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 SEPTEMBER 30, 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 October 20,
2010

ITEM 1. FINANCIAL STATEMENTS

The un-audited quarterly financial statements for the three and nine month
periods ended September 30, 2010, prepared by the company, immediately follow.



                                       2

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



                                                                         As of              As of
                                                                      September 30,        June 30,
                                                                          2010               2010
                                                                        --------           --------
                                                                       (Unaudited)         (Audited)
                                                                                     
                                     ASSETS

CURRENT ASSETS
  Cash                                                                  $    944           $  5,944
                                                                        --------           --------
TOTAL CURRENT ASSETS                                                         944              5,944
                                                                        --------           --------

      TOTAL ASSETS                                                      $    944           $  5,944
                                                                        ========           ========

                  LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
  Advances from an Officer                                                 8,245              8,245
                                                                        --------           --------
TOTAL CURRENT LIABILITIES                                                  8,245              8,245

      TOTAL LIABILITIES                                                    8,245              8,245

STOCKHOLDERS' EQUITY (DEFICIT)
  Common stock, ($0.0001 par value, 100,000,000 shares
   authorized; 4,500,000 shares issued and outstanding
   as of September 30, 2010 and June 30, 2010                                450                450
  Additional paid-in capital                                              32,050             32,050
  Deficit accumulated during development stage                           (39,801)           (34,801)
                                                                        --------           --------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                                      (7,301)            (2,301)
                                                                        --------           --------

      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)                $    944           $  5,944
                                                                        ========           ========



                        See Notes to Financial Statements

                                       3

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



                                                                                        February 29, 2008
                                                Three Months         Three Months          (inception)
                                                   Ended                Ended               through
                                                September 30,        September 30,        September 30,
                                                    2010                 2009                 2010
                                                 ----------           ----------           ----------
                                                                                  
REVENUES
  Revenues                                       $       --           $       --           $       --
                                                 ----------           ----------           ----------
TOTAL REVENUES                                           --                   --                   --

GENERAL & ADMINISTRATIVE EXPENSES                     5,000                6,595               24,301
                                                 ----------           ----------           ----------
TOTAL GENERAL & ADMINISTRATIVE EXPENSES              (5,000)              (6,595)             (24,301)
                                                 ----------           ----------           ----------
OTHER INCOME (EXPENSE)
  Impairement of mining rights                           --                   --               (7,000)
  Exploration costs - phase 1                            --                   --               (8,500)
                                                 ----------           ----------           ----------
TOTAL OTHER INCOME (EXPENSE)                             --                   --              (15,500)
                                                 ----------           ----------           ----------

NET INCOME (LOSS)                                $   (5,000)          $   (6,595)          $  (39,801)
                                                 ==========           ==========           ==========

BASIC EARNINGS PER SHARE                         $    (0.00)          $    (0.00)
                                                 ==========           ==========
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING                        4,500,000            2,500,000
                                                 ==========           ==========



                        See Notes to Financial Statements

                                       4

                             Saguaro Resources, Inc.
                        (A Development Stage Enterprise)
             Statements of Changes in Shareholders' Equity (Deficit)
--------------------------------------------------------------------------------



                                                                                                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 fiscal year ended June 30, 2009                                                     (3,825)       (3,825)
                                                    ----------      ------      --------      ---------      --------

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

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

Loss for the fiscal year ended June 30, 2010                                                    (23,976)      (23,976)
                                                    ----------      ------      --------      ---------      --------

BALANCE, JUNE 30, 2010 (AUDITED)                     4,500,000         450        32,050        (34,801)       (2,301)
                                                    ==========      ======      ========      =========      ========

Loss for the three months ended September 30, 2010                                               (5,000)       (5,000)
                                                    ----------      ------      --------      ---------      --------

BALANCE, SEPTEMBER 30, 2010 (UNAUDITED)              4,500,000      $  450      $ 32,050      $ (39,801)     $ (7,301)
                                                    ==========      ======      ========      =========      ========



                        See Notes to Financial Statements

                                       5

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



                                                                                           February 29, 2008
                                                                        Three Months         (inception)
                                                                           Ended               through
                                                                        September 30,        September 30,
                                                                            2010                 2010
                                                                          --------             --------
                                                                                         
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                                       $ (5,000)            $(39,801)
  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                                 --                8,245
                                                                          --------             --------
     NET CASH USED IN OPERATING ACTIVITIES                                  (5,000)             (31,556)

CASH FLOWS FROM INVESTING ACTIVITIES

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

CASH FLOWS FROM FINANCING ACTIVITIES
  Issuance of common stock                                                      --                  450
  Additional paid-in capital                                                    --               32,050
                                                                          --------             --------
     NET CASH PROVIDED BY FINANCING ACTIVITIES                                  --               32,500
                                                                          --------             --------

NET INCREASE (DECREASE) IN CASH                                             (5,000)                 944

CASH AT BEGINNING OF THE PERIOD                                              5,944                   --
                                                                          --------             --------

CASH AT END OF THE PERIOD                                                 $    944             $    944
                                                                          ========             ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for:
  Interest                                                                $     --             $     --
                                                                          ========             ========

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



                        See Notes to Financial Statements

                                       6

                             Saguaro Resources, Inc.
                         (An Development Stage Company)
                          Notes to Financial Statements
                               September 30, 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.

ACCOUNTING YEAR-END

Company adopted June 30 for its fiscal year end.

INTERIM FINANCIAL STATEMENTS

The accompanying  interim unaudited  financial  statements have been prepared in
accordance with generally accepted  accounting  principles for interim financial
information  and with the  instructions to Form 10-Q and Article 8 of Regulation
S-X.  Accordingly,  they do not include  all of the  information  and  footnotes
required by generally  accepted  accounting  principles  for complete  financial
statements.  In our opinion,  all  adjustments  (consisting of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three month period ended  September  30, 2010 are not
necessarily  indicative  of the results that may be expected for the year ending
June 30, 2011. For further  information,  refer to the financial  statements and
footnotes  thereto  included  in our Form 10-K  Report for the fiscal year ended
June 30, 2010

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.

                                       7

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.

INCOME TAXES

The Company accounts for its income taxes in accordance with Codifications topic
740.  "Income  Taxes"  which  requires an asset and  liability  approach for the
financial accounting and reporting of income taxes. Under topic 740, 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

ASC 825, "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.

                                       8

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.

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 September 30, 2010
                                                        ------------------------

     Gross deferred tax assets                                 $ 13,930
     Valuation allowance                                        (13,930)
                                                               --------
                                                               $      0
     Net deferred tax assets                                   ========

NOTE 4 - COMMITMENTS AND CONTINGENCIES

LITIGATION

The Company is not presently involved in any litigation.

NOTE 5 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

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

NOTE 6 - 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 $
39,801 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

                                       9

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 7 - 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.

As of  September  30,  2010,  the Company  owes $ 8,245 to a sole officer of the
Company. The indebtness has no fixed maturity and carries no interest.

NOTE 8 - 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.

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 in the amount of $0.01 per share for a total of $20,000

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

NOTE 9 - STOCKHOLDERS' EQUITY

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

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

                                       10

NOTE 10 - 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% as of June 30, 2008.

NOTE 11 - SUBSEQUENT EVENTS

In  accordance  with ASC 855,  Subsequent  Events,  the  Company  has  evaluated
subsequent  events  through  the  date of  issuance  of the  reviewed  financial
statements.   During  this  period,  the  Company  did  not  have  any  material
recognizable subsequent events.

                                       11

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. We carried out
exploration on the Sky Property, however; the Phase 1 data rendered poor
results. It is not likely that further study of the claim will yield any better
result. Management, with the prime objective of maximizing shareholder value, is
considering the options of obtaining additional funds to seek additional claims
for exploration or an outright sale of the company.

                                       12

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
provide no assurance that we will discover commercially exploitable levels of
mineral resources.

RESULTS OF OPERATIONS

We are still in our exploration stage and have generated no revenues to date. We
incurred operating expenses of $5,000 and $6,595 for the three months ended
September 30, 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 September 30, 2010 was
$39,801.

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 September 30, 2010 was $944 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

The Phase 1 exploration program data rendered poor results. It is not likely
that further study of the claim will yield any better result. Management, with
the prime objective of maximizing shareholder value, is considering the options
of obtaining additional funds to seek additional claims for exploration or an
outright sale of the company.

Total expenditures over the next 12 months are expected to be approximately
$7,500. 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.

                                       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 September 30, 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.

                                       14

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 September 30, 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.

October 20, 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.

October 20, 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)

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