UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB
(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
     OF 1934
     For the quarterly period ended June 30, 2006

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT
     For the transition period from _ _ _ _ _ _ _ _ _ _ to _ _ _ _ _ _ _ _ _ _

     Commission file number 0-27355
                            -------

CIGMA METALS CORPORATION
------------------------
(Exact name of small business issuer as specified in its charter)

Florida                                         98-0203244
-------                                         ----------
(State or other jurisdiction                   (IRS Employer Identification No.)
of incorporation or organization)

1 Edith Place, Coolum Beach, Queensland, Australia, 4573
--------------------------------------------------------
(Address of principal executive offices)

+61 4111 56177
--------------
(Issuer's Telephone Number)


--------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the preceding 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 past 90 days.
Yes [X]  No [ ]

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS

Check, whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
Yes [ ]  No [ ]

APPLICABLE  ONLY  TO  CORPORATE  ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity,  as  of  the  latest practicable date: 39,500,000 shares of Common Stock
were  outstanding  as  of  August  9,  2006.

Transitional  Small  Business  Disclosure  Format  (check  one);
Yes [ ]  No [X]


                                        1
<PAGE>
                            CIGMA METALS CORPORATION

This  quarterly  report  contains  statements  that  plan  for or anticipate the
future,  called  "forward-looking  statements."  In some cases, you can identify
forward  looking  statements  by  terminology  such  as "may," "will," "should,"
"could," "expects," "plans,"  "intends," "anticipates," "believes," "estimates,"
"predicts,"  "potential"  or "continue" or the negative of those terms and other
comparable  terminology.

These  forward-looking statements appear in a number of places in this quarterly
report  and  include,  but  are  not  limited  to,  statements about: our market
opportunity;  revenue  generation;  our  strategies;  competition;  expected
activities  and expenditures as we pursue our business plan; the adequacy of our
available  cash  resources;  our  ability  to acquire properties on commercially
viable  terms; challenges to our title to our properties; operating or technical
difficulties  in  connection  with  our  exploration and development activities;
currency  fluctuations;  fluctuating market prices for precious and base medals;
the  speculative  nature of precious and base medals exploration and development
activities;  environmental  risks  and  hazards;  governmental  regulations; and
conduct  of  operations  in politically and economically less developed areas of
the  world.  These  risks  and  uncertainties are detailed in Part 1 - Financial
Information  -  Item  1. "Financial Statements, Item 2. "Management's Discussion
and  Analysis  or  Plan  of  Operation."

Many  of these contingencies and uncertainties can affect our actual results and
could  cause actual results to differ materially from those expressed or implied
in any forward looking statements made by, or on behalf of, us.  Forward looking
statements are not guarantees of future performance.  All of the forward looking
statements  made  in  this  annual  report  are  qualified  by  these cautionary
statements.  Specific  reference  is  made to filings made by us with the United
States  Securities  and Exchange Commission for more detailed discussions of the
contingencies  and uncertainties enumerated above and the factors underlying the
forward  looking  statements.  These  reports  and  filings may be inspected and
copied at the Public Reference Room maintained by the U.S. Securities & Exchange
Commission  at  100  F  Street,  N.E.,  Washington,  D.C.  20549. You can obtain
information  about  operation  of  the Public Reference Room by calling the U.S.
Securities  &  Exchange  Commission  at  1-800-SEC-0330.  The  U.S. Securities &
Exchange Commission also maintains an Internet site that contains reports, proxy
and  information  statements,  and other information regarding issuers that file
electronically  with  the  U.S.  Securities  &  Exchange  Commission  at
http://www.sec.gov.
-------------------

We  disclaim any intention or obligation to update or revise any forward looking
statements  whether  as a result of new information, future events or otherwise,
except  to  the  extent  required  by  applicable  laws.


                                        2
<PAGE>
<TABLE>
<CAPTION>
                                       INDEX


PART I.  Financial Information                                            Page No.
<S>      <C>                                                              <C>
Item 1.  Financial Statements

         Consolidated Balance Sheets --                                          4
         June 30, 2006 (unaudited) and December 31, 2005 (audited)

         Interim Consolidated Statements of Operations (unaudited)               5
         Three and Six-months ended June 30, 2006 and 2005; and for the
         Period from January 13, 1989 (inception) to June 30, 2006

         Interim Consolidated Statements of Cash Flows (unaudited)               6
         Three and Six-months ended June 30, 2006 and 2005; and for the
         period from January 13, 1989 (inception) to June 30, 2006

         Notes to Interim Consolidated Financial Statements (unaudited)          7

Item 2.  Management's Discussion and Analysis or Plan of Operation              17

Item 3.  Controls and Procedures                                                21

                             PART II. Other Information

Item 1.  Legal Proceedings                                                      22

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds            22

Item 3.  Defaults Upon Senior Securities                                        22

Item 4.  Submission of Matters to a Vote of Security Holders                    23

Item 5.  Other Information                                                      23

Item 6.  Exhibits                                                               23

         Signatures                                                             24
</TABLE>


                                        3
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION
(An exploration stage enterprise)

Consolidated Balance Sheets
June 30, 2006 and December 31, 2005
(Expressed in U.S. Dollars)
----------------------------------------------------------------------------------------
                                                                 June 30     December 31
                                                                    2006            2005
----------------------------------------------------------------------------------------
                                                             (unaudited)       (audited)
<S>                                                          <C>           <C>
ASSETS
Current
  Cash                                                       $ 3,629,216   $    250,170
  Available-for-sale securities                                  188,942        181,797
----------------------------------------------------------------------------------------
Total current assets                                         $ 3,818,158   $    431,967
========================================================================================

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
  Accounts payable and accrued expenses                      $     3,413   $     26,894
  Accounts payable - related party (Note 6)                        4,644         16,986
----------------------------------------------------------------------------------------
Total current liabilities                                          8,057         43,880
----------------------------------------------------------------------------------------


Stockholders' Equity
Common stock (Note 5)
  Authorized
  100,000,000 common shares, par value $0.0001
Issued and outstanding:
  39,500,000 (December 31, 2005 - 30,700,000 common shares)        3,950          1,535
Additional paid in capital                                     6,347,650      2,050,065
Common stock to be issued                                              -        300,000
Accumulated deficit during the exploration stage              (2,548,644)    (1,963,513)
Accumulated other comprehensive income                             7,145              -
----------------------------------------------------------------------------------------
Stockholders' equity                                           3,810,101        388,087
----------------------------------------------------------------------------------------
Total liabilities and stockholders' equity                   $ 3,818,158   $    431,967
========================================================================================
<FN>
Nature of Business and Continuance of Operations (Note 1)
Commitments (Note 4)

The accompanying notes are an integral part of these interim unaudited consolidated
financial statements.
</TABLE>


                                        4
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION
(An exploration stage enterprise)
Interim Consolidated Statements of Operations
(Expressed in U.S. Dollars)                           Cumulative
(unaudited)                                            January 13    Three months    Three months    Six months    Six months
                                                 1989 (inception)           Ended           Ended         Ended         Ended
                                                       to June 30         June 30         June 30       June 30       June 30
                                                             2006            2006            2005          2006          2005
-----------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>             <C>             <C>           <C>
Expenses
  Administrative and general                    $        240,577   $      43,506   $       8,573   $    62,060   $    23,790
  Exploration costs (Note 4)                                   -
  - HaldeyGold Project - partnership                     612,395          24,000          40,000        48,000        40,000
  - HaldeyGold Project - other                           164,096          22,001          33,226        35,739        39,854
    - Tugojakovsk Project                                404,371         180,000               -       280,000             -
  Interest and bank charges                                9,731             799           1,372         1,912         1,750
  Professional fees                                      272,765          27,353           6,467        67,415        14,482
  Property investigation costs                           105,733               -          19,980         3,979        19,980
  Salaries and consulting fees                           513,943          59,878          47,550       102,227        80,100
-----------------------------------------------------------------------------------------------------------------------------
Loss before other items                               (2,323,611)       (357,537)       (157,168)     (601,332)     (219,956)
-----------------------------------------------------------------------------------------------------------------------------
Other income (loss)
  Write-down of
    available-for-sale securities (Note 3)              (148,180)              -               -             -             -
  Write-down of investment in
    partnership interest (Note 4)                       (144,634)         (6,000)        (10,000)      (12,000)      (10,000)
  Interest income                                         67,781          26,959             967        28,201         2,287
-----------------------------------------------------------------------------------------------------------------------------
Total other income (loss)                               (225,033)         20,959          (9,033)       16,201        (7,713)
-----------------------------------------------------------------------------------------------------------------------------
Net loss                                        $     (2,548,644)  $    (336,578)  $    (166,201)  $  (585,131)  $  (227,669)
=============================================================================================================================

Basic and diluted loss per share                                   $       (0.01)  $       (0.01)  $     (0.02)  $     (0.01)
=============================================================================================================================
Weighted average number of
common shares outstanding                                             36,575,385      28,675,824    33,674,777    28,341,666
=============================================================================================================================
<FN>
The accompanying notes are an integral part of these interim unaudited consolidated financial statements.
</TABLE>


                                        5
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION
(An exploration stage enterprise)
                                                                             Cumulative
Interim Consolidated Statements of Cash Flows                                January 13     Six months    Six months
(Expressed in U.S. Dollars)                                            1989 (inception)          Ended         Ended
(unaudited)                                                                  to June 30        June 30       June 30
                                                                                   2006           2006          2005
--------------------------------------------------------------------------------------------------------------------
<S>                                                                    <C>                <C>           <C>
Net loss                                                               $     (2,548,644)  $  (585,131)  $  (227,669)
Cash flows used in operating activities
  Adjustments to reconcile net loss to net cash used
  in operating activities
  - issuance of common stock for mineral property rights                            600             -             -
  - issuance of common stock for services rendered                                1,000             -             -
  - partnership exploration costs                                               892,395       328,000        40,000
  - write-down of investment in partnership interest                            144,634        12,000        10,000
  - accumulated gains/(losses) on available for sale securities                 148,180             -             -
  Changes in working capital assets and liabilities
  - decrease in other receivables                                                     -             -         1,306
  - increase (decrease) in accounts payables and accrued liabilities              8,057       (35,823)       (9,722)
--------------------------------------------------------------------------------------------------------------------
Net cash used in operating activities                                        (1,353,778)     (280,954)     (186,085)
--------------------------------------------------------------------------------------------------------------------
Cash flows used in investing activities
  - investment in available-for-sale securities                                (329,977)            -             -
  - investment in partnership interest                                       (1,037,029)     (340,000)      (50,000)
--------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities                                        (1,367,006)     (340,000)      (50,000)
--------------------------------------------------------------------------------------------------------------------
Cash flows from financing activities
  - issuance of common shares for cash                                        6,350,000     4,000,000             -
--------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                     6,350,000     4,000,000             -
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) in cash                                                   3,629,216     3,379,046      (236,085)
Cash, beginning of period                                                             -       250,170       311,845
--------------------------------------------------------------------------------------------------------------------
Cash, end of period                                                    $      3,629,216   $ 3,629,216   $    75,760
====================================================================================================================
<FN>
SUPPLEMENTAL CASH FLOW INFORMATION (Note 7)
The accompanying notes are an integral part of these interim unaudited consolidated financial statements.
</TABLE>


                                        6
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE 1 - NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS
--------------------------------------------------------------------------------

The  Company  was incorporated under the laws of the State of Florida on January
13,  1989  as  Cigma Ventures Corporation. On April 17, 1999 the Company changed
its  name  to  Cigma  Metals  Corporation  and  is  in the business of location,
acquisition,  exploration  and, if warranted, development of mineral properties.
The  Company  is in the exploration stage and has not yet determined whether its
properties  contain  mineral  reserves  that  may  be  economically recoverable.

These  consolidated  unaudited  financial  statements  have  been  prepared  in
accordance with generally accepted accounting principles in the United States of
America  ("US  GAAP")  applicable  to  a  going  concern, which contemplates the
realization of assets and the satisfaction of liabilities and commitments in the
normal  course  of business.  The general business strategy of the Company is to
acquire and explore mineral properties.  The continued operations of the Company
and the recoverability of mineral property costs is dependent upon the existence
of  economically  recoverable  mineral  reserves,  confirmation of the Company's
interest  in the underlying mineral claims, the ability of the Company to obtain
necessary  financing  to  complete  the  development  and upon future profitable
production.  The Company has not generated any revenues or completed development
of  any  properties  to date, has incurred losses of $2,548,644 since inception,
and  further  significant  losses are expected to be incurred in the exploration
and  development  of its mineral properties. The Company will require additional
funds to meet its obligations and maintain its operations. Management's plans in
this  regard  are  to  raise  equity  financing  as  required.

These conditions raise substantial doubt about the Company's ability to continue
as  a  going concern.  These financial statements do not include any adjustments
that  might  result  from  this  uncertainty.


NOTE 2 - BASIS OF PRESENTATION
--------------------------------------------------------------------------------

The  accompanying unaudited consolidated financial statements have been prepared
in  accordance  with  generally  accepted  accounting  principles  for  interim
financial  information and with the instructions for Form 10-QSB and Item 310(b)
of  Regulation  S-B.  Accordingly,  they  do not include all the information and
footnotes  required  by  generally  accepted  accounting principles for complete
financial  statements. In the opinion of management, all adjustments (consisting
only  of  normal  recurring  adjustments)  considered  necessary  for  a  fair
presentation have been included. Operating results for the six months ended June
30,  2006 are not necessarily indicative of the results that may be expected for
the  year  ended  December  31,  2006.

The  consolidated  balance  sheet at December 31, 2005 has been derived from the
audited financial statements at that date. The consolidated financial statements
and  footnotes thereto included in the Cigma Metals Corporation Annual Report on
Form  10-KSB  for  the  year  ended  December  31,  2005  should  be reviewed in
connection  with  these  condensed  consolidated  financial  statements.


NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
--------------------------------------------------------------------------------

PRINCIPLES OF CONSOLIDATION
These  consolidated  financial  statements, prepared in accordance with US GAAP,
include the accounts of the Company and its wholly-owned subsidiaries, Northgold
Company  Limited  ("Northgold")  and  Cigma  Metals  Limited  ("Cigma  BVI").
Collectively,  they  are  referred  to  herein  as  (the "Company"). Significant
inter-company  accounts  and  transactions  have  been eliminated. Northgold and
Cigma  BVI  are  inactive.


                                        7
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE  3  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (cont'd)
--------------------------------------------------------------------------------

BASIS OF PRESENTATION
These  consolidated  financial statements are presented in United States dollars
and  have  been  prepared  in  accordance  with  US  GAAP.

USE  OF  ESTIMATES
The  preparation  of  financial  statements  in conformity with US GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets  and  liabilities  and disclosure of contingent assets and liabilities at
the  date  of  the financial statements and the reported amounts of revenues and
expenses  during  the period.  Actual results could differ from those estimates.

CASH  EQUIVALENTS
Cash  equivalents  comprise certain highly liquid instruments with a maturity of
three  months  or  less  when  purchased.  The  Company  did  not  have any cash
equivalents  at  June  30,  2006  or  December  31,  2005.

MINERAL PROPERTIES AND EXPLORATION COSTS
Mineral property acquisition costs are capitalized when incurred.  In accordance
with  Emerging  Issues  Task Force  04-02, such costs are classified as tangible
assets  and  are  evaluated  for  impairment  and  written  down  as  required.

Mineral  property  exploration  and  development  costs are expensed as incurred
until  such  time  as economic reserves are quantified.  From that time forward,
the  Company  will capitalize all costs to the extent that future cash flow from
mineral  reserves equals or exceeds the costs deferred.  The deferred costs will
be  amortized  over  the recoverable reserves when a property reaches commercial
production.  As  of the date of these financial statements, the Company has only
incurred  exploration  costs which have been charged to operations.  To date the
Company  has  not  established  any  proven  or probable reserves on its mineral
properties.  Exploration  activities conducted jointly with others are reflected
at  the  Company's  proportionate  interest  in  such  activities.

The  Company  has  adopted  the provisions of SFAS No. 143 "Accounting for Asset
Retirement  Obligations" which establishes standards for the initial measurement
and subsequent accounting for obligations associated with the sale, abandonment,
or  other  disposal  of long-lived tangible assets arising from the acquisition,
construction or development and for normal operations of such assets. As at June
30,  2006  and December 31, 2005, any potential costs relating to the retirement
of  the  Company's  mineral  property  interests  has  not  yet been determined.

INVESTMENT  IN  PARTNERSHIP  INTERESTS
The  Company  accounts  for  its  partnership  interests under US GAAP using the
equity  method.  Therefore,  the  partnership  interests are carried at cost and
adjusted  for  any  return  of  capital and any allocation of profits and losses
including  the  Company's share of exploration costs. Fair value adjustments may
be  required where there are long term indications relating to the impairment of
the  interest.

SHARE-BASED  COMPENSATION
On  January  1,  2006, the Company adopted SFAS No. 123 (revised 2004) (SFAS No.
123R),  Share-Based  Payment,  which  addresses  the  accounting for stock-based
payment  transactions  in  which  an  enterprise  receives  employee services in
exchange  for  (a)  equity instruments of the enterprise or (b) liabilities that
are  based  on the fair value of the enterprise's equity instruments or that may
be  settled  by  the  issuance  of such equity instruments. In January 2005, the
Securities  and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB)
No.  107, which provides supplemental implementation guidance for SFAS No. 123R.
SFAS  No.  123R  eliminates  the ability to account for stock-based compensation
transactions  using the intrinsic value method under Accounting Principles Board
(APB)  Opinion  No.  25,  Accounting  for Stock Issued to Employees, and instead
generally  requires  that  such  transactions  be  accounted  for  using  a
fair-value-based  method.  The  Company  uses  the  Black-Scholes-Merton


                                        8
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE  3  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (cont'd)
--------------------------------------------------------------------------------

SHARE-BASED  COMPENSATION  (CONT'D)
("BSM")  option-pricing  model to determine the fair-value of stock-based awards
under  SFAS  No. 123R, consistent with that used for pro forma disclosures under
SFAS  No.  123, Accounting for Stock-Based Compensation. The Company has elected
the  modified  prospective  transition  method as permitted by SFAS No. 123R and
accordingly  prior  periods have not been restated to reflect the impact of SFAS
No.  123R.  The modified prospective transition method requires that stock-based
compensation  expense  be  recorded  for  all  new  and  unvested stock options,
restricted  stock,  restricted  stock  units,  and  employee stock purchase plan
shares that are ultimately expected to vest as the requisite service is rendered
beginning  on  January  1, 2006 the first day of the Company's fiscal year 2006.
Stock-based  compensation expense for awards granted prior to January 1, 2006 is
based  on the grant date fair-value as determined under the pro forma provisions
of  SFAS  No.  123.

Prior  to  the  adoption  of  SFAS  No.  123R, the Company measured compensation
expense  for  its  employee  stock-based  compensation plans using the intrinsic
value  method  prescribed  by  APB  Opinion  No.  25.  The  Company  applied the
disclosure provisions of SFAS No. 123 as amended by SFAS No. 148, Accounting for
Stock-Based Compensation - Transition and Disclosure, as if the fair-value-based
method had been applied in measuring compensation expense. Under APB Opinion No.
25, when the exercise price of the Company's employee stock options was equal to
the  market  price  of  the  underlying  stock  on  the  date  of  the grant, no
compensation  expense  was  recognized.

AVAILABLE-FOR-SALE  SECURITIES
Available-for-sale  securities  are carried at fair market value with unrealized
holding  gains  and  losses  included  as  a  component  of  accumulated  other
comprehensive  income  (loss).  If  a  loss  in  value in the available-for-sale
securities  is  considered  to  be other than temporary, it is recognized in the
determination of net income. Cost is based on the specific identification method
for  the  individual  securities to determine realized gains or losses. Realized
gains  and  losses  are  determined on an average cost basis when securities are
sold.  In  accordance  with  the  Company's  policy  to  review  its  investment
portfolio  for declines that may be other than temporary, the Company recognized
a  non-cash  loss of $148,180 on a lower-of-cost-or-market write down on certain
available-for-sale  securities  during the year ended December 31, 2005.  During
the  six  months ended June 30, 2006 the Company has recorded a non-cash gain of
$7,145  as  other  comprehensive  income.

FOREIGN  CURRENCY  TRANSLATIONS  AND  TRANSACTIONS
The  Company's  reporting  currency  is  the  U.S. Dollar.  Foreign subsidiaries
utilize the functional currency applicable to the country in which they operate.
The Company translates assets and liabilities of its foreign subsidiaries at the
rate  of  exchange  at  the  balance  sheet  date.  Revenues  and  expenses  are
translated  at  the  average  rate  of  exchange throughout the year.   Gains or
losses  from  these  translations,  if  significant,  are reported as a separate
component  of  other comprehensive income, until all or a part of the investment
in  the  subsidiary  is  sold  or  liquidated.  Translation  adjustments  do not
recognize  the  effect of income tax because the Company expects to reinvest the
amounts  indefinitely  in  operations.

CONCENTRATION  OF  CREDIT  RISK
The  Company  places  its  cash  and  cash  equivalents with high credit quality
financial  institutions.  The  Company  occasionally  maintains  balances  in  a
financial  institution  exceeding  the insured amount.  As of June 30, 2006, the
Company  had  deposits  in  a  bank  exceeding  insured  limits.


                                        9
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)
--------------------------------------------------------------------------------

LONG-LIVED ASSETS
In  accordance  with SFAS No. 144, "Accounting for the Impairment or Disposal of
Long-lived Assets", the carrying value of intangible assets and other long-lived
assets  is  reviewed  on  a  regular  basis  for  the  existence  of  facts  or
circumstances  that  may  suggest  impairment. The Company recognizes impairment
losses  when  the sum of the expected undiscounted future cash flow is less than
the carrying amount of the asset. Impairment losses, if any, are measured as the
excess  of  the  carrying amount of the asset over its estimated fair value. The
Company  has  not  recognized  any  impairment  losses  through  June  30, 2006.

FAIR  VALUE  OF  FINANCIAL  INSTRUMENTS  AND  RISKS
Fair  value  estimates  of financial instruments are made at a specific point in
time,  based  on  relevant  information  about  financial  markets  and specific
financial  instruments.  As  these estimates are subjective in nature, involving
uncertainties  and  matters  of  significant judgment, they cannot be determined
with  precision.  Changes in assumptions can significantly affect estimated fair
value.

The  carrying value of cash, available for sale securities, accounts payable and
accrued  expenses,  and accounts payable - related party, approximate their fair
value  because  of the short-term nature of these instruments.  Management is of
the  opinion  that  the Company is not exposed to significant interest or credit
risks  arising  from  these  financial  instruments.

The  Company  operates outside of the United States of America and is exposed to
foreign  currency  risk due to the fluctuation between the currency in which the
Company  operates  in  and  the  U.S.  dollar.  The  Company  does  not  use any
derivative  instruments.

As all of the Company's mineral properties and partnership interests are located
in  Russia,  the  Company is subject to different considerations and other risks
not  typically  associated  with  companies  in  North  America.  Such risks are
associated  with  the  political,  economic,  foreign  currency  and  legal
environments.  The Company's results may be adversely affected by changes in the
political  and social conditions in Russia and by changes in government policies
with  respect  to  laws  and  regulations.

ACCOUNTING  FOR  DERIVATIVE  INSTRUMENTS  AND  HEDGING  ACTIVITIES
The  Company has adopted the Statement of Financial Accounting Standards No. 133
(SFAS  133)  Accounting for Derivative Instruments and Hedging Activities, which
requires  companies  to  recognize  all derivative contracts as either assets or
liabilities  in  the balance sheet and to measure them at fair value. If certain
conditions  are met, a derivative may be specifically designated as a hedge, the
objective  of  which  is  to match the timing of gain or loss recognition on the
hedging  derivative with the recognition of (i) the changes in the fair value of
the  hedged  asset or liability that are attributable to the hedged risk or (ii)
the  earnings effect of the hedged forecasted transaction.  For a derivative not
designated  as a hedging instrument, the gain or loss is recognized in income in
the  period of change. Historically, the Company has not entered into derivative
contracts  either to hedge existing risks or for speculative purposes. We do not
anticipate  that the adoption of the statement will have a significant impact on
its  financial  statements.

INCOME  TAXES
The  Company has adopted the Statement of Financial Accounting Standards No. 109
(SFAS 109), Accounting for Income Taxes, which requires the Company to recognize
deferred  tax liabilities and assets for the expected future tax consequences of
events  that  have  been recognized in the Company's financial statements or tax
returns using the liability method.  Under this method, deferred tax liabilities
and  assets  are  determined  based  on  the  differences  between the financial
statement  carry  amounts  and tax bases of assets and liabilities using enacted
tax  rates  in  effect  in  the  years  in which the differences are expected to
reverse.


                                       10
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE  3  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (cont'd)
--------------------------------------------------------------------------------

LOSS  PER  SHARE
The  Company  computes loss per share in accordance with SFAS No. 128, "Earnings
per  Share"  which  requires presentation of both basic and diluted earnings per
share  on  the  face  of  the  statement  of operations. Basic loss per share is
computed  by  dividing net loss available to common shareholders by the weighted
average  number of outstanding common shares during the period. Diluted loss per
share  gives  effect  to all dilutive potential common shares outstanding during
the  period including stock options and warrants, using the treasury method, and
preferred stock, using the if-converted method. Dilutive loss per share excludes
all  potential  common  shares  if  their  effect  is  anti-dilutive.

COMPREHENSIVE  LOSS
The  Company's  accumulated  other  comprehensive  loss  consists  solely of the
accumulated  unrealized  gain/(loss)  on  available-for-sale  securities.

COMPARATIVE  FIGURES
Certain  comparative  figures  have been reclassified in order to conform to the
current  period's  financial  statement  presentation.

RECENT  ACCOUNTING  PRONOUNCEMENTS
In  February  2006, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid
Financial  Instruments-an  amendment  of  FASB  Statements  No. 133 and 140", to
simplify  and  make  more  consistent  the  accounting  for  certain  financial
instruments.  SFAS  No.  155  amends  SFAS  No.  133, "Accounting for Derivative
Instruments and Hedging Activities", to permit fair value re-measurement for any
hybrid  financial  instrument  with  an embedded derivative that otherwise would
require  bifurcation,  provided  that the whole instrument is accounted for on a
fair  value  basis.  SFAS  No.  155  amends  SFAS  No.  140, "Accounting for the
Impairment  or  Disposal  of  Long-Lived  Assets",  to  allow  a  qualifying
special-purpose  entity  to hold a derivative financial instrument that pertains
to  a  beneficial  interest  other than another derivative financial instrument.
SFAS  No.  155 applies to all financial instruments acquired or issued after the
beginning of an entity's first fiscal year that begins after September 15, 2006,
with  earlier  application  allowed.  This  standard  is  not expected to have a
significant  effect  on  the  Company's  future  reported  financial position or
results  of  operations.

In  March  2006,  the  FASB  issued  SFAS  No. 156, "Accounting for Servicing of
Financial  Assets,  an  amendment  of  FASB  Statement  No.  140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities".
This statement requires all separately recognized servicing assets and servicing
liabilities be initially measured at fair value, if practicable, and permits for
subsequent  measurement using either fair value measurement with changes in fair
value  reflected  in earnings or the amortization and impairment requirements of
Statement No. 140. The subsequent measurement of separately recognized servicing
assets  and  servicing  liabilities  at  fair value eliminates the necessity for
entities  that  manage  the  risks  inherent  in  servicing assets and servicing
liabilities  with  derivatives  to  qualify  for  hedge accounting treatment and
eliminates  the  characterization  of  declines  in fair value as impairments or
direct  write-downs. SFAS No. 156 is effective for an entity's first fiscal year
beginning  after  September  15,  2006.  This  adoption of this statement is not
expected to have a significant effect on the Company's future reported financial
position  or  results  of  operations.


                                       11
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE  4  -  MINERAL  PROPERTIES  AND  EXPLORATION  COSTS
--------------------------------------------------------------------------------

The Company holds an interest in two mineral exploration licences located in the
Tomsk  Oblast  Region,  of  the  Russian  Federation.

HALDEYGOLD  PROJECT
On  August  30,  2004,  the  Company  signed a Joint Activity Agreement with OOO
Science  Industrial Corporation Geosphera ("Geosphera"), a company registered in
Russia, to form a partnership to explore the Haldeevskaya license located in the
Tomsk  district of the Tomsk region of the Russian Federation, 25 km east of the
city  of  Tomsk.  Geosphera  will  earn  a  51%  interest  in the partnership by
contributing the license for the Haldeevskaya area and the geological data.  The
license and the geological data have been valued at US$52,000.  The terms of the
agreement  provided  that  the  Company  was  to  earn  a  49%  interest  in the
partnership  by paying US$50,000. However, the Company increased its interest in
the  partnership  to  80% (Geosphera - 20%) by funding US$350,000 of exploration
expenditures  on  the licensed property in 2004. Geosphera is the manager of the
project.

Pursuant  to  the  terms of the Joint Activity Agreement, and for the purpose of
conducting  further financing and exploration work, a company, Limited Liability
Company  HaldeyGold.  ("HaldeyGold"),  was  registered  with the Ministry of the
Russian  Federation  for  Taxes and Levies on January 19, 2005. The Haldeevskaya
mineral  exploration  license  along  with  all  relevant  geological  data  was
transferred  by the partnership to HaldeyGold on March 16, 2005. The Company has
an  80%  (Geosphera  20%)  interest  in  HaldeyGold.

On  April 22, 2005, December 31, 2005 and July 7, 2006 the Company and Geosphera
agreed  to  amendments to the Haldeevskaya Joint Activity Agreement dated August
30,  2004 resulting in a revision of the 2005 exploration expenditure commitment
from  $300,000  to  $250,000  and  an agreement on behalf of the Company to fund
$460,000  (decreased  from  $2,450,000)  toward  the 2006 HaldeyGold exploration
budget.  In  the event that the Company funds less than $460,000 (decreased from
$1,500,000) of the 2006 exploration budget, the Company's interest in HaldeyGold
will  be  reduced to 50%. Geosphera's ownership interest in HaldeyGold cannot be
reduced  below  20%.

Consistent with the Company's accounting policies, exploration costs on unproven
reserves  are  charged  to  operating  costs  as  incurred.

The  Company's  investment in the HaldeyGold partnership interest is as follows:

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
                                                January 13,                                              Year
                                                       1989                                             ended
                                           (inception) to ,                                      December 31,
                                              June 30, 2006    June 30, 2006    June 30, 2005            2005
---------------------------------------  ------------------  ---------------  ---------------  --------------
<S>                                      <C>                 <C>              <C>              <C>
---------------------------------------  ------------------  ---------------  ---------------  --------------
Capital invested                         $         755,000   $       60,000   $       50,000   $     295,000
---------------------------------------  ------------------  ---------------  ---------------  --------------
Exploration costs incurred                        (612,395)         (48,000)         (40,000)       (202,795)
---------------------------------------  ------------------  ---------------  ---------------  --------------

                                                   142,605           12,000           10,000          92,205
---------------------------------------  ------------------  ---------------  ---------------  --------------
Write-down of investment in partnership
interest                                          (142,605)         (12,000)         (10,000)        (92,205)
---------------------------------------  ------------------  ---------------  ---------------  --------------
Partnership interest at end of period    $               -   $            -   $            -   $           -
-----------------------------------------====================================================================
</TABLE>

Direct exploration costs on the Haldeevskaya mineral exploration license area
located in the Tomsk Oblast region of the Russian Federation totalled $35,739
during the six months ended June 30, 2006 (2005 - $39,854).

In  July  2006  the  Company  advanced  HaldeyGold,  $82,000  toward  the  2006
exploration  budget.


                                       12
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE  4  -  MINERAL  PROPERTIES  AND  EXPLORATION  COSTS  (CONT'D)
--------------------------------------------------------------------------------

TUGOJAKOVSK  PROJECT
On  June  17,  2005,  as amended December 31, 2005 and July 7, 2006, the Company
signed  a  Joint  Activity  Agreement  to  form  a  partnership  to  explore the
Tugojakovsk  Project,  located  in  the  Tomsk  Oblast  Region  of  the  Russian
Federation.  Under  the  terms of the agreement: (1) the Company acquired an 80%
share  of the project in exchange for contributing $126,440 in 2005; and (2) the
Company  is  committed  to  finance the project in 2006 by providing $600,400 in
accordance  with  an  approved  budget.  If  the  financing  provided in 2007 is
between  (1)  $800,000  and $1,499,000, the Company's ownership interest will be
reduced  to  70%;  (2)  $350,000  and  $799,000, reduced to 60%; (3) $200,000 to
$350,000,  reduced  to 49% (4) less than $200,000, then the Company shall assign
to  Geosphera  100%  equity  interest in the joint venture and withdraw from the
joint  venture.  Geosphera's  ownership  interest  cannot  be reduced below 20%.

Pursuant  to  the  terms  of  the  Joint  Activity  Agreement, a company will be
incorporated  and  registered  by  Geosphera  in the Russian Federation with the
Ministry  of  the  Russian  Federation  for Taxes and Levies in order to conduct
further  financing and exploration work on the Tugojakovsk license area once the
Company's  contribution  to  the  joint venture reaches $700,000. Once the joint
venture  company  is  registered with the Ministry of the Russian Federation for
Taxes  and  Levies,  the  Partnership  will  transfer  the  Tugojakovsk  mineral
exploration  license  along  with  all relevant geological data to the new joint
venture  company.  The  licence, geological data, professional knowledge, skills
and  business  contacts contributed to the joint venture by Geosphera was valued
at  $100,000.  The  Company will have an 80% (Geosphera 20%) interest in the new
company.  As  of  the date of these financial statements the new company has not
yet  been  registered.

Exploration costs on the Tugojakovsk mineral exploration licence area located in
the  Tomsk  Oblast region of the Russian Federation totalled $280,000 during the
six  months  ended  June 30, 2006 (2005 - $0) and $124,371 during the year ended
December  31,  2005.

NOTE  5  -  CAPITAL  STOCK
--------------------------------------------------------------------------------

As  at  June  30,  2006,  the Corporation's authorized capital stock consists of
100,000,000  common  shares  with  a  par  value  of  $0.0001  per  share.

FORWARD STOCK SPLIT
On  April 7, 2006, the Company's Board of Directors approved a 2:1 forward stock
split  effective May 15, 2006 which was subject to regulatory approval which was
received  on  May  19,  2006.  The  par  value  and the number of authorized but
unissued shares of the Company's common stock was not changed as a result of the
forward  stock  split.

Unless  otherwise noted, all references to common stock, warrants, common shares
outstanding,  warrants  outstanding,  weighted  average numbers of common shares
outstanding  and  per  share  amounts in these Financial Statements and Notes to
Financial Statements prior to the effective date of the forward stock split have
been  restated  to  reflect  the 2:1 forward stock split on a retroactive basis.


                                       13
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE  5  -  CAPITAL  STOCK  (CONT'D)
--------------------------------------------------------------------------------

PRIVATE PLACEMENTS
During the quarter ended March 31, 2006 the Company issued 800,000 common shares
for  cash  of  $300,000  which was received in the year ended December 31, 2005.

On  May  12,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  6,540,000  Units  priced  at $0.50 per unit for a total
consideration  of  $3,270,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common stock US $0.0001 par value per share and one stock purchase warrant, each
warrant  entitling  the  holder  to  purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.

On  May  26,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  1,460,000  Units  priced  at $0.50 per Unit for a total
consideration  of  $730,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common  stock US $0.0001 par value per share and one (1) stock purchase warrant,
each warrant entitling the holder to purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.

SHARE  PURCHASE  WARRANTS
A summary of the Company's warrants outstanding at June 30, 2006 and December
31, 2005, and changes during six months ended June 30, 2006 is presented below:

<TABLE>
<CAPTION>
                                                           Weighted
                                                            Average
                                              Shares    Exercise Price
          -------------------------------------------------------------
<S>                                          <C>        <C>
          Balance, December 31, 2005                 -  $             -
          Warrants granted May 12, 2006 (1)  6,540,000  $         0.582
          Warrants granted May 26, 2006 (2)  1,460,000  $         0.130
          -------------------------------------------------------------
          Balance, June 30, 2006             8,000,000  $         0.713
          -------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                                  Weighted average
                                Weighted                                 Remaining
          Range of exercise      Average  Number of warrants to        contractual
          prices                   price        Purchase shares    Life (in years)
          ------------------------------------------------------------------------
<S>                            <C>        <C>                    <C>
          0.675 - $0.75 (1)   $   0.713              6,540,000               1.87
          0.675 - $0.75 (2)   $   0.713              1,460,000               1.91
          ------------------------------------------------------------------------
                                                     8,000,000
          ------------------------------------------------------------------------
</TABLE>

1.   Each warrant  entitling  the holder to purchase one additional common share
     of  the  Company at a price of US $0.675 per share for a period of one year
     from  the May 12, 2005, closing date of the placement, and at a price of US
     $0.75  per  share  for  a  period  of  one  year  commencing  on  the first
     anniversary  of  the  Closing  Date.


                                       14
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE  5  -  CAPITAL  STOCK  (CONT'D)
--------------------------------------------------------------------------------

SHARE  PURCHASE  WARRANTS  (CONT'D)
2.   Each warrant  entitling  the holder to purchase one additional common share
     of  the  Company at a price of US $0.675 per share for a period of one year
     from  the May 26, 2005, closing date of the placement, and at a price of US
     $0.75  per  share  for  a  period  of  one  year  commencing  on  the first
     anniversary  of  the  Closing  Date.

STOCK  OPTION  PLAN
Effective  March  1,  2006,  subject  to shareholder approval, approved June 21,
2006,  the  Board  of Directors approved a Stock Option Plan ("SOP") in order to
provide  additional incentive for its directors, officers, employees and service
providers.  The maximum amount of shares that can be issued under the SOP in any
calendar  year  cannot exceed 15% of the issued and outstanding common shares of
the  Company  on  January  1 of such year. The exercise price of each such stock
option  shall  not  be less than the fair market value of a share at the time of
grant.  However, if a stock option is granted to a 10% shareholder, the purchase
price  shall  not  be  less than 110% of the fair market value of a share at the
time  of  grant.  All options granted under the plan will not be exercisable for
six  months  from the date of grant, except in the event of a change of control,
and  the  term  of  all  options  granted  will  not  exceed  five  years.

As at June 30, 2006 and December 31, 2005, the Company had no stock options
outstanding.

NOTE  6  -  RELATED  PARTY  TRANSACTIONS
--------------------------------------------------------------------------------

a) During the six months ended June 30, 2006, consulting fees of $79,430 (2005 -
$60,000) were paid to directors.  The transactions were recorded at the exchange
amount,  being  the  value  established  and  agreed  to by the related parties.

b)  Included  in accounts payable - related party, as at June 30, 2006 is $4,644
(December 31, 2005 - $16,986) payable to directors of the Company for consulting
fees  and/or  various  expenses  incurred on behalf of the Company.  All amounts
owing  to  related  parties  are  unsecured and non-interest bearing and have no
fixed  terms  of  repayment.

NOTE 7 - SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                     Six month period ended   Six month period ended
                                          June 30, 2006            June 30, 2005
     --------------------------------------------------------------------------------
<S>                                  <C>                      <C>
     Cash paid during the year for:
       Interest                      $                     -  $                     -
       Income taxes                  $                     -  $                     -
     --------------------------------------------------------------------------------
</TABLE>


                                       15
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2006
(UNAUDITED)

NOTE  8  -  INCOME  TAXES
--------------------------------------------------------------------------------

Potential benefits of United States Federal income tax losses are not recognized
in  the  accounts  until  realization  is  more likely than not. The Company has
combined  net  operating  losses  carried  forward  totaling  $1,831,000 for tax
purposes which expire starting in 2018. Pursuant to SFAS No. 109, the Company is
required to compute tax asset benefits for net operating losses carried forward.
Potential  benefit  of  net  operating  losses have not been recognized in these
financial  statements  because  the  Company cannot be assured it is more likely
than  not  it  will  utilize  the net operating losses carried forward in future
years.

The components of the net deferred tax asset at December 31, 2005, the statutory
tax  rate,  the effective tax rate and the amount of the valuation allowance are
indicated  below:

<TABLE>
<CAPTION>
                                     December 31, 2005
                                             $
<S>                                 <C>
               Net Operating Loss            1,831,000

               Statutory Tax Rate                   39%

               Effective Tax Rate                    -

               Deferred Tax Asset              714,000

               Valuation Allowance            (714,000)
</TABLE>


                                       16
<PAGE>
ITEM 2. MANAGEMENTS'  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATIONS

(A)  General

The  Company  is  a  mineral  exploration  company  with  offices in Queensland,
Australia  and  Tomsk,  Russia  and  is  engaged in the exploration for precious
metals.  The  Company was incorporated under the laws of the State of Florida on
January  13,  1989  as Cigma Ventures Corporation. On April 17, 1999 the Company
changed its name to Cigma Metals Corporation and is in the business of location,
acquisition,  exploration  and, if warranted, development of mineral properties.

This  document  contains  numerous  forward-looking  statements  relating to the
Company's  business.  The United States Private Securities Litigation Reform Act
of  1995  provides  a  "safe  harbor"  for  certain  forward-looking statements.
Operating, exploration and financial data, and other statements in this document
are  based  on  information  the  company  believes  reasonable,  but  involve
significant  uncertainties  as  to  future  gold  and  silver prices, costs, ore
grades,  estimation  of  gold  and  silver  reserves,  mining  and  processing
conditions,  changes  that could result from the Company's future acquisition of
new  mining  properties  or  businesses,  the  risks and hazards inherent in the
mining business  (including environmental hazards, industrial accidents, weather
or  geologically  related  conditions),  regulatory and permitting matters,  and
risks  inherent  in  the  ownership  and  operation of, or investment in, mining
properties  or  businesses  in  foreign countries. Actual results and timetables
could vary significantly from the estimates presented. Readers are cautioned not
to  put  undue reliance on forward-looking statements. The Company disclaims any
intent  or  obligation  to  update  publicly  these  forward-looking statements,
whether  as  a  result  of  new  information,  future  events  or  otherwise.

(B) Significant developments during the six month period ended June 30, 2006 and
Subsequent  Events

On  April 7, 2006, the Company's Board of Directors approved a 2:1 forward stock
split  effective May 15, 2006 which was subject to regulatory approval which was
received  on  May  19,  2006.  The  par  value  and the number of authorized but
unissued shares of the Company's common stock was not changed as a result of the
forward  stock  split.

UNLESS  OTHERWISE NOTED, ALL REFERENCES TO COMMON STOCK, WARRANTS, COMMON SHARES
OUTSTANDING,  WARRANTS  OUTSTANDING,  WEIGHTED  AVERAGE NUMBERS OF COMMON SHARES
OUTSTANDING  AND  PER  SHARE  AMOUNTS PRIOR TO THE EFFECTIVE DATE OF THE FORWARD
STOCK  SPLIT  HAVE  BEEN  RESTATED  TO  REFLECT THE 2:1 FORWARD STOCK SPLIT ON A
RETROACTIVE  BASIS.

In  March  2006  the  Company  issued 800,000 common shares for cash of $300,000
which  was  received  in  the  year  ended  December  31,  2005.

On  May  12,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  6,540,000  Units  priced  at $0.50 per unit for a total
consideration  of  $3,270,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common stock US $0.0001 par value per share and one stock purchase warrant, each
warrant  entitling  the  holder  to  purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.

On  May  26,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  1,460,000  Units  priced  at $0.50 per Unit for a total
consideration  of  $730,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common  stock US $0.0001 par value per share and one (1) stock purchase warrant,
each warrant entitling the holder to purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.


                                       17
<PAGE>
ITEM 2. MANAGEMENTS'  DISCUSSION  AND  ANALYSIS  OR  PLAN OF OPERATIONS (CONT'D)

(B) Significant developments during the six month period ended June 30, 2006 and
Subsequent  Events  (cont'd)

NASD  approval  for  trading on a post split basis was received on May 19, 2006.
Shareholders  must  return  their  certificates  if  they  wish  to  receive new
replacement  certificates  representing  the  Post  Split  Shares.  The  new
certificate will evidence our new CUSIP number which will be identified with our
new  trading  symbol  CGMX.

(C)  Exploration  and  Development

The Company holds an interest in two mineral exploration licences located in the
Tomsk  Oblast  Region,  of the, Russian Federation. The Company's strategy is to
concentrate  its  investigations  into:  (i)  Existing  operations  where  an
infrastructure  already exists; (ii) Properties presently being developed and/or
in  advanced  stages  of  exploration  which  have  potential  for  additional
discoveries;  and  (iii)  Grass-roots  exploration  opportunities.

The  geological  setting  of the Cigma/Geosphera joint activity (Cigma) licenses
shows  them  to  be situated in the northern section of the Kolyvan - Tomsk fold
zone  which,  together  with  the  Kalba  -  Narymsk fold zone, form part of the
Central  Asian  fold belt, referred to as the Altai-Sayan region.  The Kolyvan -
Tomsk fold zone consists of a series of large, regional scale, folds, divided by
longitudinal  thrusts,  faults  and  compression  faults.  The  granitoids,  of
granitic  and  leucogranitic  composition,  are  typified  by their composition,
structural setting and metallogenic peculiarities and are correlated to the same
terrigenic  regions in the gold bearing areas of Tian Shan in China, Kazakhstan,
Yenyseysky Kryazh and the Verkhoyansk - Kolymask belt.  This belt is the host to
more  than  200  gold  deposits.

Compilation of data on the Haldeiskaja project area shows the area to have 6
large anomalous geochemical fields.  The Semiluzhenskoye, Verkhne-kirgizskoye,
Verkhnekamensk, Gogolevskoye, Sukhorechenskoye and the Omutninskoye anomalies.

Of  the  6 large anomalies the area currently considered the most perspective is
the Verkhnekamensk Anomaly.  The Verkhnekamensk anomalous area is located in the
eastern part of the Haldeiskaja license on the tectonic contact between the clay
shales  and  volcanics.  As  a  result  of the litho-geochemical, geological and
geophysical  studies,  conducted  by  Cigma,  two mineralized zones of east-west
strike  have  been  outlined  and  plotted  at 1:20,000. These zones were traced
across  the  area  for  3 kilometres with widths ranging from 250 to 700 meters.
Within  these  zones  3  anomalies  were  found  and appear prospective for gold
mineralisation.  The  potential  for  gold  mineralisation  may  exist  at  the
intersection  of  sub-latitudinal (east-west) mineralized zones and sub-meridian
zones  (north-south)  of silicification and diagonal dyke belts. Within areas of
elevated  gold  values,  bismuth,  silver,  copper  and  zinc  were found in the
secondary  dispersion  aureoles.  Assays  of  gold  in soil from clays, up to 30
meters in depth, over the anomalous target areas are in the order of 0.1 to 0.01
ppm  Au.  The  anomalous  areas were contoured and overlain with the geophysics.
The  result  showed  a series of complimentary anomalies, and a drilling program
was  planned  to  test  the  subsurface  details  of  the  mineralisation.

During  the  six  months  ended  June 30, 2006 we continued to evaluate the data
obtained  from  drilling  on the Haldeiskaja property, during the latter part of
2005,  in  an  effort  to  target  the  mineralization  trends  and  model  the
mineralization.  A  model  showing  a  series of east over west thrust planes is
interpreted  as  the  focusing  agent  of mineralization.  Target generation was
completed  towards  the  end  of  the  March  quarter  and follow up drilling is
anticipated  during  the  third  quarter  of  2006.

Total  exploration  expenditures  incurred  during the six months ended June 30,
2006  on the Haldeevskaja joint venture amounted to $60,000 (year ended December
31,  2005  -  $295,000).

Geological  data  interpreted  from previous work within the Tugojakovsk license
area  has  resulting  in the outlining of two large anomalous geochemical fields
considered  prospective  for  gold  mineralisation.  The anomalous areas are the
Baturino  occurrence  in the west of the project area and the Larinsk anomaly in
the  mid  south,  interpreted


                                       18
<PAGE>
ITEM 2. MANAGEMENTS'  DISCUSSION  AND  ANALYSIS  OR  PLAN OF OPERATIONS (CONT'D)

(C)  Exploration  and  Development  (cont'd)
to be above a rising granite. Gold grades within the anomalous hydro-geochemical
fields  varied  from 0.022 to 1.16 microgram Au/litre, and in the litho-chemical
(soil)  results  from  0.05  to  0.49  g  Au/t.

The  Baturinsk occurrence, located within the Tugojakovsk license is composed of
a series silicified shear zones (mylonite zones) consisting of numerous, locally
intense,  small  quartz veinlets carrying gold. The surrounding geological units
are  composed  of  mineralised  carbonaceous  shales.

During  the  six  months  ended  June 30, 2006, we evaluated the geological data
obtain  from  our 2005 work programs on the Tugojakovsk property and a series of
drill  holes  were  designed  to  test the continuity of the previously acquired
drill  data.  Drilling  on the Tugojakovsk property is scheduled to begin in the
third  quarter  of  2006.

Exploration expenses on the Tugojakovsk mineral exploration licence area located
in  the  Tomsk  Oblast region of the Russian Federation totalled $280,000 during
the  six  months  ended  June  30,  2006  (2005  -  $0).

The  Company's  property is in the exploration stage only and is without a known
body  of  Mineral  Reserves.  Development  of  the  property will follow only if
satisfactory  exploration  results  are  obtained.  Mineral  exploration  and
development  involves a high degree of risk and few properties that are explored
are  ultimately  developed into producing mines.  There is no assurance that the
Company's  mineral  exploration  and  development  activities will result in any
discoveries  of  commercially  viable  bodies  of mineralization.  The long-term
profitability  of  our operations will be, in part, directly related to the cost
and  success  of  its exploration programs, which may be affected by a number of
factors.

(D)  Results  of  Operations

Six  months  Ended  June  30,  2006  versus  Six  months  Ended  June  30,  2005

The  Company  had  no  operating revenues for the six months ended June 30, 2006
(2005  -  $0).

For  the  six  months  ended  June  30,  2006 the Company recorded a net loss of
$585,131  (2005  -  $227,668)  or  $0.02  per  share  (2005  -  $0.01).

General and administrative expenses - For the six months ended June 30, 2006 the
Company  recorded  general  and  administrative  expenses  of  $601,332  (2005 -
$219,956).  The  2006  amount  includes,  professional fees - accounting $20,049
(2005  -  $0)  and  legal  $47,366  (2005  -  $14,482).

Exploration  expenditures  - For the six months ended June 30, 2006, we recorded
total  exploration  costs  of  $375,739 compared to $89,854 in 2005. Exploration
expenses  on  the  Haldeiskaja  mineral  exploration licence area located in the
Tomsk  Oblast region of the Russian Federation totalled $95,739 (2005 - $89,854)
of  which  $60,000  were  spent  by the HaldeyGold (2005 - $50,000). Exploration
expenses  on  the  Tugojakovsk  mineral  exploration licence area located in the
Tomsk  Oblast  region of the Russian Federation totalled $280,000 during the six
months  ended  June  30,  2006  (2005  -  $0).

The  Company's  investment in the HaldeyGold partnership interest is as follows:


                                       19
<PAGE>
ITEM 2. MANAGEMENTS'  DISCUSSION  AND  ANALYSIS  OR  PLAN OF OPERATIONS (CONT'D)

(D)  Results  of  Operations  (cont'd)

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
                                                January 13,                                              Year
                                                       1989                                             ended
                                           (inception) to ,                                      December 31,
                                              June 30, 2006    June 30, 2006    June 30, 2005            2005
---------------------------------------  ------------------  ---------------  ---------------  --------------
<S>                                      <C>                 <C>              <C>              <C>
---------------------------------------  ------------------  ---------------  ---------------  --------------
Capital invested                         $         755,000   $       60,000   $       50,000   $     295,000
---------------------------------------  ------------------  ---------------  ---------------  --------------
Exploration costs incurred                        (612,395)         (48,000)         (40,000)       (202,795)
---------------------------------------  ------------------  ---------------  ---------------  --------------

                                                   142,605           12,000           10,000          92,205
---------------------------------------  ------------------  ---------------  ---------------  --------------
Write-down of investment in partnership
interest                                          (142,605)         (12,000)         (10,000)        (92,205)
---------------------------------------  ------------------  ---------------  ---------------  --------------
Partnership interest at end of period    $               -   $            -   $            -   $           -
-----------------------------------------====================================================================
</TABLE>

In July 2006 we advanced HaldeyGold, $82,000 toward the 2006 exploration budget.

Exploration costs on the Tugojakovsk mineral exploration licence area located in
the  Tomsk  Oblast region of the Russian Federation totalled $280,000 during the
six  months  ended  June 30, 2006 (2005 - $0) and $124,371 during the year ended
December  31,  2005.

(E)  Capital  Resources  and  Liquidity

June  30,  2006  versus  June  30,  2005:

At June 30, 2006 the Company had cash of $3,629,216 (2005 - $75,760) and working
capital  of  $3,810,101  (2005 - $232,043) respectively. Total liabilities as of
June 30, 2006 were $8,057 (2005 - $12,000), a decrease of $3,943. During the six
months ended June 30, 2006 the Company issued 8,800,000 post stock split (2005 -
2,000,000  post  stock  split)  common  shares  for  cash of $4,300,000 of which
300,000 was received in December 2005. During the six months ended June 30, 2006
investing  activities  consisted  of  investment in partnership $340,000 (2005 -
$50,000). For the six months ended June 30, 2006 the Company recorded a net loss
of  $585,131  (2005  -  $227,668)  or  $0.02 per share (2005 - $0.01 per share).

At  June  30,  2006  we  have  sufficient  working  capital  to  (i)  pay  our
administrative and general operating expenses through December 31, 2006 and (ii)
to  conduct  our  preliminary  exploration  programs.  Without  cash  flow  from
operations,  we  may  need to obtain additional funds (presumably through equity
offerings and/or debt borrowing) in order, if warranted, to implement additional
exploration  programs  on  our  properties.  Failure  to  obtain such additional
financing  may result in a reduction of our interest in certain properties or an
actual foreclosure of our interest. We have no agreements or understandings with
any  person  as  to  such  additional  financing.

Our  exploration properties have not commenced commercial production and we have
no history of earnings or cash flow from our operations. While we may attempt to
generate  additional working capital through the operation, development, sale or
possible  joint  venture development of our property, there is no assurance that
any  such  activity  will  generate funds that will be available for operations.

(F)  Plans  for  the  Year  2006  and  2007

During  the next 12 months the Company intends to raise additional funds through
equity  offerings  and/or  debt  borrowing  to  meet  its administrative/general
operating  expenses  and to conduct work on exploration properties. There is, of
course,  no  assurance  that  it  will  be  able  to  do  so.


                                       20
<PAGE>
ITEM 2. MANAGEMENTS'  DISCUSSION  AND  ANALYSIS  OR PLAN OF OPERATIONS (cont'd.)

(F)  Plans  for  the  Year  2006  and  2007  (cont'd)
Our  exploration work program in 2006 will concentrate exploration activities on
the  joint  venture  Haldeevskaya  license  area,  the joint venture Tugojakovsk
license  area acquired in June 2005 and examining data relating to the potential
acquisition  or  joint  venturing of additional mineral properties in either the
exploration or development stage in the Russian Federation. Additional employees
will  be  hired  on  a consulting basis as required by the exploration projects.

The  2006  exploration  work program on the Haldeevskaya license and Tugojakovsk
license  areas  will  entail  completion  of data processing from the year 2005,
surface  mapping,  soil  sampling  and  assaying, soil geochemistry, geophysical
surveying  and  drilling.  The  data  assembled  from  this work will be used to
determine  whether:  (i)  further  exploration  and  diamond  core  drilling  is
warranted  and  if so the sites for initial holes; or (ii) whether certain claim
blocks  should  be  surrendered.

(G)  Application  of  Critical  Accounting  Policies

The  preparation  of  our  consolidated  financial statements requires us to use
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  as  well  as  revenues  and  expenses.  Our accounting policies are
described  in  note  2  to  our  December  31,  2005  financial  statements. Our
accounting  policies relating to capitalization of mineral property acquisition,
exploration and development costs and the investment in partnership interest are
critical  accounting  policies  that  are  subject  to estimates and assumptions
regarding  future  activities.

See  the following notes to the December 31, 2005 audited Consolidated Financial
Statements:

Note  2  -  Mineral  Properties  and  Exploration  Expenses

Note  2  -  Investment  in  Partnership  Interest

(H)  Off-balance  Sheet  Arrangements  and  Contractual  Obligations

We  do  not  have  any off-balance sheet arrangements or contractual obligations
that  are  likely to have or are reasonably likely to have a material current or
future  effect  on  our  financial  condition,  changes  in financial condition,
revenues  or expenses, results of operations, liquidity, capital expenditures or
capital  resources  that  have  not  been disclosed in our financial statements.

(I)  Market  Risk  Disclosures

We  have not entered into derivative contracts either to hedge existing risks or
for  speculative  purposes.

ITEM 3. CONTROLS  AND  PROCEDURES

We  maintain disclosure controls and procedures that are designed to ensure that
information  required  to be disclosed in our Securities Exchange Act reports is
recorded,  processed,  summarized and reported within the time periods specified
in  the  SEC's  rules  and  forms,  and that such information is accumulated and
communicated  to  our  management,  including  our President and Chief Executive
Officer  (Principal  Executive  Officer)  and Chief Financial Officer (Principal
Financial Officer), as appropriate, to allow timely decisions regarding required
disclosure.  In designing and evaluating the disclosure controls and procedures,
management  recognized  that  any  controls  and  procedures, no matter how well
designed  and  operated,  can provide only reasonable assurance of achieving the
desired  control  objectives,  as  ours  are  designed  to  do,  and  management
necessarily  was  required  to apply its judgment in evaluating the cost-benefit
relationship  of  possible  controls  and  procedures.


                                       21
<PAGE>
As  of  the  end  of  the  period  covered  by  this  report,  we carried out an
evaluation,  under the supervision and with the participation of our management,
including  our  President  and  Chief  Executive  Officer  (Principal  Executive
Officer)  and  Chief  Financial  Officer  (Principal  Financial  Officer) of the
effectiveness  of  the  design  and  operation  of  our  disclosure controls and
procedures,  as  defined  in  Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange  Act  of  1934.  Based  upon  that  evaluation, our President and Chief
Executive  Officer  (Principal  Executive  Officer)  and Chief Financial Officer
(Principal  Financial  Officer)  concluded  that  our  disclosure  controls  and
procedures are effective in enabling us to record, process, summarize and report
information  required  to  be  included  in  our periodic SEC filings within the
required  time  period.

There have been no changes in our internal control over financial reporting that
occurred during the period covered by this Report that have materially affected,
or  are  reasonably  likely  to  materially  affect,  our  internal control over
financial  reporting.

---------------


                           PART II OTHER INFORMATION

ITEM 1. Legal  Proceedings

We  are  not  party  to  any litigation, and have no knowledge of any pending or
threatened  litigation  against  us.


ITEM 2. Changes  in  Securities

UNLESS  OTHERWISE NOTED, ALL REFERENCES TO COMMON STOCK, WARRANTS, COMMON SHARES
OUTSTANDING,  WARRANTS  OUTSTANDING,  WEIGHTED  AVERAGE NUMBERS OF COMMON SHARES
OUTSTANDING  AND  PER  SHARE  AMOUNTS PRIOR TO THE EFFECTIVE DATE OF THE FORWARD
STOCK  SPLIT  HAVE  BEEN  RESTATED  TO  REFLECT THE 2:1 FORWARD STOCK SPLIT ON A
RETROACTIVE  BASIS.

In  March  2006  the  Company  issued 800,000 common shares for cash of $300,000
which  was  received  in  the  year  ended  December  31,  2005.

On  May  12,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  6,540,000  Units  priced  at $0.50 per unit for a total
consideration  of  $3,270,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common stock US $0.0001 par value per share and one stock purchase warrant, each
warrant  entitling  the  holder  to  purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.

On  May  26,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  1,460,000  Units  priced  at $0.50 per Unit for a total
consideration  of  $730,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common  stock US $0.0001 par value per share and one (1) stock purchase warrant,
each warrant entitling the holder to purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.

ITEM 3. Defaults  Upon  Senior  Securities

     Not Applicable


                                       22
<PAGE>
ITEM 4. Submission  of  Matters  to  a  Vote  of  Security  Holders

     The  Company  held  its  Annual  General  Meeting  on June 21, 2006. At the
     meeting  one shareholder holding 2,800,000 shares was present in person and
     17,465,648  shares  were  represented  by  proxy.

          At  the  meeting  unanimous  approval  by a show of hands was given in
          respect  to:

               1.   The election of Robert Biagioni, Waldemar Mueller, Lars
                    Pearl, Ian Rigg and Agustin Gomez de Segura as the directors
                    of the Company,
               2.   The appointment of Dale Matheson Car-Hilton LaBonte, as
                    independent accountants for the Company; and
               3.   The ratification of the 2006 Stock Option Plan.

ITEM 5. Other  Information

     None.

ITEM 6. Exhibits

3.1.1     Certificate  of  Incorporation,  incorporated  by  reference  to  the
          registration  statement  on  Form  10SB12G  filed  on  September  16,
          1999  (SEC  File  No.  000-27355  99712713).  *
3.1.2     Certificate  of  Amendment  to  the  Certificate  of  Incorporation,
          incorporated  by  reference  to  the  registration  statement  on Form
          10SB12G filed on September 16, 1999 (SEC File No. 000-27355 99712713).
          *
3.2.1     By-laws,  incorporated  by  reference to the registration statement on
          Form  10SB12G  filed  on  September  16,  1999 (SEC File No. 000-27355
          99712713). *
10.1.1    Haldeevskaya  Joint  Activity  Agreement  dated  August  30,  2004,
          incorporated  by reference to the registration statement on Form 10KSB
          filed  on  June  6,  2006  SEC  File  No.  000-27355  06888704).  *
10.1.2    Amendment  to  Haldeevskaya  Joint  Activity Agreement dated April 22,
          2005,  incorporated  by  reference  to  the  registration statement on
          Form  10KSB  filed on June 6, 2006 SEC File No. 000-27355 06888704). *
10.1.3    Amendment  to Haldeevskaya Joint Activity Agreement dated December 31,
          2005,  incorporated  by  reference  to  the  registration statement on
          Form  10KSB  filed on June 6, 2006 SEC File No. 000-27355 06888704). *
10.1.4    Amendment to Haldeevskaya Joint Activity Agreement dated July 7, 2006.
10.2.1    Tugoyakovka Joint Activity Agreement dated June 17, 2005, incorporated
          by  reference  to  the  registration  statement on Form 10KSB filed on
          June  6,  2006  SEC  File  No.  000-27355  06888704).  *
10.2.2    Amendment  to  Tugoyakovka Joint Activity Agreement dated December 31,
          2005,  incorporated  by  reference  to  the  registration statement on
          Form  10KSB  filed on June 6, 2006 SEC File No. 000-27355 06888704). *
10.2.3    Amendment  to Tugoyakovka Joint Activity Agreement dated July 7, 2006.
31.1      Certification  of  Chief Executive Officer and Chief Financial Officer
          pursuant  to  Section  302  of  the  Sarbanes-Oxley  Act  of  2002
32.1      Certification  of  Chief Executive Officer and Chief Financial Officer
          pursuant  to  Section  906  of  the  Sarbanes-Oxley  Act  of  2002
99.1      Corporate  Governance  Principles,  incorporated  by  reference to the
          registration  statement  on  Form  10KSB  filed  on  November  4, 2004
          SEC  File  No.  000-27355  041117794).  *

*  Previously  filed


                                       23
<PAGE>
                                   SIGNATURES

In  accordance  with the requirements of the Exchange Act, the registrant caused
this  report  to  be  signed  on  its  behalf by the undersigned, thereunto duly
authorized.

                                                 CIGMA  METALS  CORPORATION
                                                 --------------------------
                                                 Registrant

Date:  August  9,  2006                 BY: /s/  Lars  Pearl
                                                 Lars  Pearl
                                                 Director

Date:  August  9,  2006                 BY: /s/  Waldemar  Mueller
                                                 Waldemar  Mueller
                                                 Director


                                       24