Uracan Resources Ltd.

Annual Report:

Income Statement: As of Jul. 31 Thou. Canadian Dollars	2008	2007
Cost & exps.	1,811	1,527
Oper. income as calculated	(1,811)	(1,527)
Interest income	177	124
Depreciation	23	8
Income taxes	(1,299)	(367)
Net income	(358)	(1,044)
Share earns. basic	($0.01)	($0.02)
Share earns. diluted	($0.01)	($0.02)
Avge. com. shs. (Thou.)	62,048	46,778

Balance Sheet: As of Jul. 31 Thou. Canadian Dollars	2008	2007
Assets:
Cash & equiv.	1,054	5,329
Receivables	312	449
Other curr. assets	104	80
Tot. curr assets	1,470	5,858
Mineral properties	18,861	7,374
Property, plant and equipment	101	64
Equipment under capital lease	43
Total assets	20,475	13,296
Liabilities:
Accts. pay. accruals	1,173	856
Cap. lease obligs.	18
Tot. curr. liabs.	1,191	856
Cap. lease obligs.	22
Future income tax liability	1,297	936
Com. stk. n.p.	17,894	12,789
Paid-in cap.	4,182	2,468
Retained earns.	(4,111)	(3,753)
Total liabs.	20,475	13,296
Common Shares (Thou.)	67,058	54,157

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