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

                                    FORM 10-Q

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

    FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2010

                        Commission File Number 333-162168


                             SAGUARO RESOURCES, INC.
             (Exact name of registrant as specified in its charter)

                                    Delaware
         (State or other jurisdiction of incorporation or organization)

                                   71 The Mead
                        Darlington, County Durham DL1 1EU
                                 United Kingdom
          (Address of principal executive offices, including zip code)

            Telephone 011-44-7753-998016 Facsimile 011-44-7006-050347
                    (Telephone number, including area code)

                               Abby L. Ertz, Esq.
                                 Ertz Law Group
                     3960 West Point Loma Blvd, Suite H-436
                               San Diego, CA 92110
                 Telephone (619)840-4566 Facsimile (619)564-8753
            (Name, address and telephone number of agent for service)

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

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

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

Large accelerated filer [ ]                        Accelerated filer [ ]

Non-accelerated filer [ ]                          Smaller reporting company [X]

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

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 4,500,000 shares as of May 6, 2010

ITEM 1. FINANCIAL STATEMENTS

The un-audited quarterly financial statements for the three and nine month
periods ended March 31, 2010, prepared by the company, immediately follow.



                                       2

                             Saguaro Resources, Inc.
                        (A Development Stage Enterprise)
                                  Balance Sheet
--------------------------------------------------------------------------------



                                                                     As of             As of
                                                                   March 31,          June 30,
                                                                     2010               2009
                                                                   --------           --------
                                                                 (Unaudited)          (Audited)
                                                                                
                                     ASSETS

CURRENT ASSETS
  Cash                                                             $ 16,859           $  4,925
                                                                   --------           --------
TOTAL CURRENT ASSETS                                                 16,859              4,925

OTHER ASSETS                                                             --                 --
                                                                   --------           --------
TOTAL OTHER ASSETS                                                       --                 --
                                                                   --------           --------

      TOTAL ASSETS                                                 $ 16,859           $  4,925
                                                                   ========           ========

                       LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts payable                                                 $     --           $     --
  Advances from Officers                                              8,245              3,250
                                                                   --------           --------
TOTAL CURRENT LIABILITIES                                             8,245              3,250

      TOTAL LIABILITIES                                               8,245              3,250

STOCKHOLDERS' EQUITY
  Common stock, ($0.0001 par value, 100,000,000 shares
   authorized; 4,500,000 and 2,500,000 shares issued and
   outstanding as of March 31, 2010 and June 30, 2009                   450                250
  Additional paid-in capital                                         32,050             12,250
  Deficit accumulated during development stage                      (23,886)           (10,825)
                                                                   --------           --------
TOTAL STOCKHOLDERS' EQUITY                                            8,614              1,675
                                                                   --------           --------

       TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                    $ 16,859           $  4,925
                                                                   ========           ========



                        See Notes to Financial Statements

                                       3

                             Saguaro Resources, Inc.
                        (A Development Stage Enterprise)
                             Statement of Operations
--------------------------------------------------------------------------------



                                                                                                        February 29, 2008
                                          Three Months    Three Months    Nine Months     Nine Months      (inception)
                                             Ended           Ended           Ended           Ended           through
                                            March 31,       March 31,       March 31,       March 31,       March 31,
                                              2010            2009            2010            2009            2010
                                           ----------      ----------      ----------      ----------      ----------
                                                                                            
REVENUES
  Revenues                                 $       --      $       --      $       --      $       --      $       --
                                           ----------      ----------      ----------      ----------      ----------
TOTAL REVENUES                                     --              --              --              --              --

GENERAL & ADMINISTRATIVE EXPENSES               3,786             100          13,061           3,600          16,886
                                           ----------      ----------      ----------      ----------      ----------
TOTAL GENERAL & ADMINISTRATIVE EXPENSES        (3,786)           (100)        (13,061)         (3,600)        (16,886)
                                           ----------      ----------      ----------      ----------      ----------
OTHER INCOME (EXPENSE)
  Impairement of mining rights                     --              --              --              --          (7,000)
                                           ----------      ----------      ----------      ----------      ----------
TOTAL OTHER INCOME (EXPENSE)                       --              --              --              --          (7,000)
                                           ----------      ----------      ----------      ----------      ----------

NET INCOME (LOSS)                          $   (3,786)     $     (100)     $  (13,061)     $   (3,600)     $  (23,886)
                                           ==========      ==========      ==========      ==========      ==========

BASIC EARNINGS PER SHARE                   $   (0.001)     $   (0.000)     $   (0.003)     $   (0.001)     $   (0.009)
                                           ==========      ==========      ==========      ==========      ==========
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING                  3,073,529       2,500,000       4,255,556       2,500,000       2,740,370
                                           ==========      ==========      ==========      ==========      ==========



                        See Notes to Financial Statements

                                       4

                             Saguaro Resources, Inc.
                        (A Development Stage Enterprise)
                  Statement of changes in Shareholders' Equity
--------------------------------------------------------------------------------



                                                                                                Deficit
                                                          Common Stock          Additional      During
                                                       -------------------       Paid-in      Development
                                                       Shares       Amount       Capital         Stage         Total
                                                       ------       ------       -------         -----         -----
                                                                                               
BALANCE, FEBRUARY 29, 2008 (INCEPTION)                      --      $   --      $     --      $      --      $     --

Commn stock issued, June 16, 2008 at $.005
 per share                                           2,500,000         250        12,250                       12,500

Loss for the period beginning February 29, 2008
 (inception) to June 30, 2008                                                                    (7,000)       (7,000)
                                                    ----------      ------      --------      ---------      --------

BALANCE, JUNE 30, 2008 (AUDITED)                     2,500,000         250        12,250         (7,000)        5,500
                                                    ==========      ======      ========      =========      ========

Loss for the year ended June 30, 2009 (Audited)                                                  (3,825)       (3,825)
                                                    ----------      ------      --------      ---------      --------

BALANCE, JUNE 30, 2009 (AUDITED)                     2,500,000         250        12,250        (10,825)        1,675
                                                    ==========      ======      ========      =========      ========

Loss for the 3-months ended September 30, 2009                                                   (6,595)       (6,595)
                                                    ----------      ------      --------      ---------      --------

BALANCE, SEPTEMBER 30, 2009 (UNAUDITED)              2,500,000         250        12,250        (17,420)       (4,920)
                                                    ==========      ======      ========      =========      ========

Loss for the 3-months ended December 31, 2009                                                    (2,680)       (2,680)
                                                    ----------      ------      --------      ---------      --------

BALANCE, DECEMBER 31, 2009 (UNAUDITED)               2,500,000         250        12,250        (20,100)       (7,600)
                                                    ==========      ======      ========      =========      ========

Common stock issued, January 11, 2010 at $0.01
 per share                                           2,000,000         200        19,800                       20,000

Loss for the 3-months ended March 31, 2010                                                       (3,786)       (3,786)
                                                    ----------      ------      --------      ---------      --------

BALANCE, MARCH 31, 2010 (UNAUDITED)                  4,500,000      $  450      $ 32,050      $ (23,886)     $  8,614
                                                    ==========      ======      ========      =========      ========



                       See Notes to Financial Statements

                                       5

                             Saguaro Resources, Inc.
                        (A Development Stage Enterprise)
                             Statement of Cash Flows
--------------------------------------------------------------------------------



                                                                                                        February 29, 2008
                                                                    Nine Months        Nine Months         (inception)
                                                                       Ended              Ended              through
                                                                      March 31,          March 31,          March 31,
                                                                        2010               2009               2010
                                                                      --------           --------           --------
                                                                                                   
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                                   $(13,061)          $ (3,600)          $(23,886)
  Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:

  Changes in operating assets and liabilities:
    Increase(Decrease) in Accounts payable and accrued liabilities          --
    Increase(Decrease) in Advance from Officers                          4,995                 --              8,245
                                                                      --------           --------           --------
      NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES               (8,066)            (3,600)           (15,641)

CASH FLOWS FROM INVESTING ACTIVITIES

      NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                   --                 --                 --
                                                                      --------           --------           --------

CASH FLOWS FROM FINANCING ACTIVITIES
  Issuance of common stock                                              20,000                 --             32,500
                                                                      --------           --------           --------
      NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES               20,000                 --             32,500
                                                                      --------           --------           --------

NET INCREASE (DECREASE) IN CASH                                         11,934             (3,600)            16,859

CASH AT BEGINNING OF THE PERIOD                                          4,925              5,750                 --
                                                                      --------           --------           --------

CASH AT END OF PERIOD                                                 $ 16,859           $  2,150           $ 16,859
                                                                      ========           ========           ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during year for:
  Interest                                                            $     --           $     --           $     --
                                                                      ========           ========           ========

  Income Taxes                                                        $     --           $     --           $     --
                                                                      ========           ========           ========



                        See Notes to Financial Statements

                                       6

                             Saguaro Resources, Inc.
                        (A Development Stage Enterprise)
                          Notes to Financial Statements
                                 March 31, 2010
--------------------------------------------------------------------------------

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Saguaro  Resources,  Inc. (the "Company") was  incorporated on February 29, 2008
under the laws of the State of Delaware.  The Company's  activities to date have
been  limited  to  organization  and  capital.  The  Company  has  been  in  the
exploration stage since its formation and has not yet realized any revenues from
its planned operations.

The Company is primarily  engaged in the  acquisition  and exploration of mining
properties.  The  Company  has  acquired  Sky 1-4  mineral  claims  in the  Lida
Quadrangle  Area,  Esmeralda  County,  NV for  exploration  and has formulated a
business plan to investigate the possibilities of a viable mineral deposit.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The Company  reports revenue and expenses using the accrual method of accounting
for financial and tax reporting purposes.

USE OF ESTIMATES

Management   uses  estimates  and   assumptions  in  preparing  these  financial
statements in accordance with generally accepted  accounting  principles.  Those
estimates and assumptions affect the reported amounts of assets and liabilities,
the disclosure of contingent  assets and liabilities,  and the reported revenues
and expenses.

MINERAL PROPERTY ACQUISITION AND EXPLORATION COSTS

The Company  expenses all costs related to the  acquisition  and  exploration of
mineral  properties  in  which  it  has  secured  exploration  rights  prior  to
establishment  of proven and  probably  reserves.  To date,  the Company has not
established the commercial feasibility of any exploration prospects;  therefore,
all costs are being expensed.

DEPRECIATION, AMORTIZATION AND CAPITALIZATION

The Company records depreciation and amortization,  when appropriate, using both
straight-line  and declining  balance methods over the estimated  useful life of
the assets (five to seven years).  Expenditures  for maintenance and repairs are
charged to expense as incurred.  Additions, major renewals and replacements that
increase the property's  useful life are capitalized.  Property sold or retired,
together  with  the  related  accumulated   depreciation  is  removed  from  the
appropriate accounts and the resultant gain or loss is included in net income.

                                       7

INCOME TAXES

The Company  accounts  for its income  taxes in  accordance  with  Statement  of
Financial  Accounting  Standards No. 109,  "Accounting for Income Taxes".  Under
Statement  109,  a  liability  method is used  whereby  deferred  tax assets and
liabilities are determined based on temporary differences between basis used for
financial reporting and income tax reporting purposes. Income taxes are provided
based on tax rates in effect at the time such temporary differences are expected
to reverse. A valuation allowance is provided for certain deferred tax assets if
it is more  likely than not,  that the  Company  will not realize the tax assets
through future operations.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Statement of Financial  Accounting  Standards No. 107,  "Disclosures  about Fair
Value  of  Financial  Instruments",  requires  the  Company  to  disclose,  when
reasonably  attainable,  the fair  market  values of its assets and  liabilities
which  are  deemed  to  be  financial   instruments.   The  Company's  financial
instruments consist primarily of cash and certain investments.

INVESTMENTS

Investments  that are  purchased in other  companies are valued at cost less any
impairment in the value that is other than temporary in nature.

PER SHARE INFORMATION

The Company  computes  per share  information  by dividing  the net loss for the
period  presented by the weighted  average number of shares  outstanding  during
such period.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Recently issued accounting pronouncements will have no significant impact on the
Company and its reporting methods.

NOTE 3 - PROVISION FOR INCOME TAXES

Realization of deferred tax assets is dependent upon  sufficient  future taxable
income   during  the  period   that   deductible   temporary   differences   and
carry-forwards  are expected to be available to reduce  taxable  income.  As the
achievement of required future taxable income is uncertain, the Company recorded
a valuation allowance.

                                                            As of March 31, 2010
                                                            --------------------

     Net Operating Loss                                           $23,886
     Deferred tax assets                                            8,360
     Other                                                              0
     Gross deferred tax assets                                      8,360
     Valuation allowance                                            8,360
                                                                  -------
     Net deferred tax assets                                      $     0
                                                                  =======

                                       8

NOTE 4 - COMMITMENTS AND CONTINGENCIES

LITIGATION

The Company is not presently involved in any litigation.

NOTE 5 - GOING CONCERN

Future  issuances of the Company's equity or debt securities will be required in
order for the Company to continue to finance its  operations  and  continue as a
going concern. The Company's present revenues are insufficient to meet operating
expenses.

The  financial  statement of the Company have been  prepared  assuming  that the
Company  will  continue  as a going  concern,  which  contemplates,  among other
things,  the  realization of assets and the  satisfaction  of liabilities in the
normal course of business.  The Company has incurred  cumulative net losses of $
23,886 since its inception and requires capital for its contemplated operational
and  marketing  activities  to  take  place.  The  Company's  ability  to  raise
additional capital through the future issuances of common stock is unknown.  The
obtainment of additional financing,  the successful development of the Company's
contemplated  plan  of  operations,  and  its  transition,  ultimately,  to  the
attainment  of profitable  operations  are necessary for the Company to continue
operations.  The ability to successfully resolve these factors raise substantial
doubt about the Company's ability to continue as a going concern.  The financial
statement of the Company do not include any adjustments that may result from the
outcome of these aforementioned uncertainties.

NOTE 6 - RELATED PARTY TRANSACTIONS

Lynn  Briggs,  the sole  officer and director of the Company may, in the future,
become involved in other business  opportunities as they become available,  thus
she may face a conflict in selecting  between the Company and her other business
opportunities.  The Company has not  formulated a policy for the  resolution  of
such conflicts.

Lynn Briggs, the sole officer and director of the Company,  will not be paid for
any  underwriting  services  that she  performs  on behalf of the  Company  with
respect to the Company's  upcoming S-1  offering.  She will also not receive any
interest on any funds that she  advances to the  Company for  offering  expenses
prior to the offering being closed which will be repaid from the proceeds of the
offering. Advance to her as of March 31, 2010 is $ 8,245.

NOTE 7 - STOCK TRANSACTIONS

Transactions,  other than  employees'  stock  issuance,  are in accordance  with
paragraph 8 of Statement of Financial  Accounting  Standards  123.  Transactions
with  employees'  stock issuance are in accordance  with  paragraphs  (16-44) of
Statement  of Financial  Accounting  Standards  123.  These  issuances  shall be
accounted for based on the fair value of the consideration  received or the fair
value  of  the  equity   instruments   issued,  or  whichever  is  more  readily
determinable.

                                       9

On June 16, 2008, the Company issued a total of 2,500,000 shares of common stock
to one  director  for cash in the  amount  of  $0.005  per  share for a total of
$12,500.

On January 11, 2010,  the Company  issued a total of 2,000,000  shares of common
stock to twenty five individuals for cash in the amount of $0.01 per share for a
total of $20,000.

As of March 31, 2010 and June 30, 2009,  the Company had 4,500,000 and 2,500,000
shares of common stock issued and outstanding respectively.

NOTE 8 - STOCKHOLDERS' EQUITY

The  stockholders'  equity section of the Company contains the following classes
of capital stock as of March 31, 2010 and June 30, 2009:

Common stock, $ 0.0001 par value:  100,000,000 shares authorized;  4,500,000 and
2,500,000 shares issued and outstanding.

NOTE 9 - MINERAL CLAIMS

On June 20, 2008,  the Company  acquired a 100%  interest in the Sky 1-4 Mineral
Claims located in the Lida Quadrangle Area, Esmeralda County,  Nevada. No proven
or probable  reserves on the  property  have been  established.  The cost of the
Mineral Rights was impaired 100% during the quarter ended June 30, 2008.

                                       10

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

FORWARD LOOKING STATEMENTS

Some of the statements contained in this Form 10-Q that are not historical facts
are "forward-looking statements" which can be identified by the use of
terminology such as "estimates," "projects," "plans," "believes," "expects,"
"anticipates," "intends," or the negative or other variations, or by discussions
of strategy that involve risks and uncertainties. We urge you to be cautious of
the forward-looking statements, that such statements, which are contained in
this Form 10-Q, reflect our current beliefs with respect to future events and
involve known and unknown risks, uncertainties and other factors affecting our
operations, market growth, services, products and licenses. No assurances can be
given regarding the achievement of future results, as actual results may differ
materially as a result of the risks we face, and actual events may differ from
the assumptions underlying the statements that have been made regarding
anticipated events.

All written forward-looking statements, made in connection with this Form 10-Q
that are attributable to us or persons acting on our behalf, are expressly
qualified in their entirety by these cautionary statements. Given the
uncertainties that surround such statements, you are cautioned not to place
undue reliance on such forward-looking statements.

The safe harbors of forward-looking statements provided by the Securities
Litigation Reform Act of 1995 are unavailable to issuers not subject to the
reporting requirements set forth under Section 13(a) or 15(D) of the Securities
Exchange Act of 1934, as amended. As we have not registered our securities
pursuant to Section 12 of the Exchange Act, such safe harbors set forth under
the Reform Act are unavailable to us.

BUSINESS

Saguaro Resources, Inc. was incorporated in the State of Delaware on February
29, 2008 to engage in the acquisition, exploration and development of natural
resource properties. We intend to use the net proceeds from our offering,
pursuant to a registration statement filed with the U.S. Securities and Exchange
Commission, to develop our business operations. We are an exploration stage
company with no revenues and a limited operating history. The principal
executive offices are located at 71 The Mead, Darlington, County Durham, DL1
1EU, United Kingdom. The telephone number is 011 44 7753998016.

We currently own a 100% undivided interest in a mineral property, the Sky 1-4
Mineral Claims (known as the "Sky Property"). The Sky Property consists of an
area of 82.64 acres located in the Lida Quadrangle, Esmeralda County, Nevada.
Title to the Sky Property is held by Saguaro Resources, Inc. Our plan of
operation is to conduct mineral exploration activities on the property in order
to assess whether it contains mineral deposits capable of commercial extraction.

We have not earned any revenues to date and we do not anticipate earning
revenues until such time as we enter into commercial production of our mineral
property. We are presently in the exploration stage of our business and we can

                                       11

provide no assurance that we will discover commercially exploitable levels of
mineral resources on our property. Moreover, if such deposits are discovered,
there is no guarantee that we will enter into further substantial exploration
programs.

RESULTS OF OPERATIONS

We are still in our exploration stage and have generated no revenues to date. We
incurred operating expenses of $3,786 and $100 for the three months ended March
31, 2010 and 2009, respectively. These expenses consisted of general operating
expenses incurred in connection with the day to day operation of our business
and the preparation and filing of our required reports with the U.S. Securities
and Exchange Commission.

Our net loss from inception (February 29, 2008) through March 31, 2010 was
$23,886.

Our auditors have issued a going concern opinion. This means that there is
substantial doubt that we can continue as an on-going business for the next
twelve months unless we obtain additional capital to pay our bills. This is
because we have not generated revenues and no revenues are anticipated until we
begin removing and selling minerals. There is no assurance we will ever reach
that point.

LIQUIDITY AND CAPITAL RESOURCES

Our cash balance at March 31, 2010 was $16,859 with $8,245 in outstanding
liabilities consisting of a note payable to our officer and director for funds
she has loaned the company. In order to achieve our exploration program goals we
needed the funding of $20,000 from the offering of registered shares pursuant to
a registration statement on Form S-1 filed with the SEC under file number
333-162168 which became effective on January 7, 2010. On January 11, 2010, the
Company issued a total of 2,000,000 shares of common stock to 25 individuals for
cash in the amount of $.01 per share for a total of $20,000 to complete the S-1
offering.

PLAN OF OPERATION

Our plan of operation for the next twelve months is to complete the first phase
of the exploration program on our claims consisting of geological mapping, soil
sampling and rock sampling. In addition to the $8,500 we anticipate spending for
Phase 1 as outlined below, we anticipate spending an additional $6,250 on
professional fees, including fees payable in connection with reporting
obligations, and $2,250 in general administrative costs. Total expenditures over
the next 12 months are therefore expected to be approximately $17,000. If we
experience a shortage of funds prior to funding during the next 12 months, we
may utilize funds from our director, who has informally agreed to advance funds
to allow us to pay for operation expenses, however, she has no formal
commitment, arrangement or legal obligation to advance or loan funds to the
company. She has also agreed to pay for reclamation costs in the event we
experience a shortage of funds during exploration and abandon the claims.

                                       12

We engaged Mr. James W. McLeod, P. Geo., to prepare a geological evaluation
report on the Sky Property. Mr. McLeod's report summarizes the results of the
history of the exploration of the mineral claims, the regional and local geology
of the mineral claims and the mineralization and the geological formations
identified as a result of the prior exploration in the claim areas. The
geological report also gives conclusions regarding potential mineralization of
the mineral claims and recommends a further geological exploration program on
the mineral claims. The exploration program recommended by Mr. McLeod is as
follows:

PHASE 1

Detailed prospecting, mapping and soil geochemistry.
The estimated cost for this program is all inclusive.
The timeline for accomplishing this phase of fieldwork
including the turn-around time on analyses is approximately
two months                                                               $ 8,500

PHASE 2

Magnetometer and VLF electromagnetic, grid controlled
surveys over the areas of interest determined by the
Phase 1 survey. Included in this estimated cost is
transportation, accommodation, board, grid installation,
two geophysical surveys, maps and report                                   9,500
                                                                         -------

                                          Total                          $18,000
                                                                         =======

The geologist has commenced the fieldwork for Phase 1 of the exploration
program. We have a verbal agreement with James McLeod, the consulting geologist,
who prepared the geology report on our claims, to retain his services for our
planned exploration program. We expect this phase to take two weeks to complete
and an additional three months for the consulting geologist to receive the
results from the assay lab and prepare his report. If Phase 1 of the exploration
program is successful, we anticipate commencing Phase 2 in winter of 2010 or
spring 2011. We expect this phase to take three weeks to complete and an
additional three months for the consulting geologist to receive the results from
the assay lab and prepare his report.

The above program costs are management's estimates based upon the
recommendations of the professional consulting geologist's report and the actual
project costs may exceed our estimates. To date, we have not commenced
exploration.

We will require additional funding to proceed with any subsequent work on the
claims, we have no current plans on how to raise the additional funding. We
cannot provide investors with any assurance that we will be able to raise
sufficient funds to proceed with any work after the first phase of the
exploration program.

                                       13

ITEM 4. CONTROLS AND PROCEDURES

Our management is responsible for establishing and maintaining adequate internal
control over financial reporting. Internal control over financial reporting is
defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange
Act of 1934 as a process designed by, or under the supervision of, the company's
principal executive and principal financial officers and effected by the
company's board of directors, management and other personnel, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
accounting principles generally accepted in the United States of America and
includes those policies and procedures that:

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

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate. All internal control systems,
no matter how well designed, have inherent limitations. Therefore, even those
systems determined to be effective can provide only reasonable assurance with
respect to financial statement preparation and presentation. Because of the
inherent limitations of internal control, there is a risk that material
misstatements may not be prevented or detected on a timely basis by internal
control over financial reporting. However, these inherent limitations are known
features of the financial reporting process. Therefore, it is possible to design
into the process safeguards to reduce, though not eliminate, this risk.

As of March 31, 2010 management assessed the effectiveness of our internal
control over financial reporting based on the criteria for effective internal
control over financial reporting established in Internal Control--Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission ("COSO") and SEC guidance on conducting such assessments. Based on
that evaluation, they concluded that, during the period covered by this report,
such internal controls and procedures were not effective to detect the
inappropriate application of US GAAP rules as more fully described below. This
was due to deficiencies that existed in the design or operation of our internal
controls over financial reporting that adversely affected our internal controls
and that may be considered to be material weaknesses.

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The matters involving internal controls and procedures that our management
considered to be material weaknesses under the standards of the Public Company
Accounting Oversight Board were: (1) lack of a functioning audit committee due
to a lack of a majority of independent members and a lack of a majority of
outside directors on our board of directors, resulting in ineffective oversight
in the establishment and monitoring of required internal controls and
procedures; (2) inadequate segregation of duties consistent with control
objectives; and (3) ineffective controls over period end financial disclosure
and reporting processes. The aforementioned material weaknesses were identified
by our Chief Executive Officer in connection with the review of our financial
statements as of March 31, 2010.

Management believes that the material weaknesses set forth in items (2) and (3)
above did not have an effect on our financial results. However, management
believes that the lack of a functioning audit committee and the lack of a
majority of outside directors on our board of directors results in ineffective
oversight in the establishment and monitoring of required internal controls and
procedures, which could result in a material misstatement in our financial
statements in future periods.

MANAGEMENT'S REMEDIATION INITIATIVES

In an effort to remediate the identified material weaknesses and other
deficiencies and enhance our internal controls, we have initiated, or plan to
initiate, the following series of measures:

We will create a position to segregate duties consistent with control objectives
and will increase our personnel resources and technical accounting expertise
within the accounting function when funds are available to us. And, we plan to
appoint one or more outside directors to our board of directors who shall be
appointed to an audit committee resulting in a fully functioning audit committee
who will undertake the oversight in the establishment and monitoring of required
internal controls and procedures such as reviewing and approving estimates and
assumptions made by management when funds are available to us.

Management believes that the appointment of one or more outside directors, who
shall be appointed to a fully functioning audit committee, will remedy the lack
of a functioning audit committee and a lack of a majority of outside directors
on our Board.

We anticipate that these initiatives will be at least partially, if not fully,
implemented by December 31, 2010. Additionally, we plan to test our updated
controls and remediate our deficiencies by December 31, 2010.

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

There was no change in our internal controls over financial reporting that
occurred during the period covered by this report, which has materially
affected, or is reasonably likely to materially affect, our internal controls
over financial reporting.

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                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS

The following exhibits are included with this quarterly filing. Those marked
with an asterisk and required to be filed hereunder, are incorporated by
reference and can be found in their entirety in our registration statement on
form S-1, filed under SEC File Number 333-162168, at the U.S. Securities and
Exchange Commission's website at www.sec.gov:

     Exhibit No.                       Description
     -----------                       -----------

        3.1        Articles of Incorporation*
        3.2        Bylaws*
       31.1        Sec. 302 Certification of Principal Executive Officer
       31.2        Sec. 302 Certification of Principal Financial Officer
       32.1        Sec. 906 Certification of Principal Executive Officer
       32.2        Sec. 906 Certification of Principal Financial Officer

                                   SIGNATURES

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

May 6, 2010                  Saguaro Resources, Inc., Registrant


                             By: /s/ Lynn Briggs
                                 -----------------------------------------------
                                 Lynn Briggs, President and Chief Executive
                                 Officer

In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

May 6, 2010                  Saguaro Resources, Inc., Registrant


                             By: /s/ Lynn Briggs
                                 -----------------------------------------------
                                 Lynn Briggs, President, Secretary and Treasurer
                                 Chief Financial Officer (Principal Executive
                                 Officer and Principal Accounting Officer)

                                       16