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<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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FORM S-8</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SHALLBETTER INDUSTRIES, INC.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD align=center valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Minnesota</P>
</TD><TD align=center valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>41-1961936 </P>
</TD></TR>
<TR><TD align=center valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>State or other jurisdiction of incorporation or organization</P>
</TD><TD align=center valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(I.R.S. Employer Identification No.)</P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1090 West Georgia Street, #1305</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Vancouver, British Columbia</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Canada V6E 3V7</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Address of principal executive offices)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>McCallion Consulting Agreement</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Full title of the plan)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Terry Wong</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1094 Hillside Road</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>W. Vancouver</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Canada V7S 1E9</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Name and address of agent for service)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>604-264-1889</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Telephone number, including area code of agent for service)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CALCULATION OF REGISTRATION FEE</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<center><TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Title of Securities to <BR>
be registered</P>
</TD><TD align=right valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Amount to be <BR>
registered</P>
</TD><TD align=right valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Proposed maximum <BR>
offering price per <BR>
share</P>
</TD><TD align=right valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Proposed maximum <BR>
aggregate offering <BR>
price</P>
</TD><TD align=right valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Amount of <BR>
registration <BR>
fee</P>
</TD></TR>
<TR><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common Stock, <BR>
$0.01 par value</P>
</TD><TD align=right valign=top><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=right>186,678</P>
</TD><TD align=right valign=top><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$1.80</P>
</TD><TD align=right valign=top><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$336,020.40</P>
</TD><TD align=right valign=top><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$42.57<SUP> (1)</SUP></P>
</TD></TR>
</TABLE></center>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><SUP>(1)</SUP> Estimated pursuant to Rule 457 (h) (l) under the Securities Act of 1933, solely for the purpose of <BR>
calculating the registration fee, based on the price at which the options may be exercised or the shares <BR>
were granted.</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; 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>Part I</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>INFORMATION REQUIRED IN THE PROSPECTUS</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; text-indent:36pt; 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">Item 1.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Plan Information.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; 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 document(s) containing &nbsp;the information specified in Part I of Form S-8 will be sent or given to <BR>
participants as specified by Rule 428(b) (1) (Section 230.428(b) (1)). Such document(s) are not being <BR>
filed with the Commission, but constitute (along with the documents incorporated by reference into the <BR>
Registration Statement pursuant to Item 2 of Part II hereof) a prospectus that meets the requirements of <BR>
Section 10(a) of the Securities Act.</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">Item 2.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Registrant Information and Employee Plan Annual Information. *</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; 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 registrant shall provide a written statement to participants advising them of the availability without <BR>
charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II of <BR>
the registration statement, and stating that these documents are incorporated by reference in the Section <BR>
10(a) prospectus. The statement also shall indicate the availability without charge, upon written or oral <BR>
request, of other documents required to be delivered to employees pursuant to Rule 428(b) ( 230.428(b)). <BR>
The statement shall include the address (giving title or department) and telephone number to which the <BR>
request is to be directed.</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>Part II</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 3. &nbsp;Incorporation of Documents by Reference.</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 following documents previously or concurrently filed by the Company with the Commission are <BR>
hereby incorporated by reference into this Registration Statement:</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">(a)The Company's Annual Report on Form 10-KSB for the fiscal year ended September 30, 2003(the <BR>
&quot;Annual Report&quot;) filed by the Company (SEC File No. 0-31297 ) under the Securities Exchange Act of <BR>
1934, as amended (the &quot;Exchange Act&quot;), with the Commission on January 13, 2004.</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) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the <BR>
fiscal year covered by the Annual Report referred to in (a) above.</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">(c) The description of the Company&#8217;s Common Stock set forth under the caption &quot;Description of <BR>
Securities&quot; in its 10-SB12G Registration Statement filed with the Commission on August 9, 2000, is <BR>
hereby incorporated by reference.</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">All of the above documents and documents subsequently filed by the Company with the Commission <BR>
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective <BR>
amendment which indicates that all securities offered hereby have been sold or which deregisters all </P>
<BR>
<BR>
<p align="center">2</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">securities then remaining unsold, shall be deemed incorporated by reference into this Registration <BR>
Statement and to be a part thereof from the date of the filing of such documents. Any statement contained <BR>
in the documents incorporated, or deemed to be incorporated, by reference herein or therein shall be <BR>
deemed to be modified or superseded for purposes of this Registration Statement and the prospectus <BR>
which is a part hereof (the &quot;Prospectus&quot;) to the extent that a statement contained herein or therein or in <BR>
any other subsequently filed document which also is, or is deemed to be, incorporated by reference <BR>
herein or therein modifies or supersedes such statement. Any such statement so modified or superseded <BR>
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration <BR>
Statement and the Prospectus. All documents incorporated by reference herein will be made available to <BR>
all participants of the Stock Option Plan without charge, upon written or oral request. Other documents <BR>
required to be delivered to participants pursuant to Rule 428(b) (1) under the Securities Act of 1933 are <BR>
also available without charge, upon written or oral request. All requests for documents shall be directed <BR>
to:</P>
<P style="margin:0pt; text-indent:36pt; 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">Shallbetter Industries, Inc.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">c/o Terry Wong</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1094 Hillside Road</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">W. Vancouver</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Canada V7S 1E9</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(604) 685-9316</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">Item 4.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Description of Securities</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; 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">Not applicable.</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">Item 5.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interests of Named Experts and Counsel.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; 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">Not applicable.</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">Item 6.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Indemnification of Directors and Officers.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; 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 Company&#8217;s articles &nbsp;provide for broad indemnification of directors and officers, with certain <BR>
specified exceptions. &nbsp;&nbsp;The Company&#8217;s bylaws provide that the officers and directors shall have rights to <BR>
indemnification provided Section 302A.521 of the Minnesota Statutes.</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 Company does not have any officer-director liability insurance, nor does the Company have <BR>
indemnification agreements with any of its directors, officers employee or agents.</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">Item 7.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Exemption from Registration Claimed.</P>
<P style="margin:0pt; text-indent:72pt; 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">Not applicable.</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">Item 8.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Exhibits</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; 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">See the exhibit index following the signature page in this Registration Statement. &nbsp;</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">Item 9.</P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Undertakings</P>
<BR>
<BR>
<p align="center">3</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; padding-left:36pt; text-indent:-36pt; 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 undersigned registrant hereby undertakes: </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(1) To file, during any period in which offers or sales are being made, a post-effective <BR>
amendment to this registration statement: </P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; padding-right:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(i) To include any prospectus required by section 10(a)(3) of the <BR>
Securities Act of 1933; </P>
<P style="margin:0pt; padding-left:72pt; padding-right:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; padding-right:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(ii) To reflect in the prospectus any facts or events arising after the effective date <BR>
of the registration statement (or the most recent post-effective amendment <BR>
thereof) which, individually or in the aggregate, represent a fundamental change <BR>
in the information in the registration statement. Notwithstanding the foregoing, <BR>
any increase or decrease in volume of securities offered (if the total dollar value <BR>
of securities offered would not exceed that which was registered) and any <BR>
deviation from the low or high end of the estimated maximum offering range <BR>
may be reflected in the form of prospectus filed with the Commission pursuant <BR>
to Rule 424(b) (&#167;230.424(b) of this chapter) if, in the aggregate, the changes in <BR>
volume and price represent no more than a 20% change in the maximum <BR>
aggregate offering price set forth in the &quot;Calculation of Registration Fee&quot; table in <BR>
the effective registration statement; </P>
<P style="margin:0pt; padding-left:72pt; padding-right:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(iii) To include any material information with respect to the plan of distribution <BR>
not previously disclosed in the registration statement or any material change to <BR>
such information in the registration statement; </P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">PROVIDED, HOWEVER, that provisions (i) and (ii) of this undertaking do not apply if <BR>
the information required to be included in a post-effective amendment by those <BR>
paragraphs is contained in periodic reports filed with or furnished to the Commission by <BR>
the Company pursuant to section 13 or section 15(d) of the Securities Exchange Act of <BR>
1934 that are incorporated by reference in the registration statement. </P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(2) That, for the purpose of determining any liability under the Securities Act of 1933, <BR>
each such post-effective amendment shall be deemed to be a new registration statement <BR>
relating to the securities offered therein, and the offering of such securities at that time <BR>
shall be deemed to be the initial bona fide offering thereof. </P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(3) To remove from registration by means of a post-effective amendment any of the <BR>
securities being registered which remain unsold at the termination of the offering. </P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(b) &nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any <BR>
liability under the Securities Act of 1933, each filing of the registrant's annual report <BR>
pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, <BR>
where applicable, each filing of an employee benefit plan's annual report pursuant to <BR>
section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference <BR>
in the registration statement shall be deemed to be a new registration statement relating <BR>
to the securities offered therein, and the offering of such securities at that time shall be </P>
<BR>
<BR>
<p align="center">4</P>
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<P style="page-break-before:always; margin:0pt; padding-left:36pt; padding-right:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">deemed to be the initial bona fide offering thereof. </P>
<br>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(h) &nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be <BR>
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing <BR>
provisions, or otherwise, the Company has been advised that in the opinion of the Securities and <BR>
Exchange Commission such indemnification is against public policy as expressed in the Act and <BR>
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities <BR>
(other than the payment by the Company of expenses incurred or paid by a director, officer or <BR>
controlling person of the Company in the successful defense of any action, suit or proceeding) is <BR>
asserted by such director, officer or controlling person in connection with the securities being <BR>
registered, the Company will, unless in the opinion of its counsel the matter has been settled by <BR>
controlling precedent, submit to a court of appropriate jurisdiction the question whether such <BR>
indemnification by it is against public policy as expressed in the Act and will be governed by the <BR>
final adjudication of such issue.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<BR>
<p align="center">5</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>
<B>Signatures</B></P>
<br>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Registrant. Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it <BR>
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has <BR>
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly <BR>
authorized, in the City of Vancouver, British Columbia, Country of Canada, on August 11, 2004.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<br>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>SHALLBETTER INDUSTRIES, INC.</B></P>
<br>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">By /s/ Anthony C. Y. Chow, Chairman and CEO</P>

<br><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by <BR>
the following persons in the capacities and on the date indicated.</P>
<br>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">By /s/ Anthony C. Y. Chow, Chairman and CEO</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">August 11, 2004</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">By /s/ &nbsp;Terry W. Wong, Director and President</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">August 11, 2004</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">By /s/ &nbsp;Chow Chung Pang, Director</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">August 11, 2004</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">By /s/ &nbsp;Martina Lynch, Director and Secretary</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">August 11, 2004</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">By /s/ &nbsp;&nbsp;J. L. Shaw, Director</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">August 11, 2004</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<P align="center">6</p>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SHALLBETTER INDUSTRIES, INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<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" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Exhibit No.</P>
</TD><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Description</P>
</TD></TR>
<TR><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">10.1</P>
</TD><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consulting Agreement</P>
</TD></TR>
<TR><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">5.1</P>
</TD><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Opinion of Frascona Joiner Goodman and Greenstein, P.C.</P>
</TD></TR>
<TR><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">23.1</P>
</TD><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consent of &nbsp;Moore Stephens Ellis Foster, Ltd.</P>
</TD></TR>
<TR><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">23.2</P>
</TD><TD valign=top><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consent of Frascona Joiner Goodman and Greenstein, P.C.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><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">&nbsp;</P>
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<P align="center">7</p>
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{"company-data": {"conformed-name": "SHALLBETTER INDUSTRIES INC", "cik": "0001121260", "assigned-sic": "6770", "irs-number": "411961936", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-118112", "film-number": "04966226"}, "business-address": {"street1": "1090 WEST GEORGIA STREET", "city": "VANCOUVER", "state": "A1", "zip": "V6E 3V7", "phone": "6046859316"}, "mail-address": {"street1": "1090 WEST GEORGIA STREET", "city": "VANCOUVER", "state": "A1", "zip": "V6E 3V7"}}
mcallion plan
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
SHALLBETTER INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Minnesota
41-1961936
State or other jurisdiction of incorporation or organization
(I.R.S. Employer Identification No.)
1090 West Georgia Street, #1305
Vancouver, British Columbia
Canada V6E 3V7
(Address of principal executive offices)
McCallion Consulting Agreement
(Full title of the plan)
Terry Wong
1094 Hillside Road
W. Vancouver
Canada V7S 1E9
(Name and address of agent for service)
604-264-1889
(Telephone number, including area code of agent for service)
CALCULATION OF REGISTRATION FEE
Title of Securities to
be registered
Amount to be
registered
Proposed maximum
offering price per
share
Proposed maximum
aggregate offering
price
Amount of
registration
fee
Common Stock,
$0.01 par value
186,678
$1.80
$336,020.40
$42.57
(1)
(1)
Estimated pursuant to Rule 457 (h) (l) under the Securities Act of 1933, solely for the purpose of
calculating the registration fee, based on the price at which the options may be exercised or the shares
were granted.
Part I
INFORMATION REQUIRED IN THE PROSPECTUS
Item 1.
Plan Information.
The document(s) containing  the information specified in Part I of Form S-8 will be sent or given to
participants as specified by Rule 428(b) (1) (Section 230.428(b) (1)). Such document(s) are not being
filed with the Commission, but constitute (along with the documents incorporated by reference into the
Registration Statement pursuant to Item 2 of Part II hereof) a prospectus that meets the requirements of
Section 10(a) of the Securities Act.
Item 2.
Registrant Information and Employee Plan Annual Information. *
The registrant shall provide a written statement to participants advising them of the availability without
charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II of
the registration statement, and stating that these documents are incorporated by reference in the Section
10(a) prospectus. The statement also shall indicate the availability without charge, upon written or oral
request, of other documents required to be delivered to employees pursuant to Rule 428(b) ( 230.428(b)).
The statement shall include the address (giving title or department) and telephone number to which the
request is to be directed.
Part II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference.
The following documents previously or concurrently filed by the Company with the Commission are
hereby incorporated by reference into this Registration Statement:
(a)The Company's Annual Report on Form 10-KSB for the fiscal year ended September 30, 2003(the
"Annual Report") filed by the Company (SEC File No. 0-31297 ) under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), with the Commission on January 13, 2004.
(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the
fiscal year covered by the Annual Report referred to in (a) above.
(c) The description of the Company's Common Stock set forth under the caption "Description of
Securities" in its 10-SB12G Registration Statement filed with the Commission on August 9, 2000, is
hereby incorporated by reference.
All of the above documents and documents subsequently filed by the Company with the Commission
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment which indicates that all securities offered hereby have been sold or which deregisters all
2
securities then remaining unsold, shall be deemed incorporated by reference into this Registration
Statement and to be a part thereof from the date of the filing of such documents. Any statement contained
in the documents incorporated, or deemed to be incorporated, by reference herein or therein shall be
deemed to be modified or superseded for purposes of this Registration Statement and the prospectus
which is a part hereof (the "Prospectus") to the extent that a statement contained herein or therein or in
any other subsequently filed document which also is, or is deemed to be, incorporated by reference
herein or therein modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement and the Prospectus. All documents incorporated by reference herein will be made available to
all participants of the Stock Option Plan without charge, upon written or oral request. Other documents
required to be delivered to participants pursuant to Rule 428(b) (1) under the Securities Act of 1933 are
also available without charge, upon written or oral request. All requests for documents shall be directed
to:
Shallbetter Industries, Inc.
c/o Terry Wong
1094 Hillside Road
W. Vancouver
Canada V7S 1E9
(604) 685-9316
Item 4.
Description of Securities
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
Item 6.
Indemnification of Directors and Officers.
The Company's articles  provide for broad indemnification of directors and officers, with certain
specified exceptions.   The Company's bylaws provide that the officers and directors shall have rights to
indemnification provided Section 302A.521 of the Minnesota Statutes.
The Company does not have any officer-director liability insurance, nor does the Company have
indemnification agreements with any of its directors, officers employee or agents.
Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits
See the exhibit index following the signature page in this Registration Statement.
Item 9.
Undertakings
3
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change
in the information in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value
of securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) (§230.424(b) of this chapter) if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the "Calculation of Registration Fee" table in
the effective registration statement;
(iii) To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to
such information in the registration statement;
PROVIDED, HOWEVER, that provisions (i) and (ii) of this undertaking do not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the Commission by
the Company pursuant to section 13 or section 15(d) of the Securities Exchange Act of
1934 that are incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b)  The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's annual report
pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan's annual report pursuant to
section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be
4
deemed to be the initial bona fide offering thereof.
(h)  Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Act and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Company of expenses incurred or paid by a director, officer or
controlling person of the Company in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.
5
Signatures
The Registrant. Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Vancouver, British Columbia, Country of Canada, on August 11, 2004.
SHALLBETTER INDUSTRIES, INC.
By /s/ Anthony C. Y. Chow, Chairman and CEO
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by
the following persons in the capacities and on the date indicated.
By /s/ Anthony C. Y. Chow, Chairman and CEO
August 11, 2004
By /s/  Terry W. Wong, Director and President
August 11, 2004
By /s/  Chow Chung Pang, Director
August 11, 2004
By /s/  Martina Lynch, Director and Secretary
August 11, 2004
By /s/   J. L. Shaw, Director
August 11, 2004
6
SHALLBETTER INDUSTRIES, INC.
Exhibit Index
Exhibit No.
Description
10.1
Consulting Agreement
5.1
Opinion of Frascona Joiner Goodman and Greenstein, P.C.
23.1
Consent of  Moore Stephens Ellis Foster, Ltd.
23.2
Consent of Frascona Joiner Goodman and Greenstein, P.C.
7