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 March 31, 2006

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

     For the transition period from _ _ _ _ _ _ _ _ _ _  to _ _ _ _ _ _ _ _ _ _

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

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

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

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

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


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

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.

YES [X]  NO [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

YES [ ]  NO [X]

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

Check, whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.

YES  [  ]  NO  [ ]

APPLICABLE  ONLY  TO  CORPORATE  ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity,  as  of  the  latest practicable date: 31,500,000 shares of Common Stock
were  outstanding  as  of  March  31,  2006.

Transitional  Small  Business  Disclosure  Format  (check  one);

YES  [ ]  NO  [X]


                                        1
<PAGE>
                            CIGMA METALS CORPORATION

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

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

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

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


                                        2
<PAGE>
<TABLE>
<CAPTION>
                                       INDEX


                                                                          Page No.
<S>         <C>                                                           <C>
PART I.     Financial Information

Item 1.     Financial Statements
            Consolidated Balance Sheets --                                    3
            March 31, 2006 (unaudited) and December 31, 2005

            Interim Unaudited Consolidated Statements of Operations --        4
            Three months ended March 31, 2006

            Interim Unaudited Consolidated Statements of Cash Flows --        5
            Three months ended March 31, 2006

            Notes to Interim Unaudited Consolidated Financial Statements      6

Item 2.     Management's Discussion and Analysis of
            Financial Condition and Results of Operations                     11

Item 3.     Controls and Procedures                                           16

PART II.    Other Information

Item 1.     Legal Proceedings                                                 20

Item 2.     Changes in Securities                                             20

Item 3.     Defaults Upon Senior Securities                                   21

Item 4.     Submission of Matters to a Vote of Security Holders               21

Item 5.     Other Information                                                 21

Item 6.     Exhibits and Reports on Form 8-K                                  21

Signatures                                                                    21
</TABLE>


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

Consolidated Balance Sheets
March 31, 2006 and December 31, 2005
(Expressed in U.S. Dollars)
------------------------------------------------------------------------------
                                                       March 31    December 31
                                                           2006           2005
------------------------------------------------------------------------------
<S>                                                <C>           <C>
                                                    (unaudited)
ASSETS
Current
  Cash                                             $    12,441   $    250,170
  Available-for-sale securities                        315,865        181,797
------------------------------------------------------------------------------
Total assets                                           328,306        431,967
------------------------------------------------------------------------------


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Accounts payable and accrued expenses                 47,730         26,894
  Accounts payable - related party (Note 7)              6,974         16,986
------------------------------------------------------------------------------
Total current liabilities                               54,704         43,880
------------------------------------------------------------------------------


Stockholders' Equity
Common stock (Note 5)
  Authorized
    100,000,000 common shares, par value $0.0001
  Issued and outstanding:
    15,750,000 (2005 - 15,350,000) common shares         1,575          1,535
Additional paid in capital                           2,350,025      2,050,065
Common stock to be issued                                    -        300,000
Accumulated deficit during the development stage    (2,212,066)    (1,963,513)
Accumulated other comprehensive income (loss)          134,068              -
------------------------------------------------------------------------------
Stockholders' equity                                   273,602        388,087
------------------------------------------------------------------------------

Total liabilities and stockholders' equity         $   328,306   $    431,967
==============================================================================
</TABLE>

Nature of Business and Continuance of Operations (Note 1)
Commitments (Note 4)

The accompanying notes are an integral part of these interim unaudited
consolidated financial statements.


                                        4
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION
(An exploration stage enterprise)
Interim Consolidated Statements of Operations
(Expressed in U.S. Dollars)                                    Cumulative
(unaudited)                                                    January 13   Three months     Three months
                                                         1989 (inception)          Ended            Ended
                                                              to March 31       March 31         March 31
                                                                     2006           2006             2005
---------------------------------------------------------------------------------------------------------
<S>                                                     <C>                <C>             <C>
Expenses
  Administrative and general                            $        197,071   $      18,554   $      15,218
  Exploration costs (Note 4)                                           -
    - HaldeyGold Project - partnership                           588,395          24,000               -
    - HaldeyGold Project - other                                 128,357               -               -
    - Tugojakovsk Project                                        224,371         100,000               -
  Interest and bank charges                                        8,932           1,113             378
  Professional fees                                              245,412          40,062           8,015
  Property investigation costs                                   119,471          17,717           6,628
  Salaries and consulting fees                                   454,065          42,349          32,550
---------------------------------------------------------------------------------------------------------
Loss before other items                                        1,966,074         243,795          62,789
---------------------------------------------------------------------------------------------------------


Other income (loss)
  Write-down of available-for-sale securities (Note 3)          (148,180)              -               -
  Write-down of investment in                                                          -               -
    partnership interest (Note 4)                               (138,634)         (6,000)              -
  Interest income                                                 40,822           1,242           1,321
---------------------------------------------------------------------------------------------------------
Total other income (loss)                                       (245,992)         (4,758)          1,321
---------------------------------------------------------------------------------------------------------
Net loss for the period                                 $     (2,212,066)  $    (248,553)  $     (61,468)
=========================================================================================================


Basic and diluted loss per share                                           $       (0.01)  $       (0.00)
=========================================================================================================
Weighted average number of
common shares outstanding                                                     30,708,988      28,000,000
=========================================================================================================
</TABLE>

The accompanying notes are an integral part of these interim unaudited
consolidated financial statements.


                                        5
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION
(An exploration stage enterprise)

Interim Consolidated Statements of Cash Flows
(Expressed in U.S. Dollars)                                              Cumulative
(unaudited)                                                              January 13    Three months    Three months
                                                                   1989 (inception)           Ended           Ended
                                                                        to March 31        March 31        March 31
                                                                               2006            2006            2005
-------------------------------------------------------------------------------------------------------------------
<S>                                                               <C>                <C>             <C>
Net loss for the period                                           $     (2,212,066)  $    (248,553)  $     (61,468)
Cash flows used in operating activities
  Adjustments to reconcile net loss to net cash used
  in operating activities
  - issuance of common stock for mineral property rights                       600               -               -
  - issuance of common stock for services rendered                           1,000               -               -
  - partnership exploration costs                                          688,395         124,000               -
  - write-down of investment in partnership interest                       138,634           6,000               -
  - accumulated gains/(losses) on available for sale securities            148,180               -               -
  Changes in working capital assets and liabilities
  - decrease in other receivables                                                -               -           2,904
  - increase (decrease) in accounts payables and
      accrued liabilities                                                   54,704          10,824          (9,722)
-------------------------------------------------------------------------------------------------------------------
Net cash used in operating activities                                   (1,180,553)       (107,729)        (68,286)
-------------------------------------------------------------------------------------------------------------------

Cash flows used in investing activities
  - investment in available-for-sale securities                           (329,977)              -               -
  - investment in partnership interest                                    (827,029)       (130,000)              -
-------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities                                   (1,157,006)       (130,000)              -
-------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities
  - issuance of common stock                                             2,350,000               -               -
-------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                2,350,000               -               -
-------------------------------------------------------------------------------------------------------------------

Increase (decrease) in cash for the period                                  12,441        (237,729)        (68,286)
Cash, beginning of period                                                        -         250,170         311,845
-------------------------------------------------------------------------------------------------------------------
Cash, end of period                                               $         12,441   $      12,441   $     243,559
===================================================================================================================
</TABLE>

SUPPLEMENTAL CASH FLOW INFORMATION (Note 7)

The accompanying notes are an integral part of these interim unaudited
consolidated financial statements.


                                        6
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

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

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

These  financial  statements  have  been  prepared  in accordance with generally
accepted  accounting  principles  in  the  United  States of America ("US GAAP")
applicable  to a going concern, which contemplates the realization of assets and
the  satisfaction  of  liabilities  and  commitments  in  the  normal  course of
business.  The  general  business  strategy  of  the  Company  is to acquire and
explore  mineral  properties.  The  continued  operations of the Company and the
recoverability  of  mineral  property  costs  is dependent upon the existence of
economically  recoverable  mineral  reserves,  confirmation  of  the  Company's
interest  in the underlying mineral claims, the ability of the Company to obtain
necessary  financing  to  complete  the  development  and upon future profitable
production.  The Company has not generated any revenues or completed development
of  any  properties  to date, has incurred losses of $2,212,066 since inception,
and  further  significant  losses are expected to be incurred in the exploration
and  development  of its mineral properties. The Company will require additional
funds to meet its obligations and maintain its operations. Management's plans in
this  regard  are  to  raise  equity  financing  as  required.

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

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

The  accompanying unaudited 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 three month period
ended  March  31, 2006 are not necessarily indicative of the results that may be
expected  for  the  year  ended  December  31,  2006.

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

NOTE  3  -  SUMMARY  OFSIGNIFICANT  ACCOUNTING  POLICIES
--------------------------------------------------------------------------------

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


                                        7
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

NOTE  3  -  SUMMARY  OFSIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)
--------------------------------------------------------------------------------

BASIS  OF  PRESENTATION
These  financial statements are presented in United States dollars and have been
prepared  in  accordance  accounting principles generally accepted in the United
States  of  America  ("US  GAAP").

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

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

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

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

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

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

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


                                        8
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

NOTE  2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)
--------------------------------------------------------------------------------

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

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

The  Company  did not grant any stock options during the quarter ended March 31,
2006  and  2005  and  accordingly has not recorded any stock-based compensation.

AVAILABLE-FOR-SALE  SECURITIES
Available-for-sale  securities  are carried at fair market value with unrealized
holding  gains  and  losses  included  as  a  component  of  accumulated  other
comprehensive  income  (loss).  If  a  loss  in  value in the available-for-sale
securities  is  considered  to  be other than temporary, it is recognized in the
determination of net income. Cost is based on the specific identification method
for  the  individual  securities to determine realized gains or losses. Realized
gains  and  losses  are  determined on an average cost basis when securities are
sold.  In  accordance  with  the  Company's  policy  to  review  its  investment
portfolio  for declines that may be other than temporary, the Company recognized
a  non-cash  loss of $148,180 on a lower-of-cost-or-market write down on certain
available-for-sale  securities  during the year ended December 31, 2005.  During
the  three  months ended March 31, 2006 the Company has recorded a non-cash gain
of  $134,068  as  other  comprehensive  income.

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

CONCENTRATION  OF  CREDIT  RISK
The  Company  places  its  cash  and  cash  equivalents with high credit quality
financial  institutions.  The  Company  occasionally  maintains  balances  in  a
financial  institution  beyond  the  insured  amount.  As of March 31, 2006, the
Company  has  deposits  in  a  bank  beyond  insured  limits.


                                        9
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

NOTE  2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)
--------------------------------------------------------------------------------

LONG-LIVED  ASSETS
In  accordance  with SFAS No. 144, "Accounting for the Impairment or Disposal of
Long-lived Assets", the carrying value of intangible assets and other long-lived
assets  is  reviewed  on  a  regular  basis  for  the  existence  of  facts  or
circumstances  that  may  suggest  impairment. The Company recognizes impairment
losses  when  the sum of the expected undiscounted future cash flow is less than
the carrying amount of the asset. Impairment losses, if any, are measured as the
excess  of  the  carrying amount of the asset over its estimated fair value. The
Company  has  not  recognized  any  impairment  losses  through  March 31, 2006.

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

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

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

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

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

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


                                       10
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

NOTE  2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)
--------------------------------------------------------------------------------

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

COMPREHENSIVE  LOSS
The  Company's  accumulated other comprehensive loss consists of the accumulated
unrealized  gain/(loss)  on  available-for-sale  securities.  The  Company had a
comprehensive  loss  of  $114,485 and $126,174 which includes an unrealized gain
(loss)  of  $134,068  and  $(64,706)  at  March  31,  2006  and  March 31, 2005,
respectively.

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

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

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


                                       11
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

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

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

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

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

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

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

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

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
                                                                                                  Year
                                                    January 13, 1989                             ended
                                                      (inception) to                      December 31,
                                                      March 31, 2006    March 31, 2006            2005
------------------------------------------------  ------------------  ----------------  --------------
<S>                                               <C>                 <C>               <C>
------------------------------------------------  ------------------  ----------------  --------------
Capital invested                                  $         727,029   $        30,000   $     297,029
------------------------------------------------  ------------------  ----------------  --------------
Exploration costs incurred                                 (588,395)          (24,000)       (202,795)
------------------------------------------------  ------------------  ----------------  --------------
                                                            138,634             6,000          94,234
------------------------------------------------  ------------------  ----------------  --------------
Write-down of investment in partnership interest           (138,634)           (6,000)        (94,234)
------------------------------------------------  ------------------  ----------------  --------------
Partnership interest at end of period             $               -   $             -   $           -
--------------------------------------------------====================================================
</TABLE>

Direct  exploration  costs  on the Haldeevskaya mineral exploration license area
located  in  the  Tomsk Oblast region of the Russian Federation totalled $18,226
during  the  year  ended December 31, 2005.  The Company has not incurred direct
exploration  costs  on  this  property in the three month period ended March 31,
2006.

In May 2006 the Company advanced $30,000 to HaldeyGold toward the 2006
exploration budget.


                                       12
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

NOTE  4  -  MINERAL  PROPERTIES  AND  EXPLORATION  COSTS(CONTINUED)
--------------------------------------------------------------------------------

TUGOJAKOVKS  PROJECT
On  June  17,  2005,  as  amended  December 31, 2005, the Company signed a Joint
Activity  Agreement  to  form  a partnership to explore the Tugojakovsk Project,
located  in  the Tomsk Oblast Region of the Russian Federation.  Under the terms
of  the  agreement: (1) the Company has the right to acquire an 80% share of the
project  in exchange for contributing $126,440 in 2005 and upon the formation of
a  company in Russia; and (2) the Company is committed to finance the project in
2006  by  providing  $1,500,000  in  accordance  with an approved budget. If the
financing provided in 2006 is between (1) $800,000 and $1,499,000, the Company's
ownership interest will be reduced to 70%; (2) $350,000 and $799,000, reduced to
60%;  or  (3) less than $350,000, reduced to 49%. Geosphera's ownership interest
cannot  be  reduced  below  20%.

Geosphera  will  contribute  the  license  for  Tugojakovsk  and  all geological
information  on  this  subsoil  area  which  is  owned  by Geosphera, as well as
professional knowledge, skills and business contacts. The licence and geological
data  was  valued  at  $100,000.

Pursuant  to  the  terms  of  the  Joint  Activity  Agreement, a company will be
registered  in  the Russian Federation in order to conduct further financing and
exploration work on the Tugojakovsk licence area. Once the joint venture company
is  registered with the Ministry of the Russian Federation for Taxes and Levies,
the  Partnership will transfer the Tugojakovsk mineral exploration license along
with  all relevant geological data to the new joint venture company. The Company
will have an 80% (Geosphera 20%) interest in the new company.  As of the date of
these  financial  statements  the  new  company  has  not  yet  been registered.

Exploration costs on the Tugojakovsk mineral exploration licence area located in
the  Tomsk  Oblast region of the Russian Federation totalled $100,000 during the
three  months  ended  March 31, 2006 and $124,371 during the year ended December
31,  2005.

In May 2006 the Company advanced Geosphera $180,000 toward the 2006 exploration
budget.

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

As  at  March  31,  2006, the Corporation's authorized capital stock consists of
100,000,000  common  shares  with  a  par  value  of  $0.0001  per  share.

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

The  shares  outstanding  as reflected on the balance sheet as at March 31, 2006
and  December  31,  2005 of 15,750,000 and 15,350,000 respectively have not been
adjusted  for  the  2:1 forward stock split.  If these amounts had been adjusted
for  stock  split  they  would have been 31,500,000 and 30,700,000 respectively.

The  weighted average numbers of common shares outstanding and per share amounts
in  these financial statements prior to the effective dates of the forward stock
split  have  been  restated  to  reflect  the 2:1 forward split on a retroactive
basis.


                                       13
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

NOTE  5  -  CAPITAL  STOCK  (CONTINUED)
--------------------------------------------------------------------------------

During  the  quarter ended March 31, 2006 the Company issued 400,000 pre-forward
split  common  shares  for cash of $300,000 which was received in the year ended
December  31,  2005.

In March 2006, the Company offered, on a no minimum basis, up to an aggregate of
3,500,000 Units at a price of US $1.00 per Unit. Each Unit shall be comprised of
one  (1)  pre-forward  split  share of the Company's common stock US $0.0001 par
value  per  share  and  one  (1)  pre-forward split stock purchase warrant, each
warrant  entitling the holder to purchase one (1) additional common share of the
Company  at  a price of US $1.35 per share for a period of one (1) year from the
closing  date of the placement and at a price of US $1.50 per share for a period
of  one  (1)  year commencing on the first anniversary of the Closing Date.  All
amounts  with  respect  to  this  offering, other than par value, are subject to
adjustment  pursuant  to  the  2:1  forward  stock  split.   (Refer  to  Note 9)

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

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

a)  During  the  three  months  ended March 31, 2006, consulting fees of $39,320
(2005  - $26,000) were paid to directors.  The transactions were recorded at the
exchange  amount,  being  the  value  established  and  agreed to by the related
parties.

b)  Included in accounts payable - related party, as at March 31, 2006 is $6,974
(2005  -  $nil)  payable  to directors of the Company for consulting fees and/or
various  expenses  incurred  on  behalf  of  the  Company.  All amounts owing to
related  parties  are unsecured and non-interest bearing and have no fixed terms
of  repayment.

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

<TABLE>
<CAPTION>
                                Three month period ended   Three month period ended
                                     March 31, 2006             March 31, 2005
------------------------------------------------------------------------------------
<S>                             <C>                        <C>
Cash paid during the year for:
  Interest                      $                       -  $                       -
  Income taxes                  $                       -  $                       -
------------------------------------------------------------------------------------
</TABLE>


                                       14
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
(UNAUDITED)
--------------------------------------------------------------------------------

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

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

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

<TABLE>
<CAPTION>
                                             December 31, 2005
                                                     $
                                            -------------------
<S>                                         <C>
                  Net Operating Loss             1,831,000
                  Statutory Tax Rate                39%
                  Effective Tax Rate                 -
                  Deferred Tax Asset              714,000
                  Valuation Allowance            (714,000)
</TABLE>

NOTE  9  -  SUBSEQUENT  EVENT
--------------------------------------------------------------------------------

Subsequent to March 31, 2006 the Company has received $4,000,000 with respect to
the  March  2006  offering  described  in  Note  5.


                                       15
<PAGE>
ITEM 2.   MANAGEMENT'S' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

     (A)  General

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

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

     (B)  Significant developments during the three month period ended March 31,
     2006  and  Subsequent  Events

     On March 30, 2006 we completed a private placement of 400,000 common shares
     priced  at  $0.75  per  share  for  a  total  consideration  of $300,000 to
     non-affiliated  offshore  investors  pursuant  to  the  exemption  from
     registration requirements of the Securities Act of 1933 as amended afforded
     by Regulation S as promulgated by the Act. Cash of $300,000 was received in
     December  2005  in  connection  with  the  private  placement.

     On  May 12, 2006 we completed a private placement of 3,270,000 Units priced
     at $1.00 per unit for a total consideration of $3,270,000 to non-affiliated
     offshore investors pursuant to the exemption from registration requirements
     of  the  Securities  Act  of  1933  as  amended afforded by Regulation S as
     promulgated  by  the  Act.  Each  Unit is comprised of one (1) share of the
     Company's  common  stock  US  $0.0001 par value per share and one (1) stock
     purchase  warrant,  each  warrant  entitling the holder to purchase one (1)
     additional common share of the Company at a price of US $1.35 per share for
     a  period  of  one (1) year from the closing date of the placement and at a
     price  of US $1.50 per share for a period of one (1) year commencing on the
     first  anniversary  of the Closing Date. Cash of $3,270,000 was received in
     May  2006.

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

     On  April  7,  2006,  the Company's Board of Directors approved a 2:1 stock
     split  effective  May 15, 2006 (the "Effective Date") to increase the total
     number  of  issued  and  outstanding common shares of the Company such that
     each  Shareholder will receive two new Shares (the "Post Split Shares") for
     one  old  Share  upon  completion  of the Split. The Company believes a 2:1
     stock  split  will  enhance  the  liquidity and marketability of the common
     shares and make the common shares accessible to a wider range of investors.


                                       16
<PAGE>
ITEM  2.   MANAGEMENT'S' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (cont'd.)

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

     (C)  Exploration  and  Development

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

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

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

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

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

     Total exploration expenditures incurred during the three months ended March
     31,  2006 on the Haldeevskaja joint venture amounted to $30,000 (year ended
     December  31,  2005  -  $253,494).

     Geological  data  interpreted  from  previous  work  within the Tugojakovsk
     license  area  has  resulting  in  the  outlining  of  two  large anomalous
     geochemical  fields  considered  prospective  for  gold mineralisation. The
     anomalous areas are the Baturino occurrence in the west of the project area
     and  the Larinsk anomaly in the mid south, interpreted to be above a rising
     granite.  Gold  grades within the anomalous hydro-geochemical fields varied
     from  0.022  to  1.16  microgram Au/liter, and in the litho-chemical (soil)
     results  from  0.05  to  0.49  g  Au/t.


                                       17
<PAGE>
ITEM  2.   MANAGEMENT'S' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (cont'd.)

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

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

Exploration expenses on the Tugojakovsk mineral exploration licence area located
in  the  Tomsk  Oblast region of the Russian Federation totalled $100,000 during
the three months ended March 31, 2006 (year ended December 31, 2005 - $124,371).

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

     (D)  Results  of  Operations

     Three  months Ended March 31, 2006 versus Three months Ended March 31, 2005

     The  Company  had  no  operating  revenues for the three month period ended
     March  31,  2006  (2005  -  $0).

     For  the  three months ended March 31, 2006 the Company recorded a net loss
     of  $248,553  (2005  -  $61,468)  or  $0.02  per  share  (2005  -  $0.00).

     General  and  administrative  expenses  -  For the three month period ended
     March  31, 2006 the Company recorded general and administrative expenses of
     $119,795  (2005  -  $62,789). The 2006 amount includes, professional fees -
     accounting  $13,686  (2005  -  $0)  and  legal  $26,376  (2005  -  $8,015).

     Exploration expenditures - For the three month period ended March 31, 2006,
     we  recorded  total exploration costs of $130,000 compared to $nil in 2005.
     Direct  exploration expenses on the Haldeiskaja mineral exploration licence
     area  located in the Tomsk Oblast region of the Russian Federation totalled
     $30,000 (2005 - $0). Direct exploration expenses on the Tugojakovsk mineral
     exploration  licence area located in the Tomsk Oblast region of the Russian
     Federation  totalled  $100,000 during the three months ended March 31, 2006
     (2005  -  $0).

     (E)  Capital  Resources  and  Liquidity

     March  31,  2006  versus  March  31,  2005:

     At  March  31,  2006  the Company had cash of $12,441 (2005 - $243,559) and
     working  capital  of  $273,602  (2005  -  $418,264)  respectively.  Total
     liabilities as of March 31, 2006 were $54,704 (2005 - $12,000), an increase
     of  $42,704. During the three month period ended March 31, 2006 the Company
     issued  400,000  (2005  - 0) common shares for cash of $300,000 received in
     December 2005. During the three month period ended March 31, 2006 investing
     activities consisted of investment in partnership $130,000 (2005 - $0). For
     the three month period ended March 31, 2006 the Company recorded a net loss
     of  $248,553  (2005 - $61,468) or $0.01 per share (2005 - $0.00 per share).


                                       18
<PAGE>
ITEM 2.   MANAGEMENT'S' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (cont'd.)

     At  March 31, 2006 we do not have sufficient working capital to (i) pay its
     administrative and general operating expenses through December 31, 2006 and
     (ii)  to  conduct  our  preliminary exploration programs. Without cash flow
     from operations, we may need to obtain additional funds (presumably through
     equity  offerings  and/or  debt  borrowing)  in  order,  if  warranted,  to
     implement  additional  exploration  programs  on our properties. Failure to
     obtain  such additional financing may result in a reduction of our interest
     in  certain properties or an actual foreclosure of our interest. We have no
     agreements  or  understandings  with  any  person  as  to  such  additional
     financing.

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

     (F)  Plans  for  the  Year  2006  and  2007

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

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

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

     (G)  Application  of  Critical  Accounting  Policies

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

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

     Note  2  -  Mineral  Properties  and  Exploration  Expenses
     Note  2  -  Investment  in  Partnership  Interest

     (H)  Off-balance  Sheet  Arrangements  and  Contractual  Obligations

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


                                       19
<PAGE>
ITEM 2.   MANAGEMENT'S' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (cont'd.)

     (I)  Market  Risk  Disclosures

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

ITEM 3.   CONTROLS AND PROCEDURES

     Within  90  days  prior to the date of our Annual report on Form 10-KSB, we
     completed an evaluation of the effectiveness of the design and operation of
     our  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-KSB, and filed with the
     Securities  and  Exchange Commission is recorded, processed, summarized and
     reported  in  a  timely  manner.  Based  on  the foregoing, our management,
     including  the  President  and Chief Financial Officer, have concluded that
     our  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.

     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 II   OTHER INFORMATION

ITEM  1.   Legal  Proceedings

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

ITEM  2.   Changes  in  Securities

     On March 30, 2006 we completed a private placement of 400,000 common shares
     priced  at  $0.75  per  share  for  a  total  consideration  of $300,000 to
     non-affiliated  offshore  investors  pursuant  to  the  exemption  from
     registration requirements of the Securities Act of 1933 as amended afforded
     by Regulation S as promulgated by the Act. Cash of $300,000 was received in
     December  2005  in  connection  with  the  private  placement.

     On  May 12, 2006 we completed a private placement of 3,270,000 Units priced
     at $1.00 per unit for a total consideration of $3,270,000 to non-affiliated
     offshore investors pursuant to the exemption from registration requirements
     of  the  Securities  Act  of  1933  as  amended afforded by Regulation S as
     promulgated  by  the  Act.  Each  Unit is comprised of one (1) share of the
     Company's  common  stock  US  $0.0001 par value per share and one (1) stock
     purchase  warrant,  each  warrant  entitling the holder to purchase one (1)
     additional common share of the Company at a price of US $1.35 per share for
     a  period  of  one (1) year from the closing date of the placement and at a
     price  of US $1.50 per share for a period of one (1) year commencing on the
     first  anniversary  of the Closing Date. Cash of $3,270,000 was received in
     May  2006.

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


                                       20
<PAGE>
ITEM  3.   Defaults  Upon  Senior  Securities
Not  Applicable

ITEM  4.   Submission  of  Matters  to  a  Vote  of  Security  Holders
Not Applicable

ITEM  5.   Other  Information
None.

ITEM  6.   Exhibits  and  Reports  on  Form  8-K

(A)          Exhibits

3.1.1     Certificate  of  Incorporation  (1)
3.1.2     Certificate  of  Amendment  to  the  Certificate  of Incorporation (1)
3.2.1     By-laws  (1)
10.1.1    Haldeevskaya  Joint  Activity  Agreement  dated  August  30,  2004 (3)
10.1.2    Amendment  to  Haldeevskaya  Joint  Activity Agreement dated April 22,
          2005  (3)
10.1.3    Amendment  to Haldeevskaya Joint Activity Agreement dated December 31,
          2005  (3)
10.2.1    Tugoyakovka  Joint  Activity  Agreement  dated  June  17,  2005  (3)
10.2.2    Amendment  to  Tugoyakovka Joint Activity Agreement dated December 31,
          2005  (3)
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  (2)
---------
     1.   Incorporated  by  reference  from  Form 10SB12G filed on September 16,
          1999
     2.   Incorporated by reference from Form 10-KSB filed November 4, 2004
     3.   Incorporated by reference from Form 10-KSB filed June 6, 2006
     ---------------------------------------------------------------------------

                                   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:  June  5,  2006                     BY:  /s/  Lars  Pearl
                                                  Lars  Pearl
                                                  Director

Date:  June  5,  2006                     BY:  /s/  Waldemar  Mueller
                                                  Waldemar  Mueller
                                                  Director


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