UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB
(Mark One)
[X]  QUARTERLY  REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
     OF  1934

     For  the  quarterly  period  ended  June  30,  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                   (IRS Employer Identification No.)
of incorporation or organization)

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]


                                        1
<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.

<TABLE>
<CAPTION>
                                   INDEX

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

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

            Statements of Operations                                    4
            Six months Ended June 30, 2004

            Statements of Cash Flows                                    5
            Six months Ended June 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                                          12

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

Signatures                                                             13
</TABLE>


                                        2
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION & SUBSIDIARIES
(An exploration stage enterprise)

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

Current
  Cash                                             $  870,290   $        103
  Available-for-sale securities                       268,210        279,124
-----------------------------------------------------------------------------
Total current assets                                1,138,500        279,227

Mineral properties and exploration licences                 -              -
-----------------------------------------------------------------------------
Total assets                                       $1,138,500   $    279,227
-----------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Current liabilities
  Accounts payable and accrued liabilities         $   21,526   $     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     (522,859)      (418,258)
Accumulated other comprehensive income (loss)         (61,767)       (50,853)
-----------------------------------------------------------------------------
Total stockholders' equity                          1,116,974        232,489
-----------------------------------------------------------------------------

Total liabilities and stockholders' equity         $1,138,500   $    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    Six months    Six months
                                            1989 (inception)           Ended           Ended         Ended         Ended
                                                  to June 30         June 30         June 30       June 30       June 30
                                                        2004            2004            2003          2004          2003
------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>                <C>             <C>             <C>           <C>

General and administrative expenses
  Administrative and general                $        109,575   $      12,294   $       1,519   $    14,007   $     1,519
  Interest expense                                     1,574             212              35           231            53
  Professional fees - accounting and legal           104,956               -           1,210           933         1,210
  Salaries and consulting fees                       196,520           8,933           1,600         9,733         1,600
  Property search and negotiation                     23,460           8,874               -        23,460             -
-------------------------------------------------------------------------------------------------------------------------
                                                     436,085          30,313           4,364        48,364         4,382
Exploration expenses                                 120,145          56,720               -        56,720             -
-------------------------------------------------------------------------------------------------------------------------
Total expenses                                       556,230          87,033           4,364       105,084         4,382
-------------------------------------------------------------------------------------------------------------------------
Other income
  Interest income                                     33,371             483               -           483             -
-------------------------------------------------------------------------------------------------------------------------
Net (loss) for the period                   $       (522,859)  $     (86,550)  $      (4,364)  $  (104,601)  $    (4,382)
=========================================================================================================================

Loss per share                                                 $       (0.01)  $       (0.00)  $     (0.01)  $     (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    Six months    Six months
                                                          1989 (inception)         Ended         Ended
                                                                to June 30       June 30       June 30
                                                                      2004          2004          2003
                                                          ---------------------------------------------
<S>                                                       <C>                <C>           <C>

Cash flows from (used in) operating activities            $       (522,859)  $  (104,601)  $    (4,382)
  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)            -             -
  - decrease (increase) in prepaid expenses and deposits                 -             -             -
  - increase(decrease) in accounts payable                          21,526       (25,212)        4,493
-------------------------------------------------------------------------------------------------------
Net cash used in operating activities                             (679,725)     (129,813)          111
-------------------------------------------------------------------------------------------------------

Cash flows from (used in) investing activities
  Purchase of available for sale securities                       (149,985)            -             -
-------------------------------------------------------------------------------------------------------
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                         870,290       870,187           111
Cash and cash equivalents, beginning of period                           -           103            83
-------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                  $        870,290   $   870,290   $       194
=======================================================================================================
<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 six month period ended
          June  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  June  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 six months ended
          June  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


                                        7
<PAGE>
          Assets.  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  June  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
          June  30,  2004  and  November  22,  2004.

     5.   Stock  Options  Outstanding

          At  June  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:

          During  the  six  month  period  ended  June  30,  2004,  salaries and
          consulting  fees  of $0 (fiscal 2003 - $0) were paid or are payable to
          directors.


                                        8
<PAGE>
          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 six month period ended June 30,
          2004  and  Subsequent  Events

          During  the  six month period ended June 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 March
          15,  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.

     (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


                                        9
<PAGE>
          and/or  in  advanced  stages  of  exploration which have potential for
          additional  discoveries;  and  (iii)  Grass-roots  exploration
          opportunities.

          During the first half of 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 $56,720 during the six months ended June 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

          Six  months  Ended June 30, 2004 (Fiscal 2004) versus Six months Ended
          June  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 six month period ended
          June  30,  2004  (fiscal  2003  -  $0).

          For  the six months ended June 30, 2004 the Company recorded a loss of
          $104,601  (fiscal  2003  -  $4,382)  or $0.01 per share (fiscal 2003 -
          $0.00  per  share).

          General  and  administrative expenses - For the six month period ended
          June 30, 2004 the Company recorded general and administrative expenses
          of  $48,364  (fiscal  2003 - $4,382). The fiscal 2004 amount includes,
          professional  fees  -  accounting $933 (fiscal 2003 - $0) and legal $0
          (fiscal  2003  -  $1,210).

          Exploration  expenditures  -  For  the six month period ended June 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 $56,720 (fiscal 2003 - $0).

     (E)  Capital  Resources  and  Liquidity

          At June 30, 2004 the Company had cash of $870,290 (fiscal 2003 - $194)
          and  working  capital  of  $1,116,974  (fiscal  2003 working capital -
          $215,421)  respectively.  Total  liabilities  as of June 30, 2004 were
          $21,526 (fiscal 2003 - $33,580), a decrease of $12,054. During the six
          month  period  ended June 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 March 15, 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 shares had not yet been issued. During the six
          month  period  ended  June  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 six month period
          ended  June  30,  2004  the  Company  recorded  a net loss of $104,601
          (fiscal  2003  -  $4,382)  or $0.01 per share (fiscal 2003 - $0.00 per
          share).


                                       10
<PAGE>
          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.

          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


                                       11
<PAGE>
          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 six month period ended June 30, 2004.

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.


                                       12
<PAGE>
ITEM 6. Exhibits and Reports on Form 8-K

(a)  Exhibits:

<TABLE>
<CAPTION>
<S>    <C>

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*
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*
</TABLE>

--------
*    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


                                       13
<PAGE>