----

----

| T | QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------|

| £ | TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------|

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

| c.Velazquez 150, Madrid, Spain           |   | E-28002    |
|------------------------------------------|--------|------------|
| (Address of principal executive offices) |   | (Zip Code) |

|   | (+34) 60 900 1424 |
|--------|-------------------|

|   | (Registrant’s telephone number, including area code) |
|--------|------------------------------------------------------------|

----

----

----

GM

| PART 1 – FINANCIAL INFORMATION |   |
|--------------------------------------|--------|
|                                 |   |   |   |
| Item 1.                              |   | Financial Statements |   |
|                                 |   |   |   |
|                                 |   | Interim Consolidated Balance Sheets June 30, 2009 (unaudited) and December 31, 2008 (unaudited) | 3 |
|                                 |   |   |   |
|                                 |   | Interim Consolidated Statements of Operations (unaudited) Three and Six months ended June 30, 2008 and 2009; and for the period from January 13, 1989 (Inception) to June 30, 2009 | 4 |
|                                 |   |   |   |
|                                 |   | Interim Consolidated Statements of Cash Flows (unaudited) Six months ended June 30, 2009 and 2008 and for the period from January 13, 1989 (Inception) to June 30, 2009 | 5 |
|                                 |   |   |   |
|                                 |   | Notes to Interim Consolidated Financial Statements (unaudited) | 6 |
|                                 |   |   |   |
| Item 2.                              |   | Management’s Discussion and Analysis of Financial Condition  and Results of Operations | 12 |
| Item 3.                              |   | Quantitative and Qualitative Disclosures About Market Risk | 17 |
| Item 4T.                             |   | Controls and Procedures | 17 |
|                                 |   |   |   |
| PART II – OTHER INFORMATION    |   |
|                                 |   |   |   |
| Item 1.                              |   | Legal Proceedings | 20 |
| Item 1A.                             |   | Risk Factors | 20 |
| Item 2.                              |   | Unregistered Sales of Equity Securities and Use of Proceeds | 20 |
| Item 3.                              |   | Defaults in Senior Securities | 20 |
| Item 4.                              |   | Other Information | 20 |
| Item 5.                              |   | Exhibits | 20 |
|                                 |   |   |   |
| SIGNATURES                           | 21     |

----

Table of Contents

m

| CIGMA METALS CORPORATION                                                   |   |        |       |   |        |   |
|----------------------------------------------------------------------------|--------|-------------|------------|--------|-------------|--------|
| (An exploration stage enterprise)                                          |   |        |       |   |        |   |
|                                                                       |   |        |       |   |        |   |
| Consolidated Balance Sheets                                                |   |        |       |   |        |   |
| June 30, 2009 and December 31, 2008                                        |   |        |       |   |        |   |
| (Expressed in U.S. Dollars)                                                |   |        |       |   |        |   |
|                                                                       |   | June 30     |       |   | December 31 |   |
|                                                                       |   | 2009        |       |   | 2008        |   |
|                                                                       |   | (Unaudited) |       |   |        |   |
| ASSETS                                                                     |   |        |       |   |        |   |
| Current                                                                    |   |        |       |   |        |   |
| Cash                                                                       |   | $           | 18,470     |   |        | $      | 29,247 |   |
| Available-for-sale securities                                              |   |        | 80,173     |   |        |   | 48,852 |   |
| Prepaid expenses and other assets                                          |   |        | 66,102     |   |        |   | 74,198 |   |
| Total current assets                                                       |   |        | 164,745    |   |        |   | 152,297 |   |
|                                                                       |   |        |       |   |        |   |   |   |
| Equipment, net                                                             |   |        | 99,122     |   |        |   | 135,744 |   |
| Mineral properties                                                         |   |        | 2,509,597  |   |        |   | 2,509,597 |   |
| Total assets                                                               |   |        | 2,773,464  |   |        |   | 2,797,638 |   |
|                                                                       |   |        |       |   |        |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                       |   |        |       |   |        |   |   |   |
| Current liabilities                                                        |   |        |       |   |        |   |   |   |
| Accounts payable and accrued expenses                                      |   | $           | 1,154,189  |   |        | $      | 1,232,987 |   |
| Accounts payable - related party                                           |   |        | 205,636    |   |        |   | 71,250 |   |
| Total current liabilities                                                  |   |        | 1,359,825  |   |        |   | 1,304,237 |   |
|                                                                       |   |        |       |   |        |   |   |   |
| Long-term debt                                                             |   |        | 1,034,318  |   |        |   | 772,642 |   |
| Total liabilities                                                          |   |        | 2,394,143  |   |        |   | 2,076,879 |   |
|                                                                       |   |        |       |   |        |   |   |   |
| Stockholders' Equity                                                       |   |        |       |   |        |   |   |   |
| Common stock                                                               |   |        |       |   |        |   |   |   |
| Authorized                                                                 |   |        |       |   |        |   |   |   |
| 100,000,000 common shares, par value $0.0001                               |   |        |       |   |        |   |   |   |
| Issued and outstanding:                                                    |   |        |       |   |        |   |   |   |
| 49,600,000 (2008 - 48,100,000) common shares                               |   |        | 4,960      |   |        |   | 4,810 |   |
| Additional paid in capital                                                 |   |        | 9,973,351  |   |        |   | 9,723,477 |   |
| Common stock to be issued 1,333,333 (2008 – 1,583,334 common shares) |   |        | 133        |   |        |   | 158 |   |
| Accumulated deficit during the development stage                           |   |        | (9,228,761 | )      |        |   | (8,901,588 | ) |
| Accumulated other comprehensive income (loss)                              |   |        | (370,362   | )      |        |   | (106,098 | ) |
| Stockholders' equity                                                       |   |        | 379,321    |   |        |   | 720,759 |   |
| Total liabilities and stockholders' equity                                 |   | $           | 2,773,464  |   |        | $      | 2,797,638 |   |

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Table of Contents

| CIGMA METALS CORPORATION                                            |   |             |       |   |         |   |       |         |   |   |       |   |   |       |       |
|---------------------------------------------------------------------|--------|------------------|------------|--------|--------------|--------|------------|--------------|--------|--------|------------|--------|--------|------------|------------|
| (An exploration stage enterprise)                                   |   |             |       |   |         |   |       |         |   |   |       |   |   |       |       |
| 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      |       |
|                                                                |   | June 30          |       |   | June 30      |   |       | June 30      |   |   | June 30    |   |   | June 30    |       |
|                                                                |   | 2009             |       |   | 2009         |   |       | 2008         |   |   | 2009       |   |   | 2008       |       |
| Expenses                                                            |   |             |       |   |         |   |       |         |   |   |       |   |   |       |       |
| Administrative and general                                          |   | $                | 888,494    |   |         | $      | 63,399     |         |   | $      | 1,057,410  |   |   | $          | 185,561    |   |   | $ | 1,118,632 |   |
| Exploration costs                                                   |   |             |       |   |         |   |       |         |   |   |       |   |   |       |       |   |   |   |   |   |
| - HaldeyGold Project - partnership                                  |   |             | 796,261    |   |         |   | -          |         |   |   | -          |   |   |       | -          |   |   |   | - |   |
| - HaldeyGold Project - other                                        |   |             | 185,126    |   |         |   | -          |         |   |   | -          |   |   |       | -          |   |   |   | - |   |
| - Tugojakovsk Project                                               |   |             | 453,821    |   |         |   | -          |         |   |   | -          |   |   |       | -          |   |   |   | - |   |
| - Kazakhstan                                                        |   |             | 4,359,878  |   |         |   | -          |         |   |   | 363,733    |   |   |       | 6,000      |   |   |   | 500,147 |   |
| Interest, bank charges and foreign currency Exchange (gains) losses |   |             | 29,097     |   |         |   | 619        |         |   |   | 1,604      |   |   |       | 1,337      |   |   |   | 3,666 |   |
| Professional fees                                                   |   |             | 644,631    |   |         |   | 4,012      |         |   |   | 32,100     |   |   |       | 20,617     |   |   |   | 39,251 |   |
| Property investigation costs                                        |   |             | 119,717    |   |         |   | -          |         |   |   | -          |   |   |       | -          |   |   |   | - |   |
| Management and consulting fees                                      |   |             | 1,769,446  |   |         |   | 51,491     |         |   |   | 95,706     |   |   |       | 113,658    |   |   |   | 216,061 |   |
| Loss before other items                                             |   |             | 9,246,471  |   |         |   | 119,521    |         |   |   | 1,550,553  |   |   |       | 327,173    |   |   |   | 1,877,757 |   |
| Other income (loss)                                                 |   |             |       |   |         |   |       |         |   |   |       |   |   |       |       |   |   |   |   |   |
| Writedown of available-for-sale securities                          |   |             | (148,180   | )      |         |   | -          |         |   |   | -          |   |   |       | -          |   |   |   | - |   |
| Writedown of investment in partnership interest                     |   |             | (190,601   | )      |         |   | -          |         |   |   | -          |   |   |       | -          |   |   |   | - |   |
| Gain (loss) on sale of assets                                       |   |             | (12,342    | )      |         |   | -          |         |   |   | -          |   |   |       | -          |   |   |   | - |   |
| Interest income                                                     |   |             | 238,094    |   |         |   | -          |         |   |   | 548        |   |   |       | -          |   |   |   | 4,998 |   |
| Total other income (loss)                                           |   |             | (113,029   | )      |         |   | -          |         |   |   | 548        |   |   |       | -          |   |   |   | 4,998 |   |
| Net loss before non-controlling interest                            |   |             | (9,359,500 | )      |         |   | (119,521   | )            |   |   | (1,550,005 | )      |   |       | (327,173   | ) |   |   | (1,872,759 | ) |
| Non-controlling interest                                            |   |             | 130,739    |   |         |   | -          |         |   |   | -          |   |   |       | -          |   |   |   | - |   |
| Net income (loss) for the period                                    |   | $                | (9,228,761 | )      |         | $      | (119,521   | )            |   | $      | (1,550,005 | )      |   | $          | (327,173   | ) |   | $ | (1,872,759 | ) |
| Basic and diluted loss per share                                    |   |             |       |   |         | $      | (0.00      | )            |   | $      | (0.03      | )      |   | $          | (0.01      | ) |   | $ | (0.05 | ) |
| Weighted average number of common shares outstanding                |   |             |       |   |         |   | 49,600,000 |         |   |   | 46,500,000 |   |   |       | 49,075,000 |   |   |   | 40,071,271 |   |

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| CIGMA METALS CORPORATION                                                   |   |             |       |   |       |   |     |       |   |
|----------------------------------------------------------------------------|--------|------------------|------------|--------|------------|--------|----------|------------|--------|
| (An exploration stage enterprise)                                          |   |             |       |   |       |   |     |       |   |
|                                                                       |   |             |       |   |       |   |     |       |   |
| Consolidated Statements of Cash Flows                                      |   |             |       |   |       |   |     |       |   |
| (Expressed in U.S. Dollars)                                                |   | Cumulative       |       |   |       |   |     |       |   |
| (Unaudited)                                                                |   | January 13       |       |   | Six months |   |     | Six months |   |
|                                                                       |   | 1989 (inception) |       |   | Ended      |   |     | Ended      |   |
|                                                                       |   | to June 30,      |       |   | June 30    |   |     | June 30    |   |
|                                                                       |   | 2009             |       |   | 2009       |   |     | 2008       |   |
| Cash flows used in operating activities                                    |   |             |       |   |       |   |     |       |   |
| Net loss for the period                                                    |   | $                | (9,228,761 | )      |       | $      | (327,173 | )          |   | $ | (1,872,759 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities |   |             |       |   |       |   |     |       |   |   |   |   |
| - depreciation                                                             |   |             | 41,694     |   |       |   | 10,977   |       |   |   | 10,667 |   |
| - stock compensation expense on stock option grants                        |   |             | 366,844    |   |       |   | -        |       |   |   | - |   |
| - issuance of common stock for mineral property rights                     |   |             | 600        |   |       |   | -        |       |   |   | - |   |
| - expenses satisfied with issuance of common stock                         |   |             | 211,000    |   |       |   | -        |       |   |   | 114,000 |   |
| - partnership exploration costs                                            |   |             | 1,125,711  |   |       |   | -        |       |   |   | - |   |
| - writedown of investment in partnership interest                          |   |             | 190,601    |   |       |   | -        |       |   |   | - |   |
| - writedown of available for sale securities                               |   |             | 148,180    |   |       |   | -        |       |   |   | - |   |
| - minority interest in income (loss) of subsidiary                         |   |             | (130,739   | )      |       |   | -        |       |   |   | - |   |
| - realized loss on sale of equipment                                       |   |             | 12,342     |   |       |   | -        |       |   |   | - |   |
| Changes in working capital assets and liabilities                          |   |             |       |   |       |   |     |       |   |   |   |   |
| - decrease (increase) in prepaid expenses and other assets                 |   |             | (67,139    | )      |       |   | 7,625    |       |   |   | (48,694 | ) |
| - increase (decrease) in accounts payable and accrued expenses             |   |             | 1,145,278  |   |       |   | (86,376  | )          |   |   | 237,512 |   |
| - increase (decrease) in accounts payable related party                    |   |             | 205,636    |   |       |   | 134,386  |       |   |   | - |   |
| Net cash used in operating activities                                      |   |             | (5,978,753 | )      |       |   | (260,561 | )          |   |   | (1,559,274 | ) |
| Cash flows used in investing activities                                    |   |             |       |   |       |   |     |       |   |   |   |   |
| - purchase equipment                                                       |   |             | (216,433   | )      |       |   | -        |       |   |   | (4,761 | ) |
| - proceeds from sale of equipment                                          |   |             | 35,717     |   |       |   | -        |       |   |   | - |   |
| - investment in available-for-sale securities                              |   |             | (329,977   | )      |       |   | -        |       |   |   | - |   |
| - investment in partnership interest                                       |   |             | (1,316,312 | )      |       |   | -        |       |   |   | - |   |
| - acquisition of mineral property costs                                    |   |             | (2,400,000 | )      |       |   | -        |       |   |   | (360,152 | ) |
| Net cash used in investing activities                                      |   |             | (4,227,005 | )      |       |   | -        |       |   |   | (364,913 | ) |
| Cash flows from financing activities                                       |   |             |       |   |       |   |     |       |   |   |   |   |
| - issuance of common stock                                                 |   |             | 9,420,000  |   |       |   | 250,000  |       |   |   | 1,950,000 |   |
| - loan proceeds                                                            |   |             | 1,267,060  |   |       |   | 106,805  |       |   |   | - |   |
| - loan payments                                                            |   |             | (402,220   | )      |       |   | -        |       |   |   | (401,744 | ) |
| Net cash provided by financing activities                                  |   |             | 10,284,840 |   |       |   | 356,805  |       |   |   | 1,548,256 |   |
| Effect of exchange rate changes on cash and cash equivalents               |   |             | (60,612    | )      |       |   | (107,021 | )          |   |   | 93,350 |   |
| Increase in cash and cash equivalents                                      |   |             | 18,470     |   |       |   | (10,776  | )          |   |   | (282,581 | ) |
| Cash and cash equivalents, beginning of period                             |   |             | -          |   |       |   | 29,247   |       |   |   | 1,148,702 |   |
| Cash and cash equivalents, end of period                                   |   | $                | 18,470     |   |       | $      | 18,470   |       |   | $ | 866,121 |   |

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ot

| 1. | Nature of Business and Going Concern |
|----|--------------------------------------|

| 2. | Significant Accounting Policies |
|----|---------------------------------|

|   | (a) | Principles of Accounting |
|--------|-----|--------------------------|

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Table of Contents

| 2. | Significant Accounting Policies   (continued) |
|----|--------------------------------------------------------------|

|   | (b) | Accounting Estimates |
|--------|-----|----------------------|

|   | (c) | Cash Equivalents |
|--------|-----|------------------|

|   | (d) | Marketable Securities |
|--------|-----|-----------------------|

| Description                                    |   | Fair Value at June 30, 2009 |   |   | Quoted Prices in Active Markets (Level 1) |   |
|------------------------------------------------|--------|----------------------------------|--------|--------|-------------------------------------------|--------|
| Assets:                                        |   |                             |   |   |                                      |   |
| Cash                                           |   | $                                | 18,470 |   |                                      | $      | 18,470 |   |
| Available-for-sale securities                  |   |                             | 80,173 |   |                                      |   | 80,173 |   |
| Assets measured at fair value at June 30, 2009 |   | $                                | 98,643 |   |                                      | $      | 98,643 |   |

| Description                                        |   | Fair Value at December 31, 2008 |   |   | Quoted Prices in Active Markets (Level 1) |   |
|----------------------------------------------------|--------|--------------------------------------|--------|--------|-------------------------------------------|--------|
| Assets:                                            |   |                                 |   |   |                                      |   |
| Cash                                               |   | $                                    | 29,247 |   |                                      | $      | 29,247 |   |
| Available-for-sale securities                      |   |                                 | 48,852 |   |                                      |   | 48,852 |   |
| Assets measured at fair value at December 31, 2008 |   | $                                    | 78,099 |   |                                      | $      | 78,099 |   |

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Table of Contents

| 2. | Significant Accounting Policies   (continued) |
|----|--------------------------------------------------------------|

|   | (e) | Equipment |
|--------|-----|-----------|

| Vehicles                                 | 10 years     |
|------------------------------------------|--------------|
| Office equipment, furniture and fixtures | 2 to 5 years |

|   | (f) | Mineral Properties and Exploration Expenses |
|--------|-----|---------------------------------------------|

|   | (g) | Share-Based Payment |
|--------|-----|---------------------|

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Table of Contents

| 2. | Significant Accounting Policies   (continued) |
|----|--------------------------------------------------------------|

|   | (h) | Foreign Currency Translations and Transactions |
|--------|-----|------------------------------------------------|

|   | (i) | Concentration of Credit Risk |
|--------|-----|------------------------------|

|   | (j) | Long-Lived Assets Impairment |
|--------|-----|------------------------------|

|   | (k) | Comprehensive income |
|--------|-----|----------------------|

| Components of comprehensive loss                         |   | June 30,2009 |     |   | December 31, 2008 |   |
|----------------------------------------------------------|--------|--------------|----------|--------|-------------------|--------|
| Net loss for the period                                  |   | $            | (327,173 | )      |              | $      | (3,482,650 | ) |
| Foreign currency translation adjustments                 |   |         | (295,585 | )      |              |   | 18,746 |   |
| Unrealized gains (loss) on available-for-sale securities |   |         | 31,321   |   |              |   | (43,593 | ) |
| Total comprehensive loss                                 |   | $            | (591,437 | )      |              | $      | (3,507,497 | ) |

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Table of Contents

| 2. | Significant Accounting Policies   (continued) |
|----|--------------------------------------------------------------|

|   | (l) | Fair Value of Financial Instruments and Risks |
|--------|-----|-----------------------------------------------|

|   | (m) | Income Taxes |
|--------|-----|--------------|

|   | (n) | Earnings (Loss) Per Share |
|--------|-----|---------------------------|

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Table of Contents

| 3. | Equipment |
|----|-----------|

|                     |   | June 30,2009 |    |   | December 31,2008 |   |
|--------------------------|--------|--------------|---------|--------|------------------|--------|
| Fixed assets             |   | $            | 133,384 |   |             | $      | 164,961 |   |
| Other intangible assets  |   |         | 1,211   |   |             |   | 1,500 |   |
|                     |   |         | 134,595 |   |             |   | 166,461 |   |
| Accumulated depreciation |   |         | (35,474 | )      |             |   | (30,717 | ) |
|                     |   | $            | 99,121  |   |             | $      | 135,744 |   |

| 4. | Loan Payable |
|----|--------------|

| 5. | Available-for-sale securities |
|----|-------------------------------|

|                                 |   |   |    |   | Gross      |   |   | Gross      |   |   | Net Accumulated |   |   |   |     |
|--------------------------------------|--------|--------|---------|--------|------------|--------|--------|------------|--------|--------|-----------------|--------|--------|--------|----------|
|                                 |   |   |    |   | Unrealized |   |   | Unrealized |   |   | Unrecognized    |   |   | Market |     |
|                                 |   | Cost   |    |   | Gains      |   |   | (Losses)   |   |   | Gains (Losses)  |   |   | Value  |     |
|                                 |   | $      |    |   | $          |   |   | $          |   |   | $               |   |   | $      |     |
|                                 |   |   |    |   |       |   |   |       |   |   |            |   |   |   |     |   |   |   |   |   |
| December 31, 2007, equity securities |   |   | 181,797 |   |       |   | 36,504 |       |   |   | (125,856        | )      |   |   | (89,352  | ) |   |   | 92,445 |   |
| Change during the year               |   |   | -       |   |       |   | 9,821  |       |   |   | (53,414         | )      |   |   | (43,593  | ) |   |   | (43,593 | ) |
| December 31, 2008, equity securities |   |   | 181,797 |   |       |   | 46,325 |       |   |   | (179,270        | )      |   |   | (132,945 | ) |   |   | 48,852 |   |
| Change during the year               |   |   | -       |   |       |   | 32,696 |       |   |   | (1,375          | )      |   |   | 31,321   |   |   |   | 31,321 |   |
| June 30, 2009, equity securities     |   |   | 181,797 |   |       |   | 79,021 |       |   |   | (180,645        | )      |   |   | (101,624 | ) |   |   | 80,173 |   |

| 6. | Common stock |
|----|--------------|

| 7. | Share Purchase Warrants |
|----|-------------------------|

|                       |   | Number of warrants to Purchase shares |       |   | WeightedAverage Exercise Price |   |
|----------------------------|--------|---------------------------------------|------------|--------|--------------------------------|--------|
| Balance, December 31, 2007 |   |                                  | 8,000,000  |   |                           | $      | 0.713 |   |
| Warrants granted in 2008   |   |                                  | -          |   |                           |   | - |   |
| Warrants expire in 2008    |   |                                  | (8,000,000 | )      |                           | $      | 0.713 |   |
| Balance, December 31, 2008 |   |                                  | -          |   |                           |   | - |   |
| Balance, June 30, 2009     |   |                                  | -          |   |                           |   | - |   |

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Table of Contents

| 8. | Related Party Transactions |
|----|----------------------------|

|   | a. | During the six months ended June 30, 2009 Consulting Fees of $90,000 (six months ended June 30, 2008 - $152,013) were incurred by the Company. 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 parties at June 30, 2009 is $205,636 (December 31, 2008 - $71,250) payable to directors of the Company and its subsidiary for consulting fees and various expenses incurred on behalf of the Company. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

|   | (A) | General |
|--------|-----|---------|

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|   | (B) | Significant developments during the six months  ended June 30, 2009 and Subsequent Events |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (C) | Exploration and Development |
|--------|-----|-----------------------------|

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Table of Contents

|   | Tugojakovsk License |
|--------|---------------------|

|   | The Tugojakovsk exploration license covers an area of 164 km2 and is located 25 kilometers SE from the regional centre of Tomsk via paved highway. An excellent infrastructure is in place including excellent sealed roads, close access to railheads and the infrastructure associated with the regional centre of Tomsk. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The geology of Tugojakovsk area is represented by the sedimentary rock formations of Carboniferous age composed of carbonaceous shales, siltstones and sandstones united under the common term "black shale". The rocks are deformed into linear folds and cut by the series of longitudinal, lateral and diagonal faults. The dolerite and monzonite dikes intrude Palaeozoic rocks forming a series of dike zones controlling quartz stock works with gold mineralization. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 mineralized carbonaceous shales. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Republic of Kazakhstan |
|--------|------------------------|

|   | Dostyk Area, Pavlodar Oblast |
|--------|------------------------------|

|   | The Company through its wholly owned subsidiary Dostyk Ltd holds high potential Maykubinsk exploration and mining license located in Pavlodar Oblast Region in Kazakhstan and two mineral exploration licenses in the Tomsk Oblast Region, of the Russian Federation. In 2007 the Company was focused on exploration on Maykubinsk license in Kazakhstan due to advanced exploration stage of this area and high potential to discovery large-scale gold-copper porphyry deposits.  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 region’s economy of Central Kazakhstan is predicated on mining, power generation and agriculture. Mining consists of giant coal mining at Karaganda, Ekibastuz and Maikube, mining of polymetallic, gold-rich volcanogenic massive sulphide deposits at Abyz, Maikain, Alpys and Souvenir. Roads and trails criss-cross the region to serve the agriculture and mining areas. Numerous high-tension power lines radiate out of several power generation stations in Ekibastuz to serve Kazakhstan and for power export to Russia. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Regional Geology and mineralization |
|--------|-------------------------------------|

|   | Central Kazakhstan geological structure is represented by strong folded and dislocated Cambrian-Ordovician submarine volcanic and sedimentary rocks, covered by Silurian-Devonian sediments and Devonian felsitic volcanic suites with a whole series of stocks, dikes and sills of various ages. Late Paleozoic rocks are represented by Carboniferous and Jurassic marine and continental suites. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | Mineral deposits are related in time and space to the various lithologies: |
|--------|----------------------------------------------------------------------------|

|   | Gold-rich volcanogenic massive sulphide (VMS) deposits associated with Ordovician submarine volcanic rocks. |
|--------|-------------------------------------------------------------------------------------------------------------|

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|   | Porphyry gold-copper deposits associated with altered sub-volcanic dioritic intrusives presumable of Ordovician age. |
|--------|----------------------------------------------------------------------------------------------------------------------|

|   | Epithermal gold deposits associated with quartz veins and quartz-sulphide stockworks in Ordovician, Devonian and Permian intrusives of diorite to granite composition. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Lead-zinc mineralization associated with Silurian-Devonian siltstone and carbonate beds. |
|--------|------------------------------------------------------------------------------------------|

|   | Coal deposits associated with Carboniferous marine and deltaic sedimentary rocks. |
|--------|-----------------------------------------------------------------------------------|

|   | Titanium and zirconium-rich sands in Late Carboniferous beach sands. |
|--------|----------------------------------------------------------------------|

|   | Bauxite and nickel laterite deposits formed from modern weathering of Paleozoic limestones and Cambrian ultramafic rocks. |
|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | License and Contract commitments |
|--------|----------------------------------|

|   | License #785 of Central Kazakhstan area dated January 8, 1996 and Subsoil Contract # 759, dated Oct 11, 2001 belongs to Dostyk Ltd. Contract is valid until Jan 8, 2021. Exploration period expires on Dec 31, 2009. Dostyk has currently submitted to Kazakh Government an application for exploration extension till Dec 2011. The area of contract territory is at the present 2,774 sq km. The contract territory will be returned to the State by December 2011 except areas, which Dostyk would claim as commercial discoveries i.e. those prospects on which Kazakh style resources of C1-C2 categories would be proved. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Exploration Works 2009 |
|--------|------------------------|

|   | Due to the lack of funding in the second quarter of 2009, no exploration work was undertaken. |
|--------|-----------------------------------------------------------------------------------------------|

|   | (D) | Results of Operations |
|--------|-----|-----------------------|

|   | (E) | Capital Resources and Liquidity |
|--------|-----|---------------------------------|

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|   | (F) | Plans for Year 2009 |
|--------|-----|---------------------|

| Exploration Budget 2009                    |   |        |   |   |                          |   |    |   |   |   |   |   |
|--------------------------------------------|--------|-------------|--------|--------|-------------------------------|--------|---------|--------|--------|--------|--------|--------|
|                                       |   | 2009 budget |   |   | 2009 completed till September |   |
|                                       |   | Volume      |   |   | USD                           |   |    | Volume |   |   | USD    |   |
| Drilling (m)                               |   |        | 5,000  |   |                          |   | 486,500 |   |   |   | 300    |   |   |   | 21,197 |   |
| Samples processing & Assays (sample)   |   |        | 6,000  |   |                          |   | 83,197  |   |   |   | 3,650  |   |   |   | 80,333 |   |
| Metallurgical tests (sample)               |   |        | 3      |   |                          |   | 51,000  |   |   |   | 1      |   |   |   | 17,251 |   |
| Geophysical surveys ($)                    |   |        |   |   |                          |   | 15,000  |   |   |   |   |   |   |   | 7,515 |   |
| Data processing                            |   |        |   |   |                          |   | 118,500 |   |   |   |   |   |   |   | 21,851 |   |
| Consulting services, wages, administration |   |        |   |   |                          |   | 105,395 |   |   |   |   |   |   |   | 35,703 |   |
| TOTAL                                      |   |        |   |   |                          |   | 859,592 |   |   |   |   |   |   |   | 183,850 |   |

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|   | (G) | Application of Critical Accounting Policies |
|--------|-----|---------------------------------------------|

|   | (H) | Off-balance Sheet Arrangements and Contractual Obligations |
|--------|-----|------------------------------------------------------------|

| Item 3. | Qualitative and Quantitative Disclosures About Market Risk |
|---------|------------------------------------------------------------|

| Item 4T. | Controls and Procedures |
|----------|-------------------------|

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|   | Evaluation of disclosure controls and procedures |
|--------|--------------------------------------------------|

|   | We evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Interim Report on Form 10-Q. Disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act, such as this Interim Report on Form 10-Q is recorded, processed, summarized and reported within the time periods specified by the SEC. Disclosure controls are also designed to ensure that such information is accumulated and communicated to our management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Based on the evaluation, our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our “disclosure controls and procedures” (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), have concluded that, subject to the inherent limitations noted in this Part II, Item 4, as of June 30, 2009, our disclosure controls and procedures were not effective due to the existence of several material weaknesses in our internal control over financial reporting, as discussed below. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Limitations on Effectiveness of Controls |
|--------|------------------------------------------|

|   | Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additional controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Material Weaknesses Identified |
|--------|--------------------------------|

|   | In connection with the preparation of our consolidated financial statements for the period ended June 30, 2009, certain significant deficiencies in internal control became evident to management that represent material weaknesses, including, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | Lack of a sufficient number of independent directors for our board and audit committee.  We currently only have one independent director on our board, which is comprised of two directors, and on our audit committee, which is comprised of two directors. As a publicly-traded company, we should strive to have a majority of our board of directors be independent. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | Lack of an independent financial expert on our audit committee.  We currently do not have an independent audit committee financial expert on our audit committee as defined by the SEC.  Pursuant to Section 407, we are required to disclose whether we have at least one "audit committee financial expert" on our audit committee in addition to whether the expert is independent of management. Since we do not have an independent audit committee financial expert, we have disclosed this fact; however, it is still the expectation that we obtain a financial expert on our audit committee. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | Insufficient segregation of duties in our finance and accounting functions due to limited personnel.  During the period ended June 30, 2009, we had one person on staff at our executive office and two persons at our Kazakhstan office that performed nearly all aspects of our financial reporting process, including, but not limited to, access to the underlying accounting records and systems, the ability to post and record journal entries and responsibility for the   preparation of the financial statements.  This creates certain incompatible duties and a lack of review over the financial reporting process that would likely result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC.  These control deficiencies could result in a material misstatement to our interim or annual consolidated financial statements that would not be prevented or detected. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (iv) | Insufficient corporate governance policies.  Although we have a code of ethics which provides broad guidelines for corporate governance, our corporate governance activities and processes are not always formally documented.  Specifically, decisions made by the board to be carried out by management should be documented and communicated on a timely basis to reduce the likelihood of any misunderstandings regarding key decisions affecting our operations and management. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We continue to recruit one or more additional independent board members to join our board of directors.  We continue to recruit at least one additional financial expert to join as an independent board member and as an audit committee member. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | In addition, we will continue to update the documentation of our internal control processes, including formal risk assessment of our financial reporting processes. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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RT 

| Item 1. | Legal Proceedings |
|---------|-------------------|

| Item 1A. | Risk Factors |
|----------|--------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|

| Item 3. | Defaults in Senior Securities |
|---------|-------------------------------|

| Item 4. | Other Information |
|---------|-------------------|

| Item 5. | Exhibits |
|---------|----------|

| 3.1.1 | Certificate of Incorporation incorporated by reference to the registration statement on Form 10SB 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 Form 10SB12G filed on September 16, 1999 (SEC File No. 000-27355 99712713).* |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.1 | By-laws incorporated by reference to the 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 Form 10-KSB 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 Form 10-KSB 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 Form 10-KSB filed on June 6, 2006 (SEC File No. 000-27355-06888704). * |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.4 | Amendment to Haldeevskaya Joint Activity Agreement dated July 7, 2006, incorporated by reference to the Form 10-QSB filed on August 14, 2006 (SEC File No. 000-27355-061028644). * |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.1 | Tugoyakovka Joint Activity Agreement dated June 17, 2005, incorporated by reference to the Form 10-KSB 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 Form 10-KSB filed on June 6, 2006 (SEC File No. 000-27355-06888704). * |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.3 | Amendment to Tugoyakovka Joint Activity Agreement dated July 7, 2006, incorporated by reference to the Form 10-QSB filed on August 14, 2006 (SEC File No. 000-27355-061028644). * |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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). * |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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G

|                           |   |   | Cigma Metals Corporation |
|--------------------------------|--------|--------|--------------------------|
|                           |   |   | Registrant               |
|                           |   |   |                     |   |
| Date:  March 9, 2010 |   |   | BY:                 | /s/ Agustin Gomez de Segura |
|                           |   |   |                     | Agustin Gomez de Segura |
|                           |   |   |                     | Director |
|                           |   |   |                     |   |
| Date:  March 9, 2010 |   |   | BY:                      | /s/ Waldemar Mueller |
|                           |   |   |                     | Waldemar Mueller |
|                           |   |   |                     | Director |

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