2, 2007 we signed an option agreement to participate in the development and exploitation of a known gold resource in China with China Eastern Mining Corporation (CEM), a private company. </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Transglobal has decided to abandoned this program as well due to lack of financing.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">On May 30, 2007, &nbsp;Transglobal Mining purchased the mineral rights to 2,865 hectares of land for the purpose of Uranium exploration in the Surprise Lake area of British Columbia. &nbsp;We have not had the financing to explore this property and likewise now plan to abandoned the claim.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Operations and Twelve Month Plan</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Financing</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We have been meeting our financial needs more recently through loans from our President, Mr. Elgood. &nbsp;These loans are unsecured interest free no terms basis. &nbsp;While there is no guarantee that this will continue, Mr. Elgood has continued to lend money to us since September 30, 2007. &nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We are currently in the development stage and have not yet generated any revenues. At September 30, 2007 our accumulated deficit is $157,628. &nbsp;&nbsp;Our cash was $734. &nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Hardware and Software </U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We do not have any planned expenditures in the area of hardware over the next twelve month.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Current and New Employment</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Our president is the only employee, Mr. Elgood.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Professional Fees</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We expect that we will require approximately $20,000 to $25,000 over the next twelve months to satisfy our legal and accounting requirements. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Including miscellaneous expenses, we will require at least $45,000 over the next twelve months to satisfy our operating expenses. &nbsp;We will continue to pursue equity and debt financing. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>We Carry No Insurance Policies.</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We currently carry no policies of insurance to cover any type of risk to our business.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Operating Results Are Difficult to Predict.</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We plan to run at a loss for at least 12 months. This means that we will rely on our continued fund raising efforts for an indefinite period of time. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 2.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Description of Property</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We maintain our office at #114, 219 Grant Street, Saskatoon, Saskatchewan, Canada.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 3.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Legal Proceedings</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We are not a party to any material legal proceedings and to our knowledge, no such proceedings are threatened or contemplated. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 4.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Submission of Matters to a Vote of Security Holders.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>There was no matter submitted during the fourth quarter of the fiscal year covered by this report to a vote of security holders, through the solicitation of proxies or otherwise. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>PART II</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 5.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Market for Registrant's Common Equity and Related Stockholders Matters</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Market for Common stock</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>There is no market for our Common Stock. &nbsp;As of &nbsp;September 30, 2007 there were 54,742,500 shares of Common Stock issued and outstanding.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Recent Unregistered Sales of Securities</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>There have been no recent sales of unregistered securities.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Dividends</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We presently plan to reinvest any future earnings in the business and, therefore, we are unlikely to declare any cash dividends in the foreseeable future. We have not declared or paid any dividends on our common stock and do not anticipate declaring any dividends in the foreseeable future.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>ITEM 6.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Management's Discussion and Analysis or Plan of Operation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Plan of Operation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We had cash on hand in the amount of $734 as of Sept 30, 2007. &nbsp;We will require additional financing to enable us to complete our twelve month plan. &nbsp;Our President, Scott Elgood, has provided us with operating capital in the form of unsecured demand loans to meet our cash needs until we are self-sustaining or more additional capital is raised. As a result, there have been no substantial cash excesses. &nbsp;Mr. Elgood has not made a firm commitment to continue financing and may discontinue being a source of funds at any time. &nbsp;We hope to raise money through sales of common stock to private investors and/or through, institutional avenues. &nbsp;Stock options may also be offered in the future, which, if exercised, could provide additional capital. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We do not know the exact specific financial requirements of the projects, products or ventures in which we may eventually participate, and therefore we do not know what our exact capital needs will be. &nbsp;In addition, we may incur substantial costs in connection with any research and development and/or negotiations for business opportunities, which may deplete our assets.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We expect to incur a net loss at the end of the fiscal year September 30, 2008. &nbsp;We cannot presently estimate when we may become profitable, if ever.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Results of Operations</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><I>Results of Operation for the Year Ended September 30, 2007 as compared to the Year Ended September 30, 2006</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We incurred a loss of $127,081 for the fiscal year ending September 30, 2007 compared to a loss of $28,267 for the fiscal year ending September 30, 2006. &nbsp;This was largely do to the fact that Transglobal Mining had tried to escalate it&#146;s business activities in 2007.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Professional fees were $35,117 for the fiscal year ended September 30, 2007 and were $4,500 for the fiscal year ended September 30, 2006.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We earned $0 &nbsp;in revenues during the fiscal year September 30, 2007 and similarly had no revenues of $0 in 2006. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Liquidity and Capital Resources</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We had cash of $734 as of September 30, 2007 compared to a cash position of $21,849 at September 30, 2006.. &nbsp;We expect to run at a loss for at least the next twelve months. We have no agreements for additional financing and cannot provide any assurance that additional funding will be available to finance our operations on acceptable terms in order to enable us to complete our plan of operations. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 7.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Financial Statements</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The information required by this item is set forth in Item 13 of this Report.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 8.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We have had no changes in or disagreements with our accountants on accounting or financial disclosures.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>ITEM 8A.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Control and Procedures</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(a)</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Evaluation of disclosure controls and procedures </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Our Chief Executive Officer and our Chief Financial Officer evaluated our &#147;disclosure controls and procedures&#148; (as defined in Rule&nbsp;13a-14 (c)&nbsp;of the Exchange Act) as of a date within 90&nbsp;days before the filing date of this annual report. He concluded that as of the evaluation date, our disclosure controls and procedures are effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(b)</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Changes in internal controls.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Subsequent to the date of their evaluation, there were no significant changes in our internal controls or in other factors that could significantly affect these controls. There were no significant deficiencies or material weaknesses in our internal controls so no corrective actions were taken.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>PART III</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>ITEM 9.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The following information sets forth the names of our officers and directors, their present positions, and some brief information about their background.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=117.067><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Name</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=44.533><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Age</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=155.467><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Position</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=136.667><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Term</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=136.667>&nbsp;</TD></TR>
<TR><TD width=117.067><P style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><B>Scott Elgood</B></P>
</TD><TD width=44.533><P style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>38</P>
</TD><TD width=155.467><P style="margin-top:4.5pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">President, CEO, CFO, Director, Secretary</P>
</TD><TD width=136.667><P style="margin-top:4.5pt; margin-bottom:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Sept 30, 2007-</P>
<P style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Sept 30, 2008</P>
</TD><TD width=136.667><P style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>1 year</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The sole Director named above will serve until the next annual meeting of the stockholders. &nbsp;Thereafter, directors will be elected for one-year terms at the annual stockholders' meeting. Officers will hold their positions at the pleasure of the board of directors, absent any employment agreement, of which none currently exists or is contemplated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><U>Biographical information</U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I>Scott Elgood</I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Mr. Elgood has acted as our sole Director and Officer since our inception on July 30, 2004. &nbsp;Mr. Elgood is not affiliated with any other public companies and never has been. &nbsp;He commits approximately 20 hours per week of his time to our business. &nbsp;Mr. Elgood is responsible for our overall direction and various initiatives as needed from time to time in maintaining our company. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>For the past nine years, to the present, Mr. Elgood has been a director and part owner of Elgood Development Ltd., a &nbsp;real estate development company. &nbsp;&nbsp;Through his own pursuits, he has experience researching and investing in mining stocks. &nbsp;&nbsp;Mr. Elgood is not an expert in geology but has spent considerable time analyzing the structures of other mineral based companies prior to launching this venture. &nbsp;&nbsp;He will rely on the information forwarded to him by the geologists he has paid to complete the studies regarding our mineral property.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Time with company</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>November, 2002 until present.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Based solely upon a review of Forms 3, 4 and 5 furnished to the Company, none of the officers, directors or beneficial owners of more than ten percent of the Common Stock failed to file on a timely basis reports required to be filed by Section 16(a) of the Exchange Act during the most recent fiscal year. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 10.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Executive Compensation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We only pay Mr. Elgood a salary if the treasury levels allow a salary which they have not for most of fiscal 2007. &nbsp;&nbsp;&nbsp;The salary is not being accrued. &nbsp;Accordingly, no back &nbsp;salary &nbsp;will &nbsp;ever &nbsp;be &nbsp;owed or paid to Mr. Elgood. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Annual Compensation Table</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD style="background-color:#FFFFFF; border:1pt solid #000000" width=114 rowspan=3><P style="margin-top:0pt; margin-bottom:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Name and Principal Position</P>
</TD><TD style="background-color:#FFFFFF; border-top:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=42 rowspan=3><P style="margin-top:0pt; margin-bottom:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Year</P>
</TD><TD style="background-color:#FFFFFF; border-top:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=192 colspan=3><P style="margin-top:0pt; margin-bottom:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Annual Compensation</P>
</TD><TD style="border-top:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=304.067 colspan=4><P style="margin-top:0pt; margin-bottom:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Long-Term Compensation</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-left:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=70.8>&nbsp;</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=31.2>&nbsp;</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=90>&nbsp;</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=304.067 colspan=4><P style="margin-top:0pt; margin-bottom:-11pt; padding-left:108.1pt; text-indent:-72.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Awards</P>
<P style="margin-top:0pt; margin-bottom:2.2pt; padding-left:108.1pt; text-indent:35.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Payouts</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-left:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=70.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Salary </P>
<P style="margin-top:0pt; margin-bottom:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>($)</P>
</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=31.2><P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center>Bonus</P>
<P style="margin-top:0pt; margin-bottom:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>($)</P>
</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=90><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Other Annual Compensation </P>
<P style="margin-top:0pt; margin-bottom:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>($)</P>
</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Restricted Stock Award(s)</P>
<P style="margin-top:0pt; margin-bottom:2.2pt; text-indent:25.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(#)</P>
</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=66><P style="margin-top:0pt; margin-bottom:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Securities Under-lying Options/ SARs (1)(#)</P>
</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=54><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">LTIP <SUP>(2)</SUP> Payout</P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:2.2pt; text-indent:9.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">($)</P>
</TD><TD style="background-color:#FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=88.067><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">All Other Compensation</P>
<P style="margin-top:0pt; margin-bottom:2.2pt; text-indent:21.35pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">($)</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><I>Scott Elgood, &nbsp;President and CEO</I></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=42><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><I>2007</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><I>2006</I></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=70.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>$ &nbsp;7,200</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>$17,200</I></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=31.2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><I>Nil</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><I>Nil</I></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=90><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=66><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=54><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" width=88.067><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><I>Nil</I></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify><I>(1)</I></P>
<P style="margin:0pt; padding-left:36pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify><I>&quot;SARS&quot;</I> or <I>&quot;stock appreciation right&quot;</I> means a right granted by US, as compensation for services rendered, to receive a payment of cash or an issue or transfer of securities based wholly or in part on changes in the trading price of our publicly traded securities.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify><I>(2)</I></P>
<P style="margin:0pt; padding-left:36pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify><I>&quot;LTIP&quot;</I> or <I>&quot;long term incentive plan&quot;</I> means any plan which provides compensation intended to serve as incentive for performance to occur over a period longer than one financial year, but does not include option or stock appreciation right plans or plans for compensation through restricted shares or restricted share units.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Employee Benefit and Consulting Services Compensation Plan.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We have not reserved any issued or granted any securities or options.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 11.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Security Ownership of Certain Beneficial Owners and Management</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The table below provides the beneficial ownership of our common stock by each person known by management to beneficially own more than 5% of our common stock outstanding as of August 27, 2005 and by our officers and directors. &nbsp;Except as otherwise indicated, all shares are owned directly.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE cellspacing=0><TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=283.2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Name</B></P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=198><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Common Shares Owned (1)</B></P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=108><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Percent of Class</B></P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin-top:4.5pt; margin-bottom:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Scott Elgood</P>
</TD><TD width=198><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>30,000,000</P>
</TD><TD width=108><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>54.1%</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Except as noted below, all shares are held beneficially and of record and each record shareholder has sole voting and investment power.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&quot;<I>Beneficial ownership</I>&quot; means having or sharing, directly or indirectly (i) voting power, which includes the power to vote or to direct the voting, or (ii) investment power, which includes the power to dispose or to direct the disposition, of shares of the common stock of an issuer. The definition of beneficial ownership includes shares underlying options or warrants to purchase common stock, or other securities convertible into common stock, that currently are exercisable or convertible or that will become exercisable or convertible within 60 days. Unless otherwise indicated, the beneficial owner has sole voting and investment power.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(1)</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Percentage is calculated based upon 54,742,500 outstanding common shares at November 10, 2007 &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 12.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Certain Relationships and Related Transactions.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Except as disclosed below, none of the following persons has any direct or indirect material interest in any transaction to which we are a party since our incorporation or in any transaction to which we are proposed to be a party:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any director or officer;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any proposed nominee for election as a director;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any person who beneficially owns, directly or indirectly, shares carrying more than 10% of the voting rights attached to the Company's common stock; or</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any relative or spouse of any of the foregoing persons, or any relative of such spouse, who has the same house as such person or who is a director or officer of any parent or subsidiary</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Scott Elgood, our sole officer and director, has made a series of unsecured, non-interest bearing demand loans to us that were necessary to keep our operations going. &nbsp;At September 30, 2007, these loans totaled $56,800.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We currently do not have any policies about entering into transactions with affiliated parties. Other than this transaction, no director, executive officer or nominee for election as a director and no owner of five percent or more of our outstanding shares or any member of their immediate family has entered into or proposed any transactions in which the amount involved exceeds US$10,000. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Part IV</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 13.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibits, Financial Statements Schedules and Reports on Form 8-K</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>ITEM 13(a).</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibits.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Number</U></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Description</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Articles of Incorporation <SUP>(1)</SUP></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">By-Laws <SUP>(1)</SUP></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">4.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Specimen Share Certificate <SUP>(1)</SUP></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">23.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consent of Independent Auditors <SUP>(1)</SUP></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Times New Roman"><I>(1)</I></P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><I>Incorporated by reference from Form SB-2 Registration Statement filed March 5, 2004.</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><U>Financial Statements</U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Financial statements, as described below, are attached hereto.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Audited financial statements for the periods ending September 30, 2007 and September 30, 2006 including:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(a)</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Balance Sheets; </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(b)</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Statements of Operations;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(c)</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Statements of Cash Flows;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(d)</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Statement of Stockholders' Equity;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(e)</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to the Financial Statements. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>ITEM 13(b).</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Reports on Form 8-K.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We filed no reports on Form 8-K during the last quarter of the fiscal year ended September 30, 2007, the period covered by this report.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>ITEM 14.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Principal Accountant Fees and Services .</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following table discloses accounting fees and services which we paid to our auditor, </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD style="background-color:#FFFFFF; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=402.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman" align=center><B>Type of Services Rendered</B></P>
</TD><TD style="background-color:#FFFFFF; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=95.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman" align=center><B>2007</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman" align=center><B>Fiscal Year</B></P>
</TD><TD style="background-color:#FFFFFF; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=103.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman" align=center><B>2006</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman" align=center><B>Fiscal Year</B></P>
</TD></TR>
<TR><TD valign=top width=402.867><P style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:9pt">(a)</P>
<P style="margin:0pt; text-indent:35.7pt; line-height:13pt; font-family:Times New Roman; font-size:9pt">Audit Fees</P>
</TD><TD valign=top width=95.067><P style="margin:0pt; padding-right:21.25pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;9,244</P>
</TD><TD valign=top width=103.267><P style="margin:0pt; padding-right:26.7pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;4,500</P>
</TD></TR>
<TR><TD valign=top width=402.867><P style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:9pt">(b)</P>
<P style="margin:0pt; text-indent:36.9pt; line-height:13pt; font-family:Times New Roman; font-size:9pt">Audit-Related Fees</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:9pt">(eg. &nbsp;review of Form SB-2, Form 10-KSB, Form 10-QSB)</P>
</TD><TD valign=top width=95.067><P style="margin:0pt; padding-right:21.25pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=right>$ 11,452</P>
</TD><TD valign=top width=103.267><P style="margin:0pt; padding-right:26.7pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil</P>
</TD></TR>
<TR><TD valign=top width=402.867><P style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:9pt">(c)</P>
<P style="margin:0pt; text-indent:36.3pt; line-height:13pt; font-family:Times New Roman; font-size:9pt">Tax Fees</P>
</TD><TD valign=top width=95.067><P style="margin:0pt; padding-right:21.25pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil</P>
</TD><TD valign=top width=103.267><P style="margin:0pt; padding-right:26.7pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;Nil</P>
</TD></TR>
<TR><TD valign=top width=402.867><P style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:9pt">(d)</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:9pt">All Other Fees</P>
</TD><TD valign=top width=95.067><P style="margin:0pt; padding-right:21.25pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil</P>
</TD><TD valign=top width=103.267><P style="margin:0pt; padding-right:26.7pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;Nil</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center></P>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B><U>SIGNATURES</U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Transglobal Mining Corp.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">By: </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:252pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ </U><I><U>Scott Elgood</U></I></P>
<P style="margin:0pt; padding-left:252pt; text-indent:162pt; font-family:Times New Roman; font-size:11pt"><U><BR></U></P>
<P style="margin:0pt; padding-left:252pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Scott Elgood, President</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dated: December 10, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In accordance with the <I>Securities Exchange Act</I>, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the dates indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">By:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ </U><I><U>Scott Elgood</U></I></P>
<P style="margin:0pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U></U>&nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Scott Elgood, Sole Director, </P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal Executive Officer,</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal Financial Officer, and </P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Principal Accounting Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: December 10, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Number</U></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Description</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.1</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Articles of Incorporation <SUP>(1)</SUP></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.3</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">By-Laws <SUP>(1)</SUP></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">4.1</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Specimen Share Certificate <SUP>(1)</SUP></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">23.1</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consent of Independent Auditors </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.1</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Chief Executive Officer and Chief Financial Officer </P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</P>
<P style="margin:0pt; padding-left:72pt; padding-right:-18pt; text-indent:-72pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:-18pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">32.1</P>
<P style="margin:0pt; padding-left:72pt; padding-right:-18pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Scott Elgood, Chief Executive Officer and Chief Financial Officer, </P>
<P style="margin:0pt; padding-left:72pt; padding-right:-18pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of </P>
<P style="margin:0pt; padding-left:72pt; padding-right:-18pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Sarbanes - Oxley Act of 2002</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Independent Auditors&#146; Report</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Balance Sheets</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Statements of Operations</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Statements of Cash Flows</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Statement of Stockholders&#146; Equity</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to the Financial Statements</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial; font-size:1pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>TRANSGLOBAL MINING CORP.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(formerly Blanca Corp.)</P>
<P style="margin-top:11pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Pre-exploration Stage Company)</P>
<P style="margin-top:11pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>REPORT AND FINANCIAL STATEMENTS</P>
<P style="margin-top:11pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>September 30, 2007 and 2006</P>
<P style="margin-top:11pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(<U>Stated in US Dollars</U>)</P>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<BR>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>A P<SMALL>ARTNERSHIP<BIG> O<SMALL>F<BIG> I<SMALL>NCORPORATED <BIG>P<SMALL>ROFESSIONALS</SMALL></U></P>
<P style="margin:0pt; text-indent:333pt; font-family:Times New Roman; font-size:9pt"><B><BIG><BIG>A<SMALL><SMALL>MISANO<BIG> <BIG>H<SMALL><SMALL>ANSON</B></P>
<P style="margin:0pt; text-indent:306pt; font-family:Times New Roman; font-size:12pt"><B>C<SMALL>HARTERED</B><BIG> <B>A<SMALL>CCOUNTANTS</SMALL></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">To the Stockholders,</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Transglobal Mining Corp.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We have audited the accompanying balance sheets of Transglobal Mining Corp. (formerly Blanca Corp.) (A Pre-exploration Stage Company) as of September 30, 2007 and 2006 and the related statement of operations, cash flows and stockholders&#146; equity (deficiency) for the years then ended and for the period from July 30, 2004 (Date of Inception) to September&nbsp;30, 2007. &nbsp;These financial statements are the responsibility of the Company's management. &nbsp;Our responsibility is to express an opinion on these financial statements based on our audits.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States of America). &nbsp;Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. &nbsp;An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. &nbsp;An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. &nbsp;We believe that our audits provide a reasonable basis for our opinion.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In our opinion, these financial statements referred to above present fairly, in all material respects, the financial position of Blanca Corp. as of September 30, 2007 and 2006 and the results of its operations and its cash flows for the years then ended and for the period from July 30, 2004 (Date of Inception) to September 30, 2007 in conformity with accounting principles generally accepted in the United States of America.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. &nbsp;As discussed in Note 1 to the financial statements, the Company is in the pre-exploration stage, has no established source of revenue and is dependent on its ability to raise capital from stockholders or other sources to sustain operations. &nbsp;These factors, along with other matters as set forth in Note 1, raise substantial doubt that the Company will be able to continue as a going concern. &nbsp;Management plans to address this substantial doubt are also discussed in Note 1. &nbsp;The financial statements do not include any adjustments that might result from the outcome of these uncertainties.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=311><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Vancouver, Canada</P>
</TD><TD valign=top width=311><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><I>&#147;AMISANO HANSON&#148;</I></B></P>
</TD></TR>
<TR><TD valign=top width=311><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November 26, 2007</P>
</TD><TD valign=top width=311><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Chartered Accountants</P>
</TD></TR>
<TR><TD valign=top width=311>&nbsp;</TD><TD valign=top width=311>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-9pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">750 WEST PENDER STREET, SUITE 604</P>
<P style="margin-top:0pt; margin-bottom:-9pt; text-indent:324pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">TELEPHONE:</P>
<P style="margin:0pt; text-indent:396pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">604-689-0188</P>
<P style="margin-top:0pt; margin-bottom:-9pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">VANCOUVER CANADA</P>
<P style="margin-top:0pt; margin-bottom:-9pt; text-indent:324pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">FACSIMILE:</P>
<P style="margin:0pt; text-indent:396pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">604-689-9773</P>
<P style="margin-top:0pt; margin-bottom:-9pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">V6C 2T7</P>
<P style="margin-top:0pt; margin-bottom:-9pt; text-indent:324pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">E-MAIL:</P>
<P style="margin:0pt; text-indent:360pt; line-height:9pt; font-family:Bookman Old Style; font-size:7pt">amishan@telus.net</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>TRANSGLOBAL MINING CORP.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>BALANCE SHEETS</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>September 30, 2007 and 2006</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(<U>Stated in US Dollars</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; padding-left:180pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify><B><U>ASSETS</U></B></P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Current</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; text-indent:13.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cash</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=102><P style="margin:0pt; padding-right:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;21,849</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=625.2 colspan=4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B><U>LIABILITIES</U></B></P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Current</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; text-indent:13.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,806</P>
</TD><TD valign=top width=102><P style="margin:0pt; padding-right:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;7,306</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; text-indent:13.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Related party loan &#150; Notes 4 and 7</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>56,800</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; padding-right:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>10,100</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>59,606</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; padding-right:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>17,406</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=625.2 colspan=4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B><U>STOCKHOLDERS&#146; EQUITY (DEFICIENCY</U>)</B></P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common stock, $0.001 par value </P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=103.2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>75,000,000</P>
</TD><TD valign=top width=318><P style="margin:0pt; padding-left:-5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>shares authorized</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=103.2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>54,742,500</P>
</TD><TD valign=top width=318><P style="margin:0pt; padding-left:-5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>(2006: 54,742,500) shares issued &#150; Note 4</P>
</TD><TD valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>54,743</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>54,743</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Additional paid-in capital</P>
</TD><TD valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(15,987)</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(19,753)</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Share subscriptions received &#150; Note 8</P>
</TD><TD valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>60,000</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Deficit accumulated during the pre-exploration stage </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(157,628)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(30,547)</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(58,872)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>4,443</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=102><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,849</P>
</TD></TR>
<TR><TD valign=top width=421.2 colspan=2>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Nature and Continuance of Operations &#150; Note 1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>SEE ACCOMPANYING NOTES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<BR>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>TRANSGLOBAL MINING CORP.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>STATEMENTS OF OPERATIONS</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>for the years ended September 30, 2007 and 2006 and</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>for the period July 30, 2004 (Date of Inception) to September 30, 2007</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(<U>Stated in US Dollars</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=102 colspan=2>&nbsp;</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>July 30,</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=102 colspan=2>&nbsp;</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2004</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=102 colspan=2>&nbsp;</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Date of</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=186 colspan=3><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Years ended</P>
</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Inception) to</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=186 colspan=3><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>September 30,</P>
</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>September 30,</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2006</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; text-indent:57.6pt; font-family:Times New Roman; font-size:9pt"><BR></P>
</TD><TD valign=top width=96><P style="margin:0pt; text-indent:57.6pt; font-family:Times New Roman; font-size:9pt"><BR></P>
</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Expenses</P>
</TD><TD valign=top width=90 colspan=2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Accounting and legal fees</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,117</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,500</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,617</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Advertising and promotion</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>49,614</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>49,614</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Bank charges</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>268</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>173</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>441</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Interest expense &#150; Note 7</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>3,766</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>3,766</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Management fees &#150; Note 4</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,200</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>17,200</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>26,400</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Mineral property costs</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>5,953</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>604</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>6,557</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Office and miscellaneous</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,144</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>927</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>8,351</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Telephone</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>1,670</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,255</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>3,925</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Transfer agent and filing fees</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>5,944</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>120</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>6,064</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Travel</P>
</TD><TD valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,488</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,488</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>4,976</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Write-off of website costs</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,917</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,917</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=90 colspan=2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Net loss for the period</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ (127,081)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;(28,267)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=114><P style="margin:0pt; padding-right:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;(157,628)</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=90 colspan=2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Basic and diluted loss per share</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;(0.00)</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; text-indent:54.9pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=90 colspan=2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; text-indent:59.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Weighted average number of shares&nbsp;outstanding</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=90 colspan=2><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>54,742,500</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>37,884,973</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:9.9pt; text-indent:72.9pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=top width=90 colspan=2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>SEE ACCOMPANYING NOTES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>TRANSGLOBAL MINING CORP.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>STATEMENTS OF CASH FLOWS</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>for the years ended September 30, 2007 and 2006 and</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>for the period July 30, 2004 (Date of Inception) to September 30, 2007</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(<U>Stated in US Dollars</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=108 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>July 30,</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=108 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2004</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=108 colspan=2>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Date of</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=192 colspan=3><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Years ended</P>
</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Inception) to</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=192 colspan=3><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>September 30,</P>
</TD><TD valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>September 30, </P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2006</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Operating Activities</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net loss for the period</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ (127,081)</P>
</TD><TD valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;(28,267)</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;(157,628)</P>
</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Items not affecting cash:</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:23.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Interest expense</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>3,766</P>
</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>3,766</P>
</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:23.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Management fees</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,000</P>
</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:23.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Write-off of website costs</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,917</P>
</TD><TD valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,917</P>
</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Changes in non-cash working capital balances</P>
<P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;related to operations</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:23.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Accounts payable and accrued liabilities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(4,500)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,026</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,806</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:0.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash used in operating activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(119,898)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(21,241)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(143,139)</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:0.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Financing Activities</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Capital stock issued</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>32,990</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>32,990</P>
</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Share subscriptions received</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>60,000</P>
</TD><TD valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>60,000</P>
</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Increase in related party loan</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>46,700</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>10,100</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>56,800</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cash provided by financing activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>106,700</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>43,090</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>149,790</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Investing Activity</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Website costs</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(7,917)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(7,917)</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash used in investing activity</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(7,917)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(7,917)</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Increase (decrease) in cash during the period</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(21,115)</P>
</TD><TD valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>1,849</P>
</TD><TD valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>734</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash, beginning of the period</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>21,849</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
<TR><TD valign=top width=318><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Cash, end of the period</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96 colspan=2><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;21,849</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=114><P style="margin:0pt; padding-right:18.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734</P>
</TD></TR>
<TR><TD valign=top width=318>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=114>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Non-cash Transactions &#150; Note 7</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>SEE ACCOMPANYING NOTES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>TRANSGLOBAL MINING CORP.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>STATEMENT OF STOCKHOLDERS&#146; EQUITY (DEFICIENCY)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>for the period July 30, 2004 (Date of Inception) to September 30, 2007</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(<U>Stated in US Dollars</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Deficit</P>
</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Accumulated</P>
</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>During the</P>
</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Additional</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Share</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Pre-</P>
</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=168 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>*Common Shares</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Paid-in</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Subscriptions</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Exploration</P>
</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Number</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Par Value</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Capital</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Received</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Stage</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Total</P>
</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Capital stock issued for services</P>
<P style="margin:0pt; padding-left:0.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&#150; at $0.000067</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:5.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>30,000,000</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:14.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;30,000</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;(28,000)</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD valign=top width=108><P style="margin:0pt; padding-right:14.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000</P>
</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net loss for the period</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(2,280)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(2,280)</P>
</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Balance, as at September 30, 2004 and 2005</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>30,000,000</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>30,000</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(28,000)</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(2,280)</P>
</TD><TD valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(280)</P>
</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; padding-left:0.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Capital stock issued for cash &nbsp;&nbsp;&nbsp;&#150; at $0.0013</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>24,742,500</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>24,743</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>8,247</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>32,990</P>
</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net loss for the year</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(28,267)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(28,267)</P>
</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Balance, September 30, 2006</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>54,742,500</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>54,743</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(19,753)</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(30,547)</P>
</TD><TD valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>4,443</P>
</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Imputed interest &#150; Note 7</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>3,766</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>3,766</P>
</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Share subscription received &#150; Note 8</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>60,000</P>
</TD><TD valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>60,000</P>
</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net loss for the period</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(127,081)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(127,081)</P>
</TD></TR>
<TR><TD valign=top width=312>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=312><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Balance, September 30, 2007</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>54,742,500</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;54,743</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;(15,987)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;60,000</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ (157,628)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=108><P style="margin:0pt; padding-right:14.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;(58,872)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:-5.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>* </B>On July 29, 2006, the Company&#146;s shares were forward split on a 15 new for 1 old basis. The number of shares issued, par value and additional paid-in capital have been restated to reflect this forward split.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>SEE ACCOMPANYING NOTES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>TRANSGLOBAL MINING CORP.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>NOTES TO THE FINANCIAL STATEMENTS</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>September 30, 2007 and 2006</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(<U>Stated in US Dollars</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Note 1</P>
<P style="margin:0pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Nature and Continuance of Operations</U></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company was incorporated in the State of Nevada on July 30, 2004 and is extra provincially registered in British Columbia, Canada. &nbsp;On April 18, 2007, the Company changed its name to Transglobal Mining Corp. &nbsp;The Company is in the pre-exploration stage and has a mineral property located in British Columbia and has not yet determined whether this property contains reserves that are economically recoverable. &nbsp;The recoverability of amounts from the property will be dependent upon the discovery of economically recoverable reserves, confirmation of the Company&#146;s interest in the underlying property, the ability of the Company to obtain the necessary financing to complete the development of the properties and upon future profitable production or proceeds for the sale thereof.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. &nbsp;Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. &nbsp;At September 30, 2007, the Company had not yet achieved profitable operations, has accumulated losses of $157,628 since its inception, has a working capital deficiency of $58,872 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company&#146;s ability to continue as 
a going concern. &nbsp;The Company&#146;s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. &nbsp;Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available. &nbsp;<I>&nbsp;</I></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Note 2</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Summary of Significant Accounting Policies</U></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. &nbsp;Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgement. &nbsp;Actual results may vary from these estimates.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:1pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Transglobal Mining Corp.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to the Financial Statements</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30, 2007 and 2006</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(<U>Stated in US Dollars</U>) &#150; Page 2</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Note 2</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Summary of Significant Accounting Policies</U> &#150; (cont&#146;d)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The financial statements have, in management&#146;s opinion, been properly prepared within the framework of the significant accounting policies summarized below:</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Pre-exploration Stage Company</B></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company complies with Financial Accounting Standards Board Statement No. 7 and Securities and Exchange Commission Act Guide 7 for its characterization of the Company as pre-exploration stage.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Mineral Property</U></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Costs of lease, acquisition, exploration, carrying and retaining unproven mineral properties are expensed as incurred.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Environmental Costs</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. &nbsp;Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. &nbsp;Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. &nbsp;Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company&#146;s commitments to plan of action based on the then known facts.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Website</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company recognizes the costs associated with developing a website in accordance with the American Institute of Certified Public Accountants (&#147;AICPA&#148;) Statement of Position (&#147;SOP&#148;) No. 98-1, &#147;Accounting for the Costs of Computer Software Developed or Obtained for Internal Use&#148;. Relating to website development costs the Company follows the guidance pursuant to the Emerging Issues Task Force (EITF) No. 00-2, &#147;Accounting for Website Development Costs&#148;. &nbsp;Costs incurred to develop the website are capitalized and will be written off if it is determined that they do not have any future alternative use.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Transglobal Mining Corp.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to the Financial Statements</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30, 2007 and 2006</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(<U>Stated in US Dollars</U>) &#150; Page 3</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Note 2</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Summary of Significant Accounting Policies</U> &#150; (cont&#146;d)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Income Taxes</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company uses the assets and liability method of accounting for income taxes pursuant to Statement of Financial Accounting Standards (&#147;SFAS&#148;), No. 109 &#147;Accounting for Income Taxes&#148;. &nbsp;Under the assets and liability method of SFAS 109, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. &nbsp;Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Basic and Diluted Loss Per Share</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company reports basic loss per share in accordance with the SFAS No. 128, &#147;Earnings Per Share&#148;. &nbsp;Basic loss per share is computed using the weighted average number of shares outstanding during the period. &nbsp;Diluted loss per share has not been provided as it would be antidilutive.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Foreign Currency Translation</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company&#146;s functional currency is United States (&#147;U.S.&#148;) dollars as substantially all of the Company&#146;s operations use this denomination. &nbsp;The Company uses the U.S. dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission and in accordance with SFAS No. 52.</P>
<P style="margin:0pt; padding-left:45pt; text-indent:-45pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. &nbsp;Any exchange gains and losses would be included in Other Income (Expenses) on the Statement of Operations.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Financial Instruments</U></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The carrying value of cash, accounts payable and accrued liabilities and related party loan approximate their fair value because of the short maturity of these instruments. &nbsp;Unless otherwise noted, it is management&#146;s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Transglobal Mining Corp.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to the Financial Statements</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30, 2007 and 2006</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(<U>Stated in US Dollars</U>) &#150; Page 4</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Note 2</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Summary of Significant Accounting Policies</U> &#150; (cont&#146;d)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>New Accounting Standards</U></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In June 2006, the Financial Accounting Standards Board (&#147;FASB&#148;) issued FASB Interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes&#148;. &nbsp;The interpretation clarifies the accounting for uncertainty in income taxes recognized in a company&#146;s financial statements in accordance with Statement of Financial Accounting Standards No. 109, &#147;Accounting for Income Taxes&#148;. &nbsp;Specifically, the pronouncement prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. &nbsp;The interpretation also provides guidance on the related derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition of uncertain tax position. &nbsp;The interpretation is effective for fiscal years beginning after December 15
, 2006. &nbsp;The adoption of FIN 48 is not expected to have a material impact on the Company&#146;s financial position, results of operations or cash flows; however, the Company is still analyzing the effects of FIN 48.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In September 2006, the FASB issued SFAS No. 157, &#147;Fair Value Measurements&#148;. &nbsp;This Statement defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure related to the use of fair value measures in financial statements. &nbsp;The Statement is to be effective for the Company&#146;s financial statements issued in 2008; however, earlier application is encouraged. &nbsp;The Company is currently evaluating the timing of adoption and the impact that adoption might have on its financial position or results of operations.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">On February 15, 2007, the FASB issued SFAS No. 159 &#147;The Fair Value Option for Financial Assets and Financial Liabilities&#148;. &nbsp;This Statement establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities. &nbsp;SFAS No. 159 is effective for the Company&#146;s financial statements issued in 2008. &nbsp;The Company is currently evaluating the impact that the adoption of SFAS No. 159 might have on its financial position or results of operations.</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Note 3</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Mineral Properties</U></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Atlin, British Columbia</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>By an agreement dated May 30, 2007, the Company acquired seven mineral claims located in the Atlin Mining Division of British Columbia, Canada by paying $2,000. &nbsp;Subsequent to this acquisition, the Company abandoned these claims.</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Transglobal Mining Corp.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to the Financial Statements</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30, 2007 and 2006</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(<U>Stated in US Dollars</U>) &#150; Page 5</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Note 3</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Mineral Properties</U> &#150; (cont&#146;d)</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Atlin, British Columbia</U> &#150; (cont&#146;d)</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Also during the year ended September 30, 2007, the Company abandoned one mineral claim located in the same district as noted above that had been staked by the Company in a prior year.</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Beitumenzhi Property, China</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>By a property option agreement dated May 2, 2007, the Company has the exclusive option to construct five mining shafts on a mineral property located in the Hunchun region of Jilin province, China and participate in the related exploration. &nbsp;The participation to carry out exploration will be conducted through a joint venture, wherein the Company&#146;s interest will be 65%. &nbsp;In order to exercise the option, the Company must pay the costs of construction of each shaft with a minimum advance by the Company of CDN$50,000 per shaft and pay for other costs up to CDN$100,000 per shaft to the optionor, who will be the operator for the construction of the shafts. &nbsp;The Company will have until May 2, 2008 to exercise the option with respect to all of the shafts.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the year ended September 30, 2007, the Company decided to abandon this option.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Note 4</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Related Party Transactions</U> &#150; Note 7</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company was charged the following by a director of the Company:</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=264>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>July 30, 2004</P>
</TD></TR>
<TR><TD valign=top width=264>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Date of</P>
</TD></TR>
<TR><TD valign=top width=264>&nbsp;</TD><TD valign=top width=180 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Years ended</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Inception) to</P>
</TD></TR>
<TR><TD valign=top width=264>&nbsp;</TD><TD valign=top width=180 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>September 30,</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>September 30,</P>
</TD></TR>
<TR><TD valign=top width=264>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2006</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD></TR>
<TR><TD valign=top width=264>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=264><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Management fees</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; padding-right:12.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;7,200</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; padding-right:11.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;17,200</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=102><P style="margin:0pt; padding-right:8.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;26,400</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The related party loan is due to a director of the Company for funds advanced. &nbsp;The loan is unsecured, non-interest bearing and has no specific terms for repayment.</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the period ended September 30, 2004, the Company issued 30,000,000 common shares for $2,000 to a director of the Company.</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Transglobal Mining Corp.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to the Financial Statements</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30, 2007 and 2006</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(<U>Stated in US Dollars</U>) &#150; Page 6</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Note 5</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Deferred Tax Assets</U></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company&#146;s income tax expense (benefit) for the years ended September 30, 2007 and 2006 differed from the United States statutory rates:</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=380.2>&nbsp;</TD><TD valign=top width=168.933 colspan=2><P style="margin:0pt; padding-left:108pt; text-indent:-108pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Years ended</P>
</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD valign=top width=168.933 colspan=2><P style="margin:0pt; padding-left:108pt; text-indent:-108pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>September 30,</P>
</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.467><P style="margin:0pt; padding-left:108pt; text-indent:-108pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.467><P style="margin:0pt; padding-left:108pt; text-indent:-108pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD></TR>
<TR><TD valign=top width=380.2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Effective tax rate</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>26%</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>15%</P>
</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD></TR>
<TR><TD valign=top width=380.2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Statutory rate applied to loss before income taxes</P>
</TD><TD valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;(32,812)</P>
</TD><TD valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;(4,240)</P>
</TD></TR>
<TR><TD valign=top width=380.2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Increase in income taxes resulting from:</P>
</TD><TD valign=top width=84.467>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD></TR>
<TR><TD valign=top width=380.2><P style="margin:0pt; text-indent:12.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Other, including reserve for deferred tax asset and</P>
<P style="margin:0pt; text-indent:12.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>&nbsp;effect of graduated tax rates</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>32,812</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>4,240</P>
</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The significant components of the Company&#146;s deferred tax assets are as follows:</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=380.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.467><P style="margin:0pt; padding-left:108pt; text-indent:-108pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2007</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.467><P style="margin:0pt; padding-left:108pt; text-indent:-108pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD></TR>
<TR><TD valign=top width=380.2><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Deferred tax assets</P>
</TD><TD valign=top width=84.467>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD></TR>
<TR><TD valign=top width=380.2><P style="margin:0pt; text-indent:12.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Non-capital loss carryforward</P>
</TD><TD valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;44,725</P>
</TD><TD valign=top width=84.467><P style="margin:0pt; padding-right:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;4,582</P>
</TD></TR>
<TR><TD valign=top width=380.2><P style="margin:0pt; text-indent:12.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Less:&nbsp;valuation allowance for deferred tax asset</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(44,725)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>(4,582)</P>
</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD><TD valign=top width=84.467>&nbsp;</TD></TR>
<TR><TD valign=top width=380.2>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84.467><P style="margin:0pt; padding-right:5.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The amount taken into income as deferred tax assets must reflect that portion of the income tax loss carryforwards that is more likely-than-not to be realized from future operations. &nbsp;The Company has chosen to provide an allowance of 100% against all available income tax loss carryforwards, regardless of their time of expiry.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Note 6</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Income Taxes</U></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>No provision for income taxes has been provided in these financial statements due to the net loss. &nbsp;At September 30, 2007, the Company has net operating loss carryforwards, which expire commencing in 2025, totalling approximately $158,000 the benefit of which has not been recorded in the financial statements.</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Transglobal Mining Corp.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(formerly Blanca Corp.)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Pre-exploration Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to the Financial Statements</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30, 2007 and 2006</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(<U>Stated in US Dollars</U>) &#150; Page 7</P>
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Note 7</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Non-cash Transactions</U></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Investing and financing activities that do not have an impact on current cash flows are excluded from the statements of cash flows.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the year ended September 30, 2007, the Company recorded the imputed interest expense of 3,766 (10%) to the director of the Company. &nbsp;Additional paid-in capital has been increased accordingly.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the period July 30, 2004 (date of inception) to September 30, 2004, the Company issued 30,000,000 common shares of the Company to a director of the company for management fees totalling $2,000.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>These transactions have been excluded from the statements of cash flows.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Note 8</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Commitments</U></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>By a private placement agreement dated April 30, 2007, the Company received share subscriptions of $60,000 with respect to the issuance of 75,000 common shares at $0.80 per share.</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:2.75pt; font-family:Times New Roman; font-size:11pt"><BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>exhibit311.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Donna Moroney">
<META NAME="date" CONTENT="12/16/2007">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin-top:0pt; margin-bottom:2.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Exhibit 31.1</P>
<P style="margin-top:11pt; margin-bottom:2.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>I, Scott Elgood, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1. </P>
<P style="margin:0pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>I have reviewed this annual report on Form 10-KSB of Transglobal Mining Corp.;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2. </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3. </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4. </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; text-indent:-27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a) </P>
<P style="margin:0pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; text-indent:-27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b) </P>
<P style="margin:0pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the &quot;Evaluation Date&quot;); and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; text-indent:-27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c) </P>
<P style="margin:0pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>presented in this annual report my conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5. </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; text-indent:-27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a) </P>
<P style="margin:0pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:45pt; text-indent:-27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b) </P>
<P style="margin:0pt; padding-left:45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>6. </P>
<P style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The registrant&#146;s other certifying officers and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date:</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">December 10, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I><U></U></I><U>/s/ &nbsp;</U><I><U>Scott Elgood</U></I></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman; font-size:11pt"><U><BR></U></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Scott Elgood</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Chief Executive Officer and</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Chief Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=right><BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>3
<FILENAME>exhibit321.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Donna Moroney">
<META NAME="date" CONTENT="12/16/2007">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Arial" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Exhibit 32.1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CERTIFICATION</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">I, Scott Elgood, Chief Executive Officer and Chief Financial Officer of Transglobal Mining Corp. certify that: </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>I have reviewed this annual report on Form 10-KSB of Transglobal Mining Corp, </P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; and </P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; padding-left:12.2pt; text-indent:-12.25pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>TRANSGLOBAL MINING CORP.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: &nbsp;December 10, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ &nbsp;</U><I><U>Scott Elgood</U></I></P>
<P style="margin:0pt; padding-left:252pt; text-indent:108pt; font-family:Times New Roman; font-size:11pt"><U><BR></U></P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Scott Elgood</P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer and</P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Chief Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Arial; font-size:1pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
