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  September  30,  2004
                                         --------------------

[ ]  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  of                (IRS Employer
incorporation or organization)                     Identification  No.)


PO  BOX  73529,  1014  Robson  Street,  Vancouver,  B.C.,  Canada  V6E  4L9
---------------------------------------------------------------------------
(Address  of  principal  executive  offices)

(604)  687-4701
---------------
(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  [  ]

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: 14,000,000 shares of Common Stock
were  outstanding  as  of  November  22,  2004.

Transitional  Small  Business  Disclosure  Format  (check  one);

YES  [  ]  NO  [X]


<PAGE>
                            CIGMA METALS CORPORATION

This quarterly report contains statements that plan for or anticipate the future
and  are  not  historical facts. In this Report these forward looking statements
are  generally  identified  by  words  such  as "anticipate," "plan," "believe,"
"expect,"  "estimate,"  and the like. Because forward looking statements involve
future  risks  and  uncertainties,  these  are  factors  that could cause actual
results  to  differ  materially  from  the  estimated  results.  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."

The  Private  Securities  Litigation  Reform Act of 1995, which provides a "safe
harbor"  for  such  statements,  may  not  apply  to  this  Report.


                                      INDEX

                                                                        Page No.
PART  I.     Financial  Information

Item  1.     Financial  Statements
               Balance  Sheets  --                                         3
               September  30,  2004  and  December  31,  2003

               Statements  of  Operations  --                              4
               Nine  months  Ended  September  30,  2004

               Statements  of  Cash  Flows  --                             5
               Nine  months  Ended  September  30,  2004

               Notes  to  Consolidated  Financial  Statements              6

Item  2.     Management's  Discussion  and  Analysis  of
               Financial  Condition  and  Results  of  Operations          9

Item  3.     Controls  and  Procedures                                    12

PART  II.     Other  Information

Item  1.     Legal  Proceedings                                           12

Item  2.     Changes  in  Securities                                      12

Item  3.     Defaults  Upon  Senior  Securities                           12

Item  4.     Submission  of  Matters  to  a  Vote  of  Security  Holders  12

Item  5.     Other  Information                                           13

Item  6.     Exhibits  and  Reports  on  Form  8-K                        13

Signatures                                                                13


                                        2
<PAGE>
<TABLE>
<CAPTION>

CIGMA  METALS  CORPORATION  &  SUBSIDIARIES
(An  exploration  stage  enterprise)

Consolidated  Balance  Sheets  (Unaudited)
September  30,  2004  and  December  31,  2003
(Expressed  in  U.S.  Dollars)
--------------------------------------------------------------------------------
                                                    September 30    December 31
                                                            2004           2003
--------------------------------------------------------------------------------
<S>                                                <C>             <C>
ASSETS

Current
  Cash                                             $     774,550   $        103
  Available-for-sale securities                          217,085        279,124
--------------------------------------------------------------------------------
Total current assets                                     991,635        279,227

Mineral properties and exploration licences                    -              -
--------------------------------------------------------------------------------
Total assets                                       $     991,635   $    279,227
--------------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current liabilities
  Accounts payable and accrued liabilities         $      51,961   $     46,738
--------------------------------------------------------------------------------

Stockholders' Equity

Share capital,
  Authorized
    100,000,000 common shares, par value $0.0001
  Issued and outstanding:
    14,000,000 (2003 - 14,000,000) common shares           1,400          1,400
Additional paid in capital                               700,200        700,200
Common stock to be issued                              1,000,000              -
Accumulated deficit during the development stage        (649,034)      (418,258)
Accumulated other comprehensive income (loss)           (112,892)       (50,853)
--------------------------------------------------------------------------------
Total stockholders' equity                               939,674        232,489
--------------------------------------------------------------------------------

Total liabilities and stockholders' equity         $     991,635   $    279,227
================================================================================
<FN>
The  accompanying  notes  are  an  integral  part of these financial statements.
</TABLE>


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

Consolidated  Statements  of  Operations  (Unaudited)
(Expressed  in  U.S.  Dollars)

--------------------------------------------------------------------------------------------------------------------------
                                                 January 13   Three months    Three months     Nine months    Nine months
                                            1989 (inception)         Ended           Ended           Ended          Ended
                                            to September 30   September 30    September 30    September 30   September 30
                                                       2004           2004            2003            2004           2003
--------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>             <C>             <C>             <C>             <C>

General and administrative expenses
  Administrative and general                 $     130,629   $      21,054   $       2,073   $      35,061   $      3,592
  Foreign exchange (gain) loss                         721             721               -             721              -
  Interest expense                                   1,881             307              19             538             72
  Professional fees - accounting and legal         147,561          42,605            (710)         43,538            500
  Salaries and consulting fees                     218,254          21,734           1,600          31,467          3,200
  Property search and negotiation                   32,146           8,686               -          32,146              -
--------------------------------------------------------------------------------------------------------------------------
                                                   531,192          95,107           2,982         143,471          7,364
Exploration expenses                               153,042          32,897               -          89,617              -
--------------------------------------------------------------------------------------------------------------------------
Total expenses                                     684,234         128,004           2,982         233,088          7,364
--------------------------------------------------------------------------------------------------------------------------

Other income
  Interest income                                   35,200           1,829               -           2,312              -
--------------------------------------------------------------------------------------------------------------------------
Net (loss) for the period                    $    (649,034)  $    (126,175)  $      (2,982)  $    (230,776)  $     (7,364)
==========================================================================================================================

Loss per share                                               $       (0.01)  $       (0.00)  $       (0.02)  $      (0.00)
==========================================================================================================================

Weighted average shares outstanding                             14,000,000      14,000,000      14,000,000     14,000,000
==========================================================================================================================
<FN>
The  accompanying  notes  are  an  integral  part  of  these  financial  statements.
</TABLE>


                                        4
<PAGE>
<TABLE>
<CAPTION>

CIGMA  METALS  CORPORATION  AND  SUBSIDIARIES
(An  exploration  stage  enterprise)

Consolidated  Statement  of  Cash  Flows  (Unaudited)
(Expressed  in  U.S.  Dollars)
----------------------------------------------------------------------------------------------------
                                                           January 13     Nine months    Nine months
                                                     1989 (inception)           Ended          Ended
                                                      to September 30    September 30   September 30
                                                                 2004            2004           2003
----------------------------------------------------------------------------------------------------
<S>                                                    <C>             <C>             <C>
Cash flows from (used in) operating activities         $    (649,034)  $    (230,776)  $     (7,364)
  Adjustments to reconcile net loss to net cash used
  In operating activities
  - issuance of common stock for                                   -
    mineral properties                                           600               -              -
    services rendered                                          1,000               -              -
  Changes in assets and liabilities:
  - decrease (increase) in receivables                      (179,992)              -              -
  - increase(decrease) in accounts payable                    51,961           5,223          7,478
----------------------------------------------------------------------------------------------------
Net cash used in operating activities                       (775,465)       (225,553)           114
----------------------------------------------------------------------------------------------------

Cash flows from (used in) investing activities
  Purchase of available for sale securities                 (149,985)              -              -
  Purchase of property plant and equipment                         -               -              -
----------------------------------------------------------------------------------------------------
Net cash used in investing activities                       (149,985)              -              -
----------------------------------------------------------------------------------------------------

Cash flows from financing activities
  Proceeds from issuance of common stock                   1,700,000       1,000,000              -
----------------------------------------------------------------------------------------------------
Net cash from financing activities                         1,700,000       1,000,000              -
----------------------------------------------------------------------------------------------------

Increase (decrease) in cash for the period                   774,550         774,447            114
Cash and cash equivalents, beginning of period                     -             103             83
----------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period               $     774,550   $     774,550   $        197
====================================================================================================
<FN>
The  accompanying  notes  are  an  integral  part  of  these  financial  statements.
</TABLE>


                                        5
<PAGE>
Notes  to  Interim  Consolidated  Financial  Statements  (Unaudited)
--------------------------------------------------------------------

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  has  not  yet  determined  whether  its
     properties  contain  mineral reserves that may be economically recoverable.

     These  financial statements have been prepared in accordance with generally
     accepted  accounting  principles  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 mineral properties either directly or
     through  the acquisition of operating entities. 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 incurred
     recurring  operating  losses  and  requires  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.

     The  Company  has  not  generated  any  operating  revenues  to  date.

2.   Basis  of  Presentation

     The  accompanying  unaudited  condensed  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  nine  month  period  ended  September  30,  2004 are not
     necessarily  indicative  of  the  results that may be expected for the year
     ended  December  31,  2004.

     The  balance  sheet  at December 31, 2003 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, 2003 should be
     reviewed  in  connection  with  these  condensed  consolidated  financial
     statements.

3.   Significant  Accounting  Policies

(a)  Accounting  Estimates

     The  preparation  of  financial  statements  in  conformity  with generally
     accepted  accounting  principles  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  reporting  period.  Actual  results  could  differ  from those
     estimates  and  assumptions.


                                        6
<PAGE>
(b)  Materials  and  Supplies

     Materials  and  supplies  are stated at the lower of cost or net realizable
     value. Cost is determined using the first-in, first-out method and comprise
     of  fuel, spare parts and other materials used for the exploration process.

(c)  Plant  and  Equipment

     Plant  and  equipment  are  carried  at cost less accumulated depreciation.
     Depreciation  of  plant  and equipment is computed on a straight-line basis
     over  their expected useful lives. Depreciation is applied to them from the
     month  in  which  they  are  acquired.

(d)  Mineral  Properties  and  Exploration  Expenses

     Exploration  costs  are  charged  to operations as incurred until such time
     that  proven  reserves  are discovered. 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 at September 30, 2004 and December 31, 2003, the Company did
     not  have  proven  reserves.

     Costs  of  initial  acquisition  of  mineral  rights  and  concessions  are
     capitalized  until  the  properties  are  abandoned  or  the right expires.

     Exploration  activities  conducted jointly with others are reflected at the
     Company's  proportionate  interest  in  such  activities.

     Costs related to site restoration programs are accrued over the life of the
     project.

(e)  Stock-Based  Compensation

     The Company has adopted the fair value method of accounting for stock-based
     compensation  as  recommended  by  the  Statement  of  Financial Accounting
     Standards  No.  123  (SFAS  123),  Accounting for Stock-based Compensation.

     The adoption of SFAS 123 does not have an impact on the Company's financial
     statements.

     The  Company  did  not  grant  any  stock  options  during  the  period.

(f)  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  loss,  unless  a  permanent  impairment  in value has
     occurred,  which  is  then charged to operations. Realized gains and losses
     are  determined  on  an  average  cost  basis  when  securities  are  sold.

(g)  Advertising  Expenses

     The  Company  expenses  advertising  costs  as  incurred.  There  were  no
     advertising  expenses  incurred  by  the  Company for the nine months ended
     September  30,  2004  and  the  twelve  months  ended  December  31,  2003.

(h)  Long-Lived  Assets  Impairment

     Long-lived assets are reviewed for impairment whenever events or changes in
     circumstances  indicate that the carrying amount may not be recoverable, in
     accordance  with  the  Statement  of Financial Accounting Standards No. 144
     (SFAS 144), Accounting for the Impairment or Disposal of Long-Lived Assets.


                                        7
<PAGE>
     An impairment loss would be recognized when the carrying amount of an asset
     exceeds  the  estimated  undiscounted  future cash flows expected to result
     from  the  use of the asset and its eventual disposition. The amount of the
     impairment  loss  to be recorded is calculated by the excess of the asset's
     carrying  value  over  its  fair  value. Fair value is generally determined
     using  a  discounted  cash  flow  analysis.

(i)  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. The Company does not
     anticipate  that  the  adoption  of  the  statement will have a significant
     impact  on  its  financial  statements.

(j)  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.

(k)  Loss  Per  Share

     Earnings  (loss) per share is computed using the weighted average number of
     shares  outstanding  during  the year. The Company has adopted Statement of
     Financial  Accounting  Standards  No.  128  (SFAS 128), Earnings Per Share.
     Diluted  loss per share is equivalent to basic loss per share because there
     is  no  potential  dilutive  securities.

4.   Common  shares  outstanding

     As  at  September  30,  2004,  the  Corporation's  authorized capital stock
     consists  of  100,000,000  common  shares  with  a par value of $0.0001 per
     share.  There  were  14,000,000  common  shares  issued  and outstanding at
     September  30,  2004  and  November  22, 2004. In May 2004 that the Company
     closed the private placement announced in March 2004. The private placement
     consists  of  1,000,000  shares  at  a  price  of  USD  $1.00 per share for
     aggregate  proceeds  of  USD $1,000,000. As at November 22, 2004 the shares
     had  not  yet  been  issued.

5.   Stock  Options  Outstanding

     At  September  30,  2004  and  December 31, 2003 the Company had no options
     outstanding.

6.   Related  Party  Transactions

     Related  party  transactions  not  disclosed  elsewhere  in these financial
     statements  include:


                                        8
<PAGE>
     During  the  nine  month  period  ended  September  30,  2004, salaries and
     consulting  fees  of $24,000 (fiscal 2003 - $0) were paid or are payable to
     directors.

     Except  as otherwise noted, these transactions are recorded at the exchange
     amount,  being  the value established and agreed to by the related parties.

7.   Reclassifications

     Certain  reclassifications of prior-year balances have been made to conform
     to  current  year  classifications.
--------------------------------------------------------------------------------


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

(A)  General

     The  Company  is  a  mineral exploration company with offices in Vancouver,
     Canada  and  Moscow,  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 nine month period ended September 30,
     2004  and  Subsequent  Events

     During  the nine month period ended September 30, 2004 the Company issued 0
     (fiscal  2003  - 0) common shares for cash of $0 (fiscal 2003 - $0). In May
     2004 that the Company closed the private placement announced in March 2004.
     The  private placement consists of 1,000,000 shares at a price of USD $1.00
     per share for aggregate proceeds of USD $1,000,000. As at November 22, 2004
     the  shares  had  not  yet  been  issued.

     The  Company  concentrated  its  exploration  activities  on 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.

     In  August  2004,  the  Company  signed a Joint Activity Agreement with OOO
     Science-Industrial  Corporation  Geosphera  ("Geosphera"),  a  company
     registered  in  Russia  to  explore  the  Haldeevskaya  mineral exploration
     licence  area.  The  licensed area is located in the Khaldeevo sector, 25km
     east  of  the  city  of  Tomsk,  Tomsk  District,  Russian  Federation.


                                        9
<PAGE>
(C)  Exploration  and  Development

     The  Company  holds  an interest in mineral exploration licences located in
     the  Kozhim  Region,  of  the  Republic  of  Komi,  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.

     During  the  nine  months ended September 30, 2004 the Company concentrated
     its  exploration  activities  on  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. In August
     2004,  the  Company  signed  a  Joint  Activity  Agreement  with  OOO
     Science-Industrial  Corporation  Geosphera, a company registered in Russia,
     to  explore the Haldeevskaya mineral exploration licence. The licensed area
     is  located  in the Khaldeevo sector, 25km east of the city of Tomsk, Tomsk
     District,  Russian  Federation.

     Exploration  expenses  on the Haldeevskaya mineral exploration licence area
     located  in  the Kozhim Region, of the Republic of Komi, Russian Federation
     totalled  $89,617  during  the nine months ended September 30, 2004 (fiscal
     2003  -  $0).

     The  Company's properties are in the exploration stage only and are without
     a known body of Mineral Reserves. Development of the properties 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 the Company's 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

     Nine months Ended September 30, 2004 (Fiscal 2004) versus Nine months Ended
     September  30,  2003  (Fiscal  2003)

     The Company issued 0 (fiscal 2003 - 0) common shares for cash of $0 (fiscal
     2003  -  0).

     The  Company  had  no  operating  revenues  for the nine month period ended
     September  30,  2004  (fiscal  2003  -  $0).

     For the nine months ended September 30, 2004 the Company recorded a loss of
     $230,776 (fiscal 2003 - $7,364) or $0.02 per share (fiscal 2003 - $0.00 per
     share).

     General  and  administrative  expenses  -  For  the nine month period ended
     September 30, 2004 the Company recorded general and administrative expenses
     of  $143,471  (fiscal  2003  -  $7,364).  The  fiscal 2004 amount includes,
     professional  fees  -  accounting $933 (fiscal 2003 - $0) and legal $42,605
     (fiscal  2003  -  $500).

     Exploration  expenditures  -  For the nine month period ended September 30,
     2004  the Company recorded exploration expenses on the Haldeevskaya mineral
     exploration  licence  area located in the Kozhim Region, of the Republic of
     Komi,  Russian  Federation  of  $89,617  (fiscal  2003  -  $0).

(E)  Capital  Resources  and  Liquidity

     At September 30, 2004 the Company had cash of $774,550 (fiscal 2003 - $197)
     and  working  capital  of $939,674 (fiscal 2003 working capital - $168,742)
     respectively.  Total  liabilities  as  of  September  30, 2004 were $51,961
     (fiscal  2003  -  $36,565),  an  increase of $15,396. During the nine month
     period  ended  September  30,  2004  the Company issued 0 (fiscal 2003 - 0)
     common  shares  for  cash  of  $0  (fiscal 2003 - $0). In May 2004 that the
     Company  closed  the private placement announced in March 2004. The private
     placement  consisted  of 1,000,000 shares at a price of USD $1.00 per share
     for  aggregate  proceeds  of  USD  $1,000,000. As at November 22, 2004, the


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<PAGE>
     shares  had  not  yet  been  issued.  During  the  nine  month period ended
     September  30,  2004 investing activities consisted of additions to mineral
     properties  $0  (fiscal  2003 - $0) and additions to plant and equipment $0
     (fiscal  2003 - $0). For the nine month period ended September 30, 2004 the
     Company recorded a net loss of $230,776 (fiscal 2003 - $7,364) or $0.02 per
     share  (fiscal  2003  -  $0.00  per  share).

     The  Company  has  sufficient working capital to (i) pay its administrative
     and  general  operating  expenses  through  December  31,  2004 and (ii) to
     conduct  its  preliminary  exploration  programs.  Without  cash  flow from
     operations,  it  may  need  to  obtain additional funds (presumably through
     equity  offerings  and/or  debt  borrowing)  in  order,  if  warranted,  to
     implement  additional  exploration  programs  on its properties. Failure to
     obtain such additional financing may result in a reduction of the Company's
     interest  in  certain  properties or an actual foreclosure of its interest.
     The  Company has no agreements or understandings with any person as to such
     additional  financing.

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

(F)  Plans  for  the  Years  2004  and  2005

     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.

     The  Company  will  concentrate its 2004/2005 exploration activities on (1)
     the  Haldeevskaya  mineral  exploration  licence area located in the Kozhim
     Region,  of the Republic of Komi, Russian Federation and (2) 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  2004/2005  exploration  work  program  on  the  Haldeevskaya  mineral
     exploration licence area will entail lithochemical studies, surface mapping
     of  geology,  sampling  of  soils  on a grid basis to delineate geochemical
     anomalies,  stream  sediment  sampling,  analytical  testing  of  the
     lithochemical  samples  taken  in  2003  and  2004,  geophysical surveying,
     topographic  and geodetic surveying. 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  its  consolidated  financial  statements requires the
     Company  to  use estimates and assumptions that affect the reported amounts
     of  assets  and liabilities as well as revenues and expenses. The Company's
     accounting  policies  are  described  in  note  2  to its December 31, 2003
     financial  statements.  The  Company's  accounting  policies  relating  to
     materials  and  supplies,  depreciation  and  amortization  of  plant  and
     equipment  and  the  capitalization  of  mineral  property  acquisition,
     exploration and development costs are critical accounting policies that are
     subject  to  estimates  and  assumptions  regarding  future  activities.

     See  note  3(b) Significant Accounting Policies - Materials and Supplies in
     the  notes  to the Interim Financial Statements for the Company's policy on
     materials  and  supplies.

     See  note 3(c) Significant Accounting Policies - Plant and Equipment in the
     notes  to  the  Interim  Financial  Statements  for the Company's policy on
     depreciation.

     See  note  3(d)  Significant  Accounting  Policies - Mineral Properties and
     Exploration  Expenses  in the notes to the Interim Financial Statements for
     the  Company's  policy  on  exploration  costs  and  expenses.


                                       11
<PAGE>
     Generally accepted accounting principles require the Company to consider at
     the  end  of  each  accounting  period  whether  or  not  there has been an
     impairment  of  the  capitalized  property,  plant  and  equipment.  This
     assessment  is  based  on  whether factors that may indicate the need for a
     write-down  are  present.  If  the  Company  determines  there  has been an
     impairment,  then  the Company would be required to write-down the recorded
     value  of  its  property,  plant and equipment costs which would reduce the
     Company's  earnings  and  net  assets.

(H)  Off-balance  Sheet  Arrangements  and  Contractual  Obligations

     The Company does 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 the Company's financial condition,
     changes  in  financial  condition,  revenues  or  expenses,  results  of
     operations,  liquidity, capital expenditures or capital resources that have
     not  been  disclosed  in  the  Company's  financial  statements.

(I)  Market  Risk  Disclosures

     The  Company  has  not  entered  into  derivative contracts either to hedge
     existing  risks  or  for  speculative  purposes.

ITEM  3.     Controls  and  Procedures

(a)  Within  90  days prior to the date of this report, the Company completed an
     evaluation  of  the  effectiveness  of  the  design  and  operation  of its
     disclosure  controls and procedures. Disclosure controls and procedures are
     designed  to  ensure  that  the  material  financial,  and  non-financial
     information,  required  to  be disclosed on Form 10-QSB, and filed with the
     Securities  and  Exchange Commission is recorded, processed, summarized and
     reported  in  a  timely  manner.  Based  on  the  foregoing,  the Company's
     management,  including  the  President  and  Chief  Financial Officer, have
     concluded that the Company's disclosure controls and procedures (as defined
     in  Rules  240.13a-15 or 240.15d-15 of the Securities Exchange Act of 1934,
     as  amended)  are  effective.

(b)  There  have  been  no  significant  changes in our internal controls, or in
     other factors, that could significantly affect these controls subsequent to
     the  date  of  the  evaluation  hereof.  No  corrective actions were taken,
     therefore, with regard to significant deficiencies and material weaknesses.


                         PART 11.     OTHER INFORMATION

ITEM  1.     Legal  Proceedings

     The  Company  is  not  party to any litigation, and has no knowledge of any
     pending  or  threatened  litigation  against  it.

ITEM  2.     Changes  in  Securities

     No  securities were issued during the nine month period ended September 30,
     2004.

ITEM  3.     Defaults  Upon  Senior  Securities

     Not  Applicable

ITEM  4.     Submission  of  Matters  to  a  Vote  of  Security  Holders

     Not  Applicable


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ITEM  5.     Other  Information

None.

ITEM  6.    Exhibits  and  Reports  on  Form  8-K

(a)         Exhibits:

3.1.1       Certificate  of  Incorporation*
3.1.2       Certificate  of  Amendment  to  the Certificate of Incorporation*
3.2.1       By-laws*
13.1        Form  10-KSB  for  the  Year  Ended  December  31,  2003*
13.2        Form  10-QSB  for  the  quarter  ended  March  31,  2004*
13.3        Form  10-QSB  for  the  quarter  ended  June  30,  2004*
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*
--------
*  Previously  Filed

(b)          Reports  on  Form  8-K

No  reports on Form 8-K were filed during the last quarter of the period covered
by  this  report.


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


                                   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:     November  22,  2004
          -------------------
                                      BY:     /s/ Agustin  Gomez  de  Segura
                                              ------------------------------
                                              Agustin  Gomez  de  Segura
                                              Director


Date:     November  22,  2004
          -------------------

                                      BY:     /s/ Jorge  L.  Lacasa
                                              ---------------------
                                              Jorge  L.  Lacasa
                                              Director


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