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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
  EXCHANGE ACT OF 1934

For the fiscal year ended July 31, 2009

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

COMMISSION FILE NUMBER 000-52879

CONTACT MINERALS CORP.(Exact name of registrant as specified in its charter)

|NEVADA                                                             | 39-2060052                                     
|------------------------------------------------------------------ | -----------------------------------------------
|State or other jurisdiction of incorporation or
      organization | (I.R.S. Employer Identification No.)           
|                                                                   |                                                
|595 Hornby Street, Suite 706                                       |                                                
|Vancouver, British Columbia, Canada                                | V6C 2E8                                        
|(Address of principal executive offices)                           | (Zip Code)                                     
|                                                                   |                                                
|Registrant's telephone number, including area code                 | (604) 629-1007                                 
|                                                                   |                                                
|Securities registered under Section 12(b) of the Act:              | NONE.                                          
|                                                                   |                                                
|Securities registered under Section 12(g) of the Act:              | Common Stock, $0.001 Par Value Per
      Share.

Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined by Rule 405 of the Securities Act. Yes [ 
 ]    No [X]

Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act. Yes
[   ]    No [X]

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 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 has submitted
electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (§229.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post
such files). Yes [   ]    No [   ]

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not
contained herein, and will not be contained, to the best of registrants
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K.
[X]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or
asmaller reporting company. See the definitions of large accelerated
filer, accelerated filer and smaller reporting company in Rule 12b-2 of
the Exchange Act.

|Large accelerated filer [   ] |                                               | Accelerated
      filer                     [  
      ]
|----------------------------- | --------------------------------------------- | -------------------------------------------------------
|Non-accelerated filer   [   ] | (Do not check if a smaller reporting company) | Smaller reporting company [X]                          

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

State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the price at
which the common equity was sold, or the average bid and asked price of such
common equity, as of the last business day of the registrants most recently
completed second fiscal quarter: $2,384,200, based on the average of
theclosing bid of $0.30 and the closing ask of $1.01
as quoted on the OTC Bulletin Board as of January 30, 2009,being the last business day of the registrants most recently
completed second fiscal quarter.

Indicate the number of shares outstanding of each of the
registrants classes of common stock, as of the latest practicable date.
As of October 22, 2009, the Registrant had 14,280,000 shares of common
stock outstanding.

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CONTACT MINERALS CORP.

ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED JULY 31,
2009

TABLE OF CONTENTS

PAGEPART I
      
      3ITEM 1.
      BUSINESS
      3ITEM 1A.
      RISK FACTORS
      5ITEM 2.
      PROPERTIES
      8ITEM 3.
      LEGAL PROCEEDINGS
      9ITEM 4.
      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
      9PART II
      
      10ITEM 5.
      MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER
        MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
      10ITEM 7.
      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS.
      11ITEM 8.
      FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
      14ITEM 9.
      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
        AND FINANCIAL DISCLOSURE
      15ITEM 9AT.
      CONTROLS AND PROCEDURES.
      15ITEM 9B.
      OTHER INFORMATION
      16PART III
      
      17ITEM 10.
      DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
      17ITEM 11.
      EXECUTIVE COMPENSATION.
      18ITEM 12.
      SECURITY OWNERSHIP OF CERTAIN BENEFICIAL AND OWNERS AND
        MANAGEMENT RELATED STOCKHOLDER MATTERS.
      19ITEM 13.
      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
        INDEPENDENCE.
      20ITEM 14.
      PRINCIPAL ACCOUNTING FEES AND SERVICES.
      20ITEM 15.
      EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
      21SIGNATURES
      22


2

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PART I

The information in this discussion contains forward-looking
statements. These forward-looking statements involve risks and uncertainties,
including statements regarding our capital needs, business strategy and
expectations. Any statements contained herein that are not statements of
historical facts may be deemed to be forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as "may,"
"will," "should," "expect," "plan," "intend," "anticipate," "believe,"
"estimate, "predict," "potential" or "continue, the negative of such terms or
other comparable terminology. Actual events or results may differ materially. In
evaluating these statements, you should consider various factors, including the
risks described below, and, from time to time, in other reports we file with the
United States Securities and Exchange Commission (the SEC). These factors may
cause our actual results to differ materially from any forward-looking
statement. We disclaim any obligation to publicly update these statements, or
disclose any difference between its actual results and those reflected in these
statements.

As used in this Annual Report, the terms we, us, our,
Contact, and the Company mean Contact Minerals Corp. unless otherwise
indicated. All dollar amounts in this Annual Report are expressed in U.S.
dollars, unless otherwise indicated.

ITEM
1.           BUSINESS.

General

We were incorporated under the laws of the State of Nevada on
April 25, 2007.

We currently have no business operations or significant assets.
We are an exploration stage company engaged in the acquisition and exploration
of mineral properties. We plan to identify and acquire an interest in a mineral
property. The acquisition of a mineral property will be dependent upon our
possessing sufficient capital resources at the time to purchase such mineral
property. We have not entered into any discussions, understandings, arrangements
or other agreements, preliminary or otherwise, for acquiring any mineral
property and/or funding arrangements for the purpose of acquiring a mineral
property.

Recent Corporate Developments

Since our fiscal year ended July 31, 2008, we experienced the
following significant corporate developments:

|1. | On October 28, 2008, we determined to allow our interest
      in our option to acquire a 100% interest in a mineral property called the
      Triune Property to lapse. Our management is currently seeking to acquire
      an interest in a mineral property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2. | On January 8, 2009, our Board of Directors approved a
      private placement offering of up to $150,000 of 10% convertible notes (the
      "Convertible Notes Offering"). The Convertible Notes Offering will be
      completed pursuant to Regulation S promulgated under the Securities Act of
      1933, as amended (the Securities Act) to persons who are not U.S.
      Persons as contemplated under Regulation S of the Securities Act. We may
      pay a commission or finders fee of up to 10% of the Convertible Notes
      Offering proceeds to duly licensed brokers or investment dealers who
      introduce purchasers or to other person where permitted by law. The
      proceeds of the Convertible Notes Offering will be used to fund our
      business and for working capital purposes. The Offering will be completed
      pursuant to the provisions of Regulation S. There is no assurance that the
      Offering will be completed on the above terms or at all. As of the date of
      this Annual Report, we had not received any proceeds under this offering,
      and have not issued any securities under this offering. There are no
      assurances that any Convertible Notes will be sold under this
    offering.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|3. | On February 9, 2009, we amended our Articles of
      Incorporation by increasing our issued and authorized common stock on a
      two-for-one basis. Accordingly, our authorized capital of common stock
      increased from 150,000,000 shares, $0.001 par value per share, to
      300,000,000 shares of common stock, $0.001 par value per share, and our
      issued and outstanding shares were increased correspondingly on a
      two-for-one basis. As a result of the forward split, the number of shares
      of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

3

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|   | common stock outstanding was increased correspondingly
      from 7,140,000 shares to 14,280,000 shares.                     
|-- | -----------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                              
|4. | Also on February 9, 2009, as a result of the 2-for-1
      forward split, our trading symbol changed from "CMIZ" to
  CNTM.

Competition

We are a company engaged in the acquisition and exploration of
mineral properties. We compete with other mineral exploration and development
companies for financing and for the acquisition of new mineral properties. Many
of the mineral exploration and development companies with whom we compete have
greater financial and technical resources than we do. Accordingly, these
competitors may be able to spend greater amounts on acquisitions of mineral
properties of merit, on exploration of their mineral properties and on
development of their mineral properties. In addition, they may be able to afford
greater geological expertise in the targeting and exploration of mineral
properties. This competition could result in competitors having mineral
properties of greater quality and interest to prospective investors who may
finance additional exploration and development. This competition could adversely
impact our ability to finance future mineral property acquisitions and the
exploration of those properties.

The mineral exploration industry, in general, is intensively
competitive and, even if commercial quantities of ore are discovered, a ready
market may not exist for the sale of the ore. Numerous factors beyond our
control may affect the marketability of any substances discovered. These factors
include market fluctuations, the proximity and capacity of natural resource
markets and processing equipment, government regulations, including regulations
relating to prices, taxes, royalties, land tenure, land use, importing and
exporting of minerals and environmental protection. The exact effect of these
factors cannot be accurately predicted, but the combination of these factors may
result in us not receiving an adequate return on invested capital.

Compliance With Government Regulation

Our activities are subject to extensive regulation at all
levels of government. There are a number of applicable rules that regulate the
exploration and mining of mineral properties, and also the possible effects of
such activities upon the environment. Future legislation and regulations could
cause additional expense, capital expenditures, restrictions and delays in the
exploration and development of a mineral property, the extent of which cannot be
predicted. In addition, we will also be subject to rules regulating the
employment, occupational health and safety, accident investigation, work place
conditions, protective equipment, training programs, and site supervision.
Additional approvals and authorizations may be required from other government
agencies, depending upon the nature and scope of the proposed exploration
program.

Compliance With Environmental Regulations

We will also have to sustain the cost of reclamation and
environmental remediation for all exploration work undertaken. Both reclamation
and environmental remediation refer to putting disturbed ground back as close to
its original state as possible. Other potential pollution or damage must be
cleaned-up and renewed along standard guidelines outlined in the usual permits.
Reclamation is the process of bringing the land back to its natural state after
completion of exploration activities. Environmental remediation refers to the
physical activity of taking steps to remediate, or remedy, any environmental
damage caused. The amount of these costs is not known at this time as we do not
know the extent of the exploration program that will be undertaken on any
mineral properties that we acquire. Because there is presently no information on
the size, tenor, or quality of any resource or reserve at this time, it is
impossible to assess the impact of any capital expenditures on earnings, our
competitive position or on us in the event a potentially economic deposit is
discovered.

If we enter the production phase of a mineral property, of
which there is no assurance, the cost of complying with permit and regulatory
environment laws will be greater because the impact on the project area is
greater. Permits and regulations will control all aspects of the production
program if the project continues to that stage. The regulatory requirements that
we will have to meet will likely include:

| | (i) | Ensuring that any water discharge meets drinking water
      standards;
| | --- | -----------------------------------------------------------------------

4

---

| | (ii)  | Dust generation will have to be minimal or otherwise
      re-mediated;                                                                         
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------
| | (iii) | Dumping of material on the surface will have to be
      re-contoured and re-vegetated with natural vegetation;                                 
| | (iv)  | All material to be left on the surface will need to be
      environmentally benign;                                                            
| | (v)   | Ground water will have to be monitored for any potential
      contaminants;                                                                    
| | (vi)  | The socio-economic impact of the project will have to be
      evaluated and if deemed negative, will have to be re-mediated;
  and             
| | (vii) | There will have to be an impact report of the work on the
      local fauna and flora including a study of potentially endangered
      species.

Employees

Other than our sole executive officer and director, we have no
employees as of the date of this Annual Report. We conduct our business largely
through agreements with consultants and arms-length third parties.

Research And Development Expenditures

We have not incurred any research or development expenditures
since our inception.

Patents And Trademarks

We do not own any patents or trademarks.

ITEM 1A.        
 RISK FACTORS.

The following are some of the important factors that could
affect our financial performance or could cause actual results to differ
materially from estimates contained in our forward-looking statements. We may
encounter risks in addition to those described below. Additional risks and
uncertainties not currently known to us, or that we currently deem to be
immaterial, may also impair or adversely affect our business, financial
condition or results of operation.

If we do not obtain additional financing, our business will
fail.

As of July 31, 2009, we had cash in the amount of $23,575. In
  October 2008, we determined to allow our interest in the Triune Property to
  lapse. Accordingly, we plan to identify and acquire an interest in an alternative
  mineral property. Our ability to acquire a mineral property will be dependent
  upon obtaining financing. Obtaining financing would be subject to a number of
  factors, including the market prices for the mineral property and gold, silver,
  copper and iron. These factors may make the timing, amount, terms or conditions
  of financing unavailable to us. There are no assurances that we will be able
  to obtain financing on terms satisfactory to us.

Because of the speculative nature of exploration of mining
properties, there is substantial risk that our business will fail.

We were incorporated on April 25, 2007 and to date have been
involved primarily in organizational activities, and the acquisition of a
mineral property, which has since lapsed. We have not earned any revenues as of
the date of this report. The likelihood of success must be considered in light
of the problems, expenses, difficulties, complications and delays encountered in
connection with the exploration of the mineral properties that we plan to
undertake. These potential problems include, but are not limited to,
unanticipated problems relating to exploration, and additional costs and
expenses that may exceed current estimates. Prior to completion of our
exploration stage, we anticipate that we will incur increased operating expenses
without realizing any revenues. We expect to incur significant losses into the
foreseeable future. We recognize that if we are unable to generate significant
revenues from development and production of minerals from a claim, we will not
be able to earn profits or continue operations. There is no history upon which
to base any assumption as to the likelihood that we will prove successful, and
it is doubtful that we will generate any operating revenues or ever achieve
profitable operations. If we are unsuccessful in addressing these risks, our
business will most likely fail.

5

---

Even if we discover proven reserves of precious metals on a
mineral property, we may not be able to successfully commence commercial
production.

Assuming that we are able to acquire an alternative mineral
property, if an exploration program is successful in discovering proven reserves
on a mineral property, we will require additional funds in order to place the
mineral property into commercial production. The expenditures to be made by us
in the exploration of a mineral property in all probability will be lost as it
is an extremely remote possibility that the mineral claim will contain proven
reserves. The funds required for commercial mineral production can range from
several million to hundreds of millions. We currently do not have sufficient
funds to place a mineral property into commercial production. Obtaining
financing would be subject to a number of factors, including the market prices
for gold, silver, copper and iron, and the costs of exploring for or mining
these materials. These factors may make the timing, amount, terms or conditions
of financing unavailable to us. Because we will need financing to acquire a
mineral property and to fund our exploration activities, there is substantial
doubt about our ability to continue as a going concern. At this time, there is a
risk that we will not be able to obtain such financing as and when needed.

Because we anticipate that our operating expenses will
increase prior to our earning revenues, we may never achieve profitability.

Assuming that we are able to acquire an alternative mineral
property, prior to completion of our exploration stage, we anticipate that we
will incur increased operating expenses without realizing any revenues. We
therefore expect to incur significant losses into the foreseeable future. We
recognize that if we are unable to generate revenues from the exploration of a
mineral property, we will not be able to earn profits or continue operations.
There is no history upon which to base any assumption as to the likelihood that
we will prove successful, and we can provide investors with no assurance that we
will generate any revenues or ever achieve profitability. If we are unsuccessful
in addressing these risks, our business will most likely fail.

Because of the inherent dangers involved in mineral
exploration, there is a risk that we may incur liability or damages as we
conduct our business.

Assuming that we are able to acquire an alternative mineral
property, the search for valuable minerals involves numerous hazards and risks
normally incident to exploring for and developing mineral properties. As a
result, we may become subject to liability for such hazards, including
pollution, cave-ins, unusual or unexpected geological formations, environmental
pollution, personal injuries, flooding, changes in technology or mining
techniques, periodic interruptions, industrial accidents, and other hazards
against which we cannot insure or against which we may elect not to insure. At
the present time we have no coverage to insure against these hazards and have no
plans to insure against these hazards. The payment of such liabilities may have
a material adverse effect on our financial position.

If we receive positive results from an exploration program
and we decide to pursue commercial production, we may be subject to an
environmental review process that may delay or prohibit commercial production.

Assuming that we are able to acquire an alternative mineral
property, if we enter the production phase, the cost of complying with permit
and regulatory environment laws will be greater because the impact on the
project area is greater. Permits and regulations will control all aspects of the
production program if the project continues to that stage. Examples of
regulatory requirements include:

| | (i)   | Water discharge will have to meet drinking water
      standards;                                                                               
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii)  | Dust generation will have to be minimal or otherwise
      re-mediated;                                                                         
| | (iii) | Dumping of material on the surface will have to be
      re-contoured and re-vegetated with natural vegetation;                                 
| | (iv)  | An assessment of all material to be left on the surface
      will need to be environmentally benign;                                           
| | (v)   | Ground water will have to be monitored for any potential
      contaminants;                                                                    
| | (vi)  | The socio-economic impact of the project will have to be
      evaluated and if deemed negative, will have to be remediated;
and                
| | (vii) | There will have to be an impact report of the work on the
      local fauna and flora including a study of potentially endangered
      species.

6

---

There is the possibility that we would not be able to proceed
with commercial production upon completion of the environmental review process
if government authorities did not approve our mine or if the costs of compliance
with government regulation adversely affected the commercial viability of the
proposed mine.

Because our sole executive officer does not have formal
training specific to the technicalities of mineral exploration, there is a
higher risk that our business will fail.

Kerry J. McCullagh, our sole executive officer and sole
director, does not have any formal training as geologists or in the technical
aspects of management of a mineral exploration company. With no direct training
in these areas, our management may not be fully aware of the specific technical
requirements related to working within this industry. Although Mr. McCullagh has
some extensive business experience with exploration companies, his decisions and
choices may not take into account standard exploration or managerial approaches
mineral exploration companies commonly use. Consequently, our operations and
ultimate financial success could suffer irreparable harm due to managements
lack of technical know-how in this industry.

We are highly dependent on our senior management. The loss
of our sole executive officer could hinder our ability to pursue our stated plan
of operation and obtain debt or equity financing, if and when required.

We believe that our continued success depends to a significant
extent upon the efforts and abilities of our senior management and in particular
Kerry J. McCullagh, our sole executive officer and director. Mr. McCullagh has
worked in the mining exploration industry for over 20 years. We believe that the
loss of Mr. McCullagh's business and management experience could hinder our
ability to pursue our stated plan of operation and obtain debt or equity
financing, if and when required.

Because our sole executive officer has only agreed to
provide his services on a part-time basis, he may not be able or willing to
devote a sufficient amount of time to our business operations, which may cause
our business to fail.

Kerry J. McCullagh, our sole executive officer and director, is
also a principal of Polar Capital Corp., now a private British Columbia
consulting company providing management and administrative services to mining
exploration companies. Because we are in the early stages of our business, Mr.
McCullagh devotes approximately 10 hours per week to our affairs. If the demands
of our business require the full business time of Mr. McCullagh, he is prepared
to adjust his timetable to devote up to 20 hours a week. However, Mr. McCullagh
may not be able to devote sufficient time to the management of our business, as
and when needed. It is possible that the demands of Mr. McCullagh's other
business interests will increase with the result that he would no longer be able
to devote sufficient time to the management of our business. Competing demands
on Mr. McCullagh's time may lead to a divergence between his interests and the
interests of other shareholders.

Because our sole executive officer and sole director owns
49% of our outstanding common stock, investors may find that corporate decisions
influenced by Mr. McCullagh are inconsistent with the best interests of other
stockholders.

Kerry J. McCullagh, our sole executive officer and sole
director, controls 49% of the issued and outstanding shares of our common stock.
Accordingly, in accordance with our Articles of Incorporation and Bylaws, Mr.
McCullagh is able to control who is elected to our board of directors and thus
could act, or could have the power to act, as our management. The interests of
Mr. McCullagh may not be, at all times, the same as those of other shareholders.
Since Mr. McCullagh is not simply a passive investor but is also one of our
active executives, his interests as an executive may, at times, be adverse to
those of passive investors. Where those conflicts exist, our shareholders will
be dependent upon Mr. McCullagh exercising, in a manner fair to all of our
shareholders, his fiduciary duties as an officer or as a member of our board of
directors. Also, Mr. McCullagh will have the ability to significantly influence
the outcome of most corporate actions requiring shareholder approval, including
the merger of our company with or into another company, the sale of all or
substantially all of our assets and amendments to our Articles of Incorporation.
This concentration of ownership with Mr. McCullagh may also have the effect of
delaying, deferring or preventing a change in control of Contact which may be
disadvantageous to minority shareholders.

7

---

Because our stock is a penny stock, shareholders will be
more limited in their ability to sell their stock.

The SEC has adopted rules that regulate broker-dealer practices
in connection with transactions in penny stocks. Penny stocks are generally
equity securities with a price of less than $5.00, other than securities
registered on certain national securities exchanges or quoted on the Nasdaq
system, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or quotation system.

Because our securities constitute penny stocks within the
meaning of the rules, the rules apply to us and to our securities. The rules may
further affect the ability of owners of shares to sell our securities in any
market that might develop for them. As long as the trading price of our common
stock is less than $5.00 per share, the common stock will be subject to rule
15g-9 under the Securities Exchange Act of 1934 (the Exchange Act). The penny
stock rules require a broker-dealer, prior to a transaction in a penny stock, to
deliver a standardized risk disclosure document prepared by the SEC, that:

|1. | contains a description of the nature and level of risk in
      the market for penny stocks in both public offerings and secondary
      trading;                                                                                        
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                          
|2. | contains a description of the brokers or dealers duties
      to the customer and of the rights and remedies available to the customer
      with respect to a violation to such duties or other requirements of
      securities laws;
|   |                                                                                                                                                                                                                                          
|3. | contains a brief, clear, narrative description of a
      dealer market, including bid and ask prices for penny stocks and the
      significance of the spread between the bid and ask price;                                           
|   |                                                                                                                                                                                                                                          
|4. | contains a toll-free telephone number for inquiries on
      disciplinary actions;                                                                                                                                                       
|   |                                                                                                                                                                                                                                          
|5. | defines significant terms in the disclosure document or
      in the conduct of trading in penny stocks; and                                                                                                                             
|   |                                                                                                                                                                                                                                          
|6. | contains such other information and is in such form,
      including language, type, size and format, as the SEC shall require by
      rule or regulation.                                                                              

The broker-dealer also must provide, prior to effecting any
transaction in a penny stock, the customer with: (a) bid and offer quotations
for the penny stock; (b) the compensation of the broker-dealer and its
salesperson in the transaction; (c) the number of shares to which such bid and
ask prices apply, or other comparable information relating to the depth and
liquidity of the market for such stock; and (d) a monthly account statements
showing the market value of each penny stock held in the customer's account. In
addition, the penny stock rules require that prior to a transaction in a penny
stock not otherwise exempt from those rules; the broker-dealer must make a
special written determination that the penny stock is a suitable investment for
the purchaser and receive the purchaser's written acknowledgment of the receipt
of a risk disclosure statement, a written agreement to transactions involving
penny stocks, and a signed and dated copy of a written suitably statement. These
disclosure requirements may have the effect of reducing the trading activity in
the secondary market for our stock.

ITEM
2.           PROPERTIES.

We maintain our corporate office at 595 Hornby Street, Suite
706, Vancouver, BC, Canada V6C 2E8. Our office space is currently provided to us
free of charge by our sole executive officer and director. We recognize donated
rent of $500 per month for the office space.

Until recently, we held an option to acquire a 100% interest in
the Triune Property. On October 28, 2008, we determined that we would not
proceed with our interest in the Triune Property. As such, we did not make the
first option payment of $10,000, which caused our interest in the Triune
Property to lapse.

8

---

ITEM
3.            LEGAL
PROCEEDINGS.

We are not a party to any other legal proceedings and, to our
knowledge, no other legal proceedings are pending, threatened or
contemplated.

ITEM
4.           SUBMISSION OF
MATTERS TO A VOTE OF SECURITY HOLDERS.

No matters were submitted to our security holders during the
fourth quarter of our fiscal year ended July 31, 2009.

9

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PART II

|ITEM 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED
      STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
      SECURITIES.
|------- | -------------------------------------------------------------------------------------------------------------------------

Market Information

Our common stock is quoted on the OTC Bulletin Board under the
symbol CNTM. The high and the low prices for our shares for each quarter of
our last two fiscal quarters of actual trading were:

Quarter Ended
    High
    LowJuly 31, 2009
    N/A
    N/AApril 30, 2009
    N/A
    N/AJanuary 31, 2009
    $0.30
    $0.10October 31, 2008
    $0.55
    $0.05July 31, 2008
    $0.55
    N/AApril 30, 2008
    N/A
    N/A


The above quotations have been adjusted to reflect our 2-for-1
stock split effected February 9, 2009. The market quotations provided reflect
inter-dealer prices, without retail mark-up, markdown or commission and may not
represent actual transactions.

Registered Holders Of Our Common Stock

As of October 22, 2009, we had twenty six (26) registered
shareholders and 14,280,000 shares of our common stock issued and outstanding.
We believe that a large number of stockholders hold stock on deposit with their
brokers or investment bankers registered in the name of stock depositories.

Dividends

We have neither declared nor paid any cash dividends on our
capital stock since our inception and do not contemplate paying cash dividends
in the foreseeable future. It is anticipated that earnings, if any, will be
retained for the operation of our business. Our board of directors will
determine future dividend declarations and payments, if any, in light of the
then-current conditions they deem relevant and in accordance with the Nevada
Revised Statutes.

There are no restrictions in our articles of incorporation or
in our bylaws which prevent us from declaring dividends. The Nevada Revised
Statutes, however, do prohibit us from declaring dividends where, after giving
effect to the distribution of a dividend:

|(a) | We would not be able to pay our debts as they become due
      in the usual course of business; or                                                                                                                                       
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                          
|(b) | Our total assets would be less than the sum of our total
      liabilities plus the amount that would be needed to satisfy the rights of
      shareholders who have preferential rights superior to those receiving
      distributions.

Recent Sales Of Unregistered Securities

None.

10

---

ITEM
7.           MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Plan Of Operation

Our plan of operation for the next twelve months is to identify
and acquire an interest in alternate mineral property on which we will carry out
exploration activities. We are unable to provide an estimate of our exact
financial needs for the next twelve months. However, as at July 31, 2009, we had
cash on hand of $23,575 and a working capital deficit of $103,885. As such, we
will require substantial additional financing in the near future in order to
meet our current obligations and to continue our operations. In addition, in the
event that we are successful in identifying a mineral property, of which there
is no assurance, we anticipate that we will need to obtain financing in order to
pursue an exploration program.

Results Of Operations

|Summary of Year End Results |   |                     |   |   |                     |   |  |            | 
|--------------------------- | - | ------------------- | - | - | ------------------- | - |  | ---------- | 
|                            |   |                     |   |   |                     |   |  | Percentage | 
|                            |   | Year Ended          |   |   | Year Ended          |   |  | Increase / | 
|                            |   | July
      31, 2009 |   |   | July
      31, 2008 |   |  | (Decrease) | 
|Revenue                     | $ | --                  |   | $ | --                  |   |  | n/a        | 
|Expenses                    |   | (68,238             | ) |   | (123,852            | ) |  | (44.9)%    | 
|Net Loss                    | $ | (68,238             | ) | $ | (123,852            | ) |  | (44.9)%    | 

Revenues

We have not earned any revenue since inception. We do not
anticipate earning revenues until such time as we enter into commercial
production of a mineral property. We are presently in the exploration stage of
our business and we can provide no assurance that we will acquire and interest
in a mineral property, discover proven reserves on such mineral property, or if
such deposits are discovered, that we will enter into further exploration
programs.

Operating Expenses

The major components of our expenses for the years ended July
31, 2009 and 2008 are outlined in the table below:

|                                     |   |                     |   |   |                     |  |  | Percentage | 
|------------------------------------ | - | ------------------- | - | - | ------------------- |  |  | ---------- | 
|                                     |   | Year Ended          |   |   | Year Ended          |  |  | Increase / | 
|                                     |   | July
      31, 2009 |   |   | July
      31, 2008 |  |  | (Decrease) | 
|General and Administrative           | $ | 9,472               |   | $ | 14,346              |  |  | (34.0)%    | 
|Foreign Currency Gain                |   | (912                | ) |   | -                   |  |  | n/a        | 
|Management Fees                      |   | 12,000              |   |   | 12,000              |  |  | 0.0%       | 
|Impairment of Mineral Property Costs |   | -                   |   |   | 2,500               |  |  | (100)%     | 
|Mineral Property Costs               |   | 396                 |   |   | 13,929              |  |  | (97.2)%    | 
|Professional Services                |   | 41,282              |   |   | 75,077              |  |  | (45.0)%    | 
|Rent                                 |   | 6,000               |   |   | 6,000               |  |  | 0.0%       | 
|Total Operating Expenses             | $ | 68,238              |   | $ | 123,852             |  |  | (44.9)%    | 

The decrease in expenses is primarily a result of a decrease in
professional services, mineral property costs and general and administrative
expenses.

Professional services primarily consist of legal and accounting
fees in connection with meeting our ongoing reporting obligations under the
Exchange Act. The additional professional services during the year ended July
31, 2008 primarily relate to the preparation and filing our Registration
Statement on Form SB-2 under the Securities Act.

11

---

The substantial decrease in mineral property costs primarily
relate to the fact that we allowed our interest in the Triune Property to lapse
on October 28, 2008.

We do not currently pay any management fees to our sole
executive officer and director or any rent for use of our office. During the
years ended July 31, 2009 and 2008, we recognized a total of $12,000 each year
for donated management fees and $6,000 each year for donated rent provided by
our sole executive officer and director.

We anticipate that our expenses will increase significantly if
we are able to identify and acquire an interest in a mineral property and pursue
an exploration program on a mineral property. However, there are no assurances
that we will be able to identify and acquire an interest in a mineral property.

Liquidity And Capital Resources

|Cash Flows                                      |   |                     |   |   |                     |  
|----------------------------------------------- | - | ------------------- | - | - | ------------------- | -
|                                                |   | Year Ended          |   |   | Year Ended          |  
|                                                |   | July
      31, 2009 |   |   | July
      31, 2008 |  
|Net Cash Used In Operating
      Activities     | $ | (56,864             | ) | $ | (59,631             | )
|Net Cash Used In Investing Activities           |   | -                   |   |   | -                   |  
|Net Cash Provided By
      Financing Activities |   | 59,103              |   |   | 4,750               |  
|Net Increase (Decrease) in Cash During Period   | $ | 2,239               |   | $ | (54,881             | )

|Working Capital         |   |                        |   |   |                        |   |  |                       | 
|----------------------- | - | ---------------------- | - | - | ---------------------- | - |  | --------------------- | 
|                        |   |                        |   |   |                        |   |  | Percentage            | 
|                        |   | At
      July 31, 2009 |   |   | At
      July 31, 2008 |   |  | Increase / (Decrease) | 
|Current Assets          | $ | 23,905                 |   | $ | 21,336                 |   |  | 12.0%                 | 
|Current Liabilities     |   | (127,790               | ) |   | (74,983                | ) |  | 70.4%                 | 
|Working Capital Deficit | $ | (103,885               | ) | $ | (53,647                | ) |  | 93.6%                 | 

We had cash on hand of $23,575 and a working capital deficit of
$103,885 as at July 31, 2009 compared to cash on hand of $21,336 and a working
capital deficit of $53,647 as at July 31, 2008. Our working capital deficit
increased as a result of an increase in loans payable in order to meet our
ongoing expenditures. During the year ended July 31, 2009, we received loans
totaling $59,103 from Mr. McCullagh. The loans are non-interest bearing,
unsecured and due on demand.

Financing Requirements

Our ability to identify and acquire an alternative mineral
property is dependent upon our ability to obtain additional financing in the
near term. We anticipate that such funding will be in the form of equity
financing from sales of our common stock. However, there is no assurance that we
will be able to raise sufficient funding from the sale of our common stock to
fund our business plan should we decide to proceed. We believe that debt
financing will not be an alternative for funding the acquisition of a mineral
property or the exploration of such mineral property. The risky nature of this
enterprise and lack of tangible assets places debt financing beyond the
credit-worthiness required by most banks or typical investors of corporate debt
until such time as an economically viable mine can be demonstrated.

On January 8, 2009, our Board of Directors approved a private
placement offering of up to $150,000 of 10% convertible notes (the "Convertible
Notes Offering"). The Convertible Notes Offering will be completed pursuant to
Regulation S to persons who are not U.S. Persons as contemplated under
Regulation S. The proceeds of the Convertible Notes Offering will be used to
fund our business and for working capital purposes. The Offering will be
completed pursuant to the provisions of Regulation S. There is no assurance that
the Offering will be completed on the above terms or at all.

We anticipate continuing to rely on equity sales of our common
shares and advances from our sole executive officer and director in order to
continue to fund our business operations. Issuances of additional shares will

12

---

result in dilution to our existing shareholders. There is no
assurance that we will achieve any additional sales of our equity securities or
arrange for debt or other financing to fund our business operations.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a 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 is
material to stockholders.

Critical Accounting Policies

The preparation of financial statements in conformity with
United States generally accepted accounting principles requires our management
to make estimates and assumptions that affect the reported amount 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.
Our management routinely makes judgments and estimates about the effects of
matters that are inherently uncertain.

We have identified certain accounting policies, described
below, that are most important to the portrayal of our current financial
condition and results of operations. Our significant accounting policies are
disclosed in Note 2 to the audited financial statements included in this Annual
Report.

Mineral Property Costs

We are primarily engaged in the acquisition, exploration and
development of mineral properties. Mineral property acquisition costs are
capitalized in accordance with EITF 04-2 Whether Mineral Rights Are Tangible
or Intangible Assets when management has determined that probable future
benefits consisting of a contribution to future cash inflows have been
identified and adequate financial resources are available or are expected to be
available as required to meet the terms of property acquisition and budgeted
exploration and development expenditures. Mineral property acquisition costs are
expensed as incurred if the criteria for capitalization are not met. In the
event that a mineral property is acquired through the issuance of our shares,
the mineral property will be recorded at the fair value of the respective
property or the fair value of common shares, whichever is more readily
determinable.

When mineral properties are acquired under option agreements
with future acquisition payments to be made at our sole discretion, those future
payments, whether in cash or shares, are recorded only when we have made or are
obliged to make the payment or issue the shares. When it has been determined
that a mineral property can be economically developed as a result of
establishing proven and probable reserves and pre feasibility, the costs
incurred to develop such property are capitalized.

Donated Capital

In accordance with Statement of Financial Accounting Standards
No. 116 (SFAS 116), Accounting for Contributions Received and Contributions
Made, we reflect donated capital, such as outright gifts to us by way of
donated management services provided, in the Statement of Operations. Donated
management services are recognized if the services received (a) create or
enhance non-financial assets, or (b) require specialized skills, are provided by
individuals possessing these skills, and would typically need to be purchased if
not provided by donation.

13

---

ITEM
8.           FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA.

Audited Financial Statements, including:

| | 1. | Report of Independent Registered Public Accounting
      Firm;                                                                                                
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                               
| | 2. | Balance Sheets as at July 31, 2009 and 2008;                                                                                                                  
| |    |                                                                                                                                                               
| | 3. | Statements of Operations for the years ended July 31,
      2009 and July 31, 2008, and accumulated from inception on April 25, 2007
      to July 31, 2009;  
| |    |                                                                                                                                                               
| | 4. | Statements of Cash Flows for the years ended July 31,
      2009 and July 31, 2008 and for the period from inception on April 25, 2007
      to July 31, 2009;
| |    |                                                                                                                                                               
| | 5. | Statement of Stockholders Equity (Deficit) for the
      period from inception on April 25, 2007 through July 31, 2009;
  and                                
| |    |                                                                                                                                                               
| | 6. | Notes to the Financial
Statements.                                                                                                                            

14

---

Contact Minerals Corp. 
  (An Exploration Stage Company)

July 31, 2009



|                                                        | Index
|------------------------------------------------------- | -----
|                                                        |      
|Report of Independent Registered Public Accounting Firm | F1  
|                                                        |      
|Balance Sheets                                          | F2  
|                                                        |      
|Statements of Operations                                | F3  
|                                                        |      
|Statements of Cash Flows                                | F4  
|                                                        |      
|Statement of Stockholders Equity (Deficit)             | F5  
|                                                        |      
|Notes to the Financial Statements                       | F6  

---



Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of
  Contact Minerals Corp. 
  (An Exploration Stage Company)

We have audited the accompanying balance sheets of Contact Minerals
  Corp. (An Exploration Stage Company) as of July 31, 2009 and 2008, and the related
  statement of operations, cash flows and stockholders' deficit for the years
  then ended and accumulated from April 25, 2007 (Date of Inception) to July 31,
  2009. These financial statements are the responsibility of the Company's management.
  Our responsibility is to express an opinion on these financial statements based
  on our audits.

We conducted our audits in accordance with the standards of the
  Public Company Accounting Oversight Board (United States). Those standards require
  that we plan and perform the audits to obtain reasonable assurance about whether
  the financial statements are free of material misstatement. An audit includes
  examining, on a test basis, evidence supporting the amounts and disclosures
  in the financial statements. The Company is not required to have, nor were we
  engaged to perform, an audit of its internal control over financial reporting.
  An audit includes consideration of internal control over financial reporting
  as a basis for designing audit procedures that are appropriate in the circumstances,
  but not for the purpose of expressing an opinion on the effectiveness of internal
  control over financial reporting. An audit also includes assessing the accounting
  principles used and significant estimates made by management, as well as evaluating
  the overall financial statement presentation.

In our opinion, the financial statements referred to above present
  fairly, in all material respects, the financial position of Contact Minerals
  Corp. (An Exploration Stage Company) as of July 31, 2009 and 2008 and the results
  of its operations and its cash flows for the years then ended and accumulated
  for the period from April 25, 2007 (Date of Inception) to July 31, 2009 in conformity
  with accounting principles generally accepted in the United States.

The accompanying financial statements have been prepared assuming
  the Company will continue as a going concern. As discussed in Note 1 to the
  financial statements, the Company has not generated any revenues and has incurred
  operating losses since inception. These factors raise substantial doubt about
  the Companys ability to continue as a going concern. Managements
  plans in regard to these matters are also discussed in Note 1. The financial
  statements do not include any adjustments that might result from the outcome
  of this uncertainty.

/s/ Manning Elliott LLP

CHARTERED ACCOUNTANTS

Vancouver, Canada

October 26, 2009

F-1

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Balance Sheets 
  (Expressed in U.S. dollars)

|                                                       |  | July 31, |   |  | July 31, |  
|------------------------------------------------------ |  | -------- | - |  | -------- | -
|                                                       |  | 2009     |   |  | 2008     |  
|                                                       |  | $        |   |  | $        |  
|                                                       |  |          |   |  |          |  
|ASSETS                                                 |  |          |   |  |          |  
|Current Assets                                         |  |          |   |  |          |  
|Cash                                                   |  | 23,575   |   |  | 21,336   |  
|Prepaid expenses                                       |  | 330      |   |  |         |  
|Total Assets                                           |  | 23,905   |   |  | 21,336   |  
|                                                       |  |          |   |  |          |  
|LIABILITIES AND STOCKHOLDERS DEFICIT                  |  |          |   |  |          |  
|Current Liabilities                                    |  |          |   |  |          |  
|Accounts payable                                       |  | 92       |   |  | 547      |  
|Accrued liabilities                                    |  | 552      |   |  | 4,360    |  
|Due to related party (Notes 4(b),(c) and (d))          |  | 127,146  |   |  | 70,076   |  
|Total Liabilities                                      |  | 127,790  |   |  | 74,983   |  
|Contingencies and Commitments (Note 1)                 |  |          |   |  |          |  
|Stockholders Deficit                                  |  |          |   |  |          |  
|Preferred Stock                                        |  |          |   |  |          |  
|Authorized: 15,000,000 shares, par
      value $0.001  |  |          |   |  |          |  
|None issued and outstanding                            |  |         |   |  |         |  
|Common Stock                                           |  |          |   |  |          |  
|Authorized: 300,000,000 shares,
      par value $0.001 |  |          |   |  |          |  
|Issued and outstanding: 14,280,000
      shares        |  | 14,280   |   |  | 14,280   |  
|Additional Paid-in Capital                             |  | 50,720   |   |  | 50,720   |  
|Donated Capital (Note 4(a))                            |  | 41,881   |   |  | 23,881   |  
|Deficit Accumulated During the Exploration Stage       |  | (210,766 | ) |  | (142,528 | )
|Total Stockholders
      Deficit                      |  | (103,885 | ) |  | (53,647  | )
|Total Liabilities
      and Stockholders Deficit      |  | 23,905   |   |  | 21,336   |  

(The accompanying notes are an integral part of these financial
  statements)

F-2

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Statements of Operations 
  (Expressed in U.S. dollars)

|                                           |  | Accumulated from    |   |  |            |   |  |            |  
|------------------------------------------ |  | ------------------- | - |  | ---------- | - |  | ---------- | -
|                                           |  | April 25, 2007      |   |  | For the    |   |  | For the    |  
|                                           |  | (date of inception) |   |  | Year Ended |   |  | Year Ended |  
|                                           |  | To July 31,         |   |  | July 31,   |   |  | July 31,   |  
|                                           |  | 2009                |   |  | 2009       |   |  | 2008       |  
|                                           |  | $                   |   |  | $          |   |  | $          |  
|                                           |  |                     |   |  |            |   |  |            |  
|Revenue                                    |  |                    |   |  |           |   |  |           |  
|                                           |  |                     |   |  |            |   |  |            |  
|                                           |  |                     |   |  |            |   |  |            |  
|Expenses                                   |  |                     |   |  |            |   |  |            |  
|                                           |  |                     |   |  |            |   |  |            |  
|General and administrative                 |  | 24,582              |   |  | 9,472      |   |  | 14,346     |  
|Foreign currency gain                      |  | (912                | ) |  | (912       | ) |  |           |  
|Management fees (Note 4(a))                |  | 27,000              |   |  | 12,000     |   |  | 12,000     |  
|Impairment of mineral property
      costs |  | 5,000               |   |  |           |   |  | 2,500      |  
|Mineral property costs                     |  | 14,978              |   |  | 396        |   |  | 13,929     |  
|Professional services                      |  | 126,618             |   |  | 41,282     |   |  | 75,077     |  
|Rent
      (Note 4(a))                     |  | 13,500              |   |  | 6,000      |   |  | 6,000      |  
|                                           |  |                     |   |  |            |   |  |            |  
|Total Expenses                             |  | 210,766             |   |  | 68,238     |   |  | 123,852    |  
|                                           |  |                     |   |  |            |   |  |            |  
|Net Loss                                   |  | (210,766            | ) |  | (68,238    | ) |  | (123,852   | )
|                                           |  |                     |   |  |            |   |  |            |  
|                                           |  |                     |   |  |            |   |  |            |  
|Net Loss Per Share  Basic and Diluted     |  |                    |   |  |           |   |  | (0.01      | )
|                                           |  |                     |   |  |            |   |  |            |  
|Weighted Average Shares Outstanding        |  |                    |   |  | 14,280,000 |   |  | 14,280,000 |  

(The accompanying notes are an integral part of these financial
  statements)

F-3

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Statements of Cash Flows 
  (Expressed in U.S. dollars)

|                                                    |  | Accumulated            |   |  |            |   |  |            |  
|--------------------------------------------------- |  | ---------------------- | - |  | ---------- | - |  | ---------- | -
|                                                    |  | From April 25, 2007    |   |  | For the    |   |  | For the    |  
|                                                    |  | (Date of Inception) to |   |  | Year Ended |   |  | Year Ended |  
|                                                    |  | July 31,               |   |  | July 31,   |   |  | July 31,   |  
|                                                    |  | 2009                   |   |  | 2009       |   |  | 2008       |  
|                                                    |  | $                      |   |  | $          |   |  | $          |  
|Operating Activities                                |  |                        |   |  |            |   |  |            |  
|Net loss for the period                             |  | (210,766               | ) |  | (68,238    | ) |  | (123,852   | )
|Adjustments to reconcile net loss
      to net cash |  |                        |   |  |            |   |  |            |  
|used in operating activities:                       |  |                        |   |  |            |   |  |            |  
|Donated expenses                                    |  | 41,881                 |   |  | 18,000     |   |  | 18,000     |  
|Impairment of mineral property costs                |  | 5,000                  |   |  |           |   |  | 2,500      |  
|Changes in operating assets and
      liabilities:  |  |                        |   |  |            |   |  |            |  
|Accounts payable and accrued liabilities            |  | (1,856                 | ) |  | (4,263     | ) |  | (7,599     | )
|Due to related parties                              |  | 68,043                 |   |  | (2,033     | ) |  | 51,320     |  
|Prepaid expenses                                    |  | (330                   | ) |  | (330       | ) |  |           |  
|Net Cash Used in Operating Activities               |  | (98,028                | ) |  | (56,864    | ) |  | (59,631    | )
|Investing Activities                                |  |                        |   |  |            |   |  |            |  
|Acquisition of mineral property
      claims        |  | (2,500                 | ) |  |           |   |  |           |  
|Net Cash Used in Investing
      Activities         |  | (2,500                 | ) |  |           |   |  |           |  
|Financing Activities                                |  |                        |   |  |            |   |  |            |  
|Advances from related party                         |  | 59,103                 |   |  | 59,103     |   |  |           |  
|Proceeds from issuance of common stock              |  | 65,000                 |   |  |           |   |  | 4,750      |  
|Net Cash Provided
      by Financing Activities     |  | 124,103                |   |  | 59,103     |   |  | 4,750      |  
|Increase (Decrease) in Cash                         |  | 23,575                 |   |  | 2,239      |   |  | (54,881    | )
|Cash  Beginning
      of Period                    |  |                       |   |  | 21,336     |   |  | 76,217     |  
|Cash  End of Period                                |  | 23,575                 |   |  | 23,575     |   |  | 21,336     |  
|                                                    |  |                        |   |  |            |   |  |            |  
|Supplemental Disclosures:                           |  |                        |   |  |            |   |  |            |  
|Interest paid                                       |  |                       |   |  |           |   |  |           |  
|Income taxes paid                                   |  |                       |   |  |           |   |  |           |  

(The accompanying notes are an integral part of these financial
  statements)

F-4

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Statement of Stockholders Equity (Deficit) 
  (Expressed in U.S. dollars)

DeficitAccumulatedAdditional
      
      
      Stock
      
      
      
      
      
      During theCommon
      
      
      Paid-In
      
      
      Subscriptions
      
      
      Donated
      
      
      ExplorationShares
      
      
      Stock
      
      
      Capital
      
      
      Receivable
      
      
      Capital
      
      
      Stage
      
      
      Total#
      
      
      $
      
      
      $
      
      
      $
      
      
      $
      
      
      $
      
      
      $Balance  April 25, 2007(Date of Inception)
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      Shares issued for cash at $0.0005per share
      
      8,000,000
      
      
      8,000
      
      
      (4,000
      )
      
      
      
      
      
      
      
      
      
      
      4,000Shares issued for cash at $0.005per share
      
      4,800,000
      
      
      4,800
      
      
      19,200
      
      
      (1,000
      )
      
      
      
      
      
      
      
      23,000Shares issued for cash at $0.025per share
      
      1,480,000
      
      
      1,480
      
      
      35,520
      
      
      (3,750
      )
      
      
      
      
      
      
      
      33,250Donated services
      
      
      
      
      
      
      
      
      
      
      
      
      
      5,881
      
      
      
      
      
      5,881Net loss for the
        period
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      (18,676
      )
      
      (18,676
      )Balance  July 31, 2007
      
      14,280,000
      
      
      14,280
      
      
      50,720
      
      
      (4,750
      )
      
      5,881
      
      
      (18,676
      )
      
      47,455Subscription received
      
      
      
      
      
      
      
      
      
      
      4,750
      
      
      
      
      
      
      
      
      4,750Donated services
      
      
      
      
      
      
      
      
      
      
      
      
      
      18,000
      
      
      
      
      
      18,000Net loss for the
        year
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      (123,852
      )
      
      (123,852
      )Balance  July 31, 2008
      
      14,280,000
      
      
      14,280
      
      
      50,720
      
      
      
      
      
      23,881
      
      
      (142,528
      )
      
      (53,647
      )Donated services
      
      
      
      
      
      
      
      
      
      
      
      
      
      18,000
      
      
      
      
      
      18,000Net loss for the year
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      (68,238
      )
      
      (68,238
      )Balance  July 31, 2009
      
      14,280,000
      
      
      14,280
      
      
      50,720
      
      
      
      
      
      41,881
      
      
      (210,766
      )
      
      (103,885
      )


(The accompanying notes are an integral part of these financial
  statements)

F-5

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Notes to the Financial Statements
  (Expressed in U.S. dollars)

|1. | Exploration Stage Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | Contact Minerals Corp. (the Company)
        was incorporated in the State of Nevada on April 25, 2007. The Company
        is an Exploration Stage Company, as defined by Statement of Financial
        Accounting Standard (SFAS) No.7 Accounting and Reporting
        by Development Stage Enterprises. The Companys principal
        business is the acquisition and exploration of mineral properties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | These financial statements have been prepared
        on a going concern basis, which implies the Company will continue to realize
        its assets and discharge its liabilities in the normal course of business.
        The Company has never generated revenue and has never paid any dividends
        and is unlikely to pay dividends or generate earnings in the immediate
        or foreseeable future. The continuation of the Company as a going concern
        is dependent upon the continued financial support from its shareholders,
        the ability of the Company to obtain necessary equity financing to continue
        operations and to determine the existence, discovery and successful exploitation
        of economically recoverable reserves in its resource properties, confirmation
        of the Companys interests in the underlying properties, and the
        attainment of profitable operations. As at July 31, 2009 the Company has
        a working capital deficiency of $103,885 and has accumulated losses of
        $210,766 since inception. These financial statements do not include any
        adjustments to the recoverability and classification of recorded asset
        amounts and classification of liabilities that might be necessary should
        the Company be unable to continue as a going concern. These factors raise
        substantial doubt regarding the Companys ability to continue as
        a going concern.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | On January 8, 2009, the board of directors
        of the Company approved a private placement offering of up to $150,000
        of 10% convertible notes (the "Offering"). The Company may pay a commission
        or finders fee of up to 10% of the Offering proceeds. The proceeds will
        be used to fund the Companys business and for working capital purposes.
        There is no assurance that the Offering will be completed on the above
        terms or at all.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2. | Summary of Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

F-6

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Notes to the Financial Statements
  (Expressed in U.S. dollars)

|2. | Summary of Significant Accounting Policies
        (continued)
|-- | --------------------------------------------------------------
|   |                                                               
|   | e)                                                            
|   |                                                               
|   |                                                               

Level 1

Level 1 applies to assets or liabilities
  for which there are quoted prices in active markets for identical assets or
  liabilities.

Level 2

Level 2 applies to assets or liabilities
  for which there are inputs other than quoted prices that are observable for
  the asset or liability such as quoted prices for similar assets or liabilities
  in active markets; quoted prices for identical assets or liabilities in markets
  with insufficient volume or infrequent transactions (less active markets); or
  model-derived valuations in which significant inputs are observable or can be
  derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities
  for which there are unobservable inputs to the valuation methodology that are
  significant to the measurement of the fair value of the assets or liabilities.

| |    | The Companys financial instruments consist principally
        of cash, accounts payable, and amounts due to related parties. Pursuant
        to SFAS No. 157, fair value of assets and liabilities measured on a recurring
        basis include cash equivalents determined based on Level 1
        inputs, which consist of quoted prices in active markets for identical
        assets. The Company believes that the recorded values of all of the other
        financial instruments approximate their fair values because of their nature
        and respective maturity dates or durations.                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | The Companys operations are in Canada, which results
        in exposure to market risks from changes in foreign currency rates. The
        financial risk is the risk to the Companys operations that arise
        from fluctuations in foreign exchange rates and the degree of volatility
        of these rates. Currently, the Company does not use derivative instruments
        to reduce its exposure to foreign currency risk.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | f) | Foreign Currency Transactions/Balances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | The Companys functional currency is the United
        States dollar. Monetary assets and liabilities denominated in foreign
        currencies are translated using the exchange rate prevailing at the balance
        sheet date. Gains and losses arising on translation or settlement of foreign
        currency denominated transactions or balances are included in the determination
        of income. Foreign currency transactions are primarily undertaken in Canadian
        dollars. The Company has not, to the date of these financials statements,
        entered into derivative instruments to offset the impact of foreign currency
        fluctuations.                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | g) | Long-lived Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | In accordance with SFAS No. 144, Accounting
        for the Impairment or Disposal of Long-Lived Assets, the Company
        tests long-lived assets or asset groups for recoverability when events
        or changes in circumstances indicate that their carrying amount may not
        be recoverable. Circumstances which could trigger a review include, but
        are not limited to: significant decreases in the market price of the asset;
        significant adverse changes in the business climate or legal factors;
        accumulation of costs significantly in excess of the amount originally
        expected for the acquisition or construction of the asset; current period
        cash flow or operating losses combined with a history of losses or a forecast
        of continuing losses associated with the use of the asset; and current
        expectation that the asset will more likely than not be sold or disposed
        significantly before the end of its estimated useful life.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | Recoverability is assessed based on the carrying amount
        of the asset and its fair value which is generally determined based on
        the sum of the undiscounted cash flows expected to result from the use
        and the eventual disposal of the asset, as well as specific appraisal
        in certain instances. An impairment loss is recognized when the carrying
        amount is not recoverable and exceeds fair value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

F-7

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Notes to the Financial Statements
  (Expressed in U.S. dollars)

|2. | Summary of Significant Accounting Policies
        (continued)
|-- | --------------------------------------------------------------
|   |                                                               
|   | h)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   | i)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   | j)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   | k)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   | l)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               

F-8

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Notes to the Financial Statements
  (Expressed in U.S. dollars)

|2. | Summary of Significant Accounting Policies
        (continued)
|-- | --------------------------------------------------------------
|   |                                                               
|   | l)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               

F-9

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Notes to the Financial Statements
  (Expressed in U.S. dollars)

|2. | Summary of Significant Accounting Policies
        (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | l)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | m)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|3. | Mineral Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | On June 30, 2007, the Company entered into
        a property option agreement with a relative of the President of the Company
        whereby the Company has the option to acquire a 100% interest in and to
        six mineral claims located in the Revelstoke Mining District in the Province
        of British Columbia by payment of $2,500 (paid) upon signing the contract,
        $2,500 (paid) within 10 days of the Company being listed for trading on
        the OTCBB, $10,000 on the first anniversary of this agreement and $10,000
        on the second anniversary of this agreement. The Companys shares
        became quoted on the OTCBB on April 9, 2008. The Company must also pay
        1% Net Smelter Returns Royalty upon commencement of commercial production
        to a maximum of $1,000,000. The agreement was amended on June 30, 2008
        to extend the due date of the first $10,000 option payment to October
        28, 2008. The Company did not make the required $10,000 option payment
        due on October 28, 2008, and accordingly, caused the mineral property
        option to lapse.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|4. | Related Party Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|5. | Common Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | On February 9, 2009, the Company effected
        a 2 for 1 forward stock split of the authorized, issued and outstanding
        common stock. As a result, the authorized share capital increased from
        150,000,000 shares of common stock with a par value of $0.001 per share
        to 300,000,000 shares of common stock with a par value of $0.001 per share.
        The issued and outstanding shares increased from 7,140,000 shares of common
        stock to 14,280,000 shares of common stock. All share amounts have been
        retroactively adjusted for all periods presented.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

F-10

---

Contact Minerals Corp. 
  (An Exploration Stage Company) 
  Notes to the Financial Statements
  (Expressed in U.S. dollars)

|6. | Income Tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | The Company accounts for income taxes under SFAS No.
        109, "Accounting for Income Taxes." Deferred income tax assets
        and liabilities are determined based upon differences between financial
        reporting and tax bases of assets and liabilities and are measured using
        the enacted tax rates and laws that will be in effect when the differences
        are expected to reverse. Income tax expense differs from the amount that
        would result from applying the U.S federal and state income tax rates
        to earnings before income taxes. The Company has a net operating loss
        carry-forward of approximately $163,900 available to offset taxable income
        in future years which expires as follows: $10,300  fiscal 2027;
        $103,300  fiscal 2028; $50,300  fiscal 2029. Pursuant to SFAS
        109, the potential benefit of the net operating loss carry-forward has
        not been recognized in the financial statements since the Company cannot
        be assured that it is more likely than not that such benefit will be utilized
        in future years.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | The Company is subject to United States federal and
        state income taxes at an approximate rate of 35%. The reconciliation of
        the provision for income taxes at the United States federal statutory
        rate compared to the Companys income tax expense as reported is
        as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

| |                                       |  | July 31, |   |  | July 31, |  
| | ------------------------------------- |  | -------- | - |  | -------- | -
| |                                       |  | 2009     |   |  | 2008     |  
| |                                       |  | $        |   |  | $        |  
| | Income tax recovery at statutory rate |  | (23,880  | ) |  | (43,350  | )
| | Permanent differences                 |  | 6,300    |   |  | 7,190    |  
| | Valuation allowance change            |  | 17,580   |   |  | 36,160   |  
| | Provision for income
      taxes      |  |         |   |  |         |  

Deferred income taxes reflect the net
  tax effects of temporary differences between the carrying amounts of assets
  and liabilities for financial reporting purposes and the amounts used for income
  tax purposes. Deferred income taxes arise from temporary differences in the
  recognition of income and expenses for financial reporting and tax purposes.
  The significant components of deferred income tax assets and liabilities at
  July 31, 2009 and 2008 are as follows:

| |                                  |  | July 31, |   |  | July 31, |  
| | -------------------------------- |  | -------- | - |  | -------- | -
| |                                  |  | 2009     |   |  | 2008     |  
| |                                  |  | $        |   |  | $        |  
| | Net operating loss carry-forward |  | 57,340   |   |  | 39,760   |  
| | Valuation allowance              |  | (57,340  | ) |  | (39,760  | )
| | Net deferred income tax asset    |  |         |   |  |         |  

|   | The Company has recognized a valuation allowance for
        the deferred income tax asset since the Company cannot be assured that
        it is more likely than not that such benefit will be utilized in future
        years. The valuation allowance is reviewed annually. When circumstances
        change and which cause a change in management's judgment about the realizability
        of deferred income tax assets, the impact of the change on the valuation
        allowance is generally reflected in current income.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|7. | Subsequent Event                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | In accordance with SFAS No. 165, Subsequent
        Events (SFAS 165), the Company evaluated all events
        or transactions that occurred after July 31, 2009 up through October 29,
        2009, the date the Company issued these financial statements. During this
        period, the Company did not have any material recognizable subsequent
        events.                                                                                                                                                             

F-11

---

ITEM
9.           CHANGES IN AND
DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9AT.      CONTROLS AND
PROCEDURES.

Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of our
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of July 31, 2009 (the Evaluation Date). This evaluation was
carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer. Based upon that evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were not effective as of the Evaluation Date
as a result of the material weaknesses in internal control over financial
reporting discussed below.

Disclosure controls and procedures are those controls and
procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act are recorded,
processed, summarized and reported within the time periods specified in the
SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed in our reports filed under the Exchange Act is accumulated and
communicated to management, including our Chief Executive Officer and Chief
Financial Officer, to allow timely decisions regarding required disclosure.

Notwithstanding the assessment that our internal control over
financial reporting was not effective and that there were material weaknesses as
identified in this report, we believe that our financial statements contained in
our Annual Report on Form 10-K for the year ended July 31, 2009 fairly present
our financial condition, results of operations and cash flows in all material
respects.

Management's Annual Report on Internal Control Over
Financial Reporting

Our management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act, for the Company.

Internal control over financial reporting includes those
policies and procedures that: (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of our assets; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that our receipts
and expenditures are being made only in accordance with authorizations of its
management and directors; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of our assets that could have a material effect on the financial statements.

Management recognizes that there are inherent limitations in
the effectiveness of any system of internal control, and accordingly, even
effective internal control can provide only reasonable assurance with respect to
financial statement preparation and may not prevent or detect material
misstatements. In addition, effective internal control at a point in time may
become ineffective in future periods because of changes in conditions or due to
deterioration in the degree of compliance with our established policies and
procedures.

A material weakness is a significant deficiency, or combination
of significant deficiencies, that results in there being a more than remote
likelihood that a material misstatement of the annual or interim financial
statements will not be prevented or detected.

Under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer, management conducted an
evaluation of the effectiveness of our internal control over financial
reporting, as of the Evaluation Date, based on the framework set forth in
Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on its evaluation under
this framework, management concluded that our internal control over financial
reporting was not

15

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effective as of the Evaluation Date. In its assessment of the
effectiveness of internal control over financial reporting as of the Evaluation
Date, management determined that there were control deficiencies that
constituted the following material weaknesses:

|1. | Certain entity level controls establishing a tone at the
      top were considered material weaknesses. As of July 31, 2009, the Company
      did not have any independent directors on its audit committee. In
      addition, the Company has no policy on fraud. The Company does not believe
      that a whistleblower policy is necessary given the small size of the
      organization.                                                                                                                                                                                                                                                                                                
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2. | Due to the significant number and magnitude of
      out-of-period adjustments identified during the year- end closing process,
      management has concluded that the controls over the period-end financial
      reporting process were not operating effectively. A material weakness in
      the period-end financial reporting process could result in us not being
      able to meet our regulatory filing deadlines and, if not remediated, has
      the potential to cause a material misstatement or to miss a filing
      deadline in the future. Management override of existing controls is
      possible given the small size of the organization and lack of
      personnel.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|3. | There is no system in place to review and monitor
      internal control over financial reporting. The Company maintains an
      insufficient complement of personnel to carry out ongoing monitoring
      responsibilities and ensure effective internal control over financial
      reporting.                                                                                                                                                                                                                                                                                                                                                                                               

Management is committed to improving its internal controls and
will (1) continue to use third party specialists to address shortfalls in
staffing and to assist the Company with accounting and finance responsibilities,
(2) increase the frequency of independent reconciliations of significant
accounts which will mitigate the lack of segregation of duties until there are
sufficient personnel and (3) may consider appointing outside directors and audit
committee members in the future.

Management, including our Chief Executive Officer and Chief
Financial Officer, has discussed the material weakness noted above with our
independent registered public accounting firm. Due to the nature of this
material weakness, there is a more than remote likelihood that misstatements
which could be material to the annual or interim financial statements could
occur that would not be prevented or detected.

This Annual Report does not include an attestation report of
our registered public accounting firm regarding internal control over financial
reporting. Management's report was not subject to attestation by the our
registered public accounting firm pursuant to temporary rules of the SEC that
permit us to provide only management's report in this annual report.

Changes in Internal Controls

There were no changes in our internal control over financial
reporting that occurred during the fiscal year ended July 31, 2009 that have
materially affected, or that are reasonably likely to materially affect, our
internal control over financial reporting.

Limitations on the effectiveness of controls and procedures

Our management, including our Chief Executive Officer and Chief
Financial Officer, do not expect that the our controls and procedures will
prevent all potential errors or fraud. A control system, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met.

ITEM
9B.           OTHER
INFORMATION.

None.

16

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PART III

ITEM
10.           DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

The following table sets forth the name and positions of our
sole executive officer and director as of the date hereof.

Name
    Age
    PositionsKerry J. McCullagh
    52
    President, Secretary, Treasurer, CEO, CFO and Sole Director


Set forth below is a brief description of the background and
business experience of our sole executive officer and director:

Kerry J. McCullaghhas been our President, Secretary,
Treasurer, Chief Executive Officer, Chief Financial Officer and the sole member
of our Board of Directors since our inception on April 25, 2007. Mr. McCullagh
has been involved in the mineral exploration industry for more than twenty years
though he has no formal professional training or technical credentials in the
exploration, development and/or operations of metal mines.

Mr. McCullagh has participated in production gold mining,
extensive exploration programs including preliminary sampling, trenching, as
well as diamond drilling programs in both North and Central America. For the
past 5 years, he has been self-employed. Mr. McCullagh is also the principal and
sole shareholder of Polar Capital Corp., a private consulting British Columbia
company that provides management and administrative services to other mining
exploration companies. He is not currently an officer or director of any other
publicly listed company.

Mr. McCullagh was the president and director of Imperial
Consolidated Capital, a Nevada corporation that filed a Form 10-SB Registration
Statement to become a reporting company under the Exchange Act. Imperial
Consolidated Capital subsequently filed a Withdrawal of its Form 10-SB
Registration Statement and filed a Form 15 Notice of Termination of Registration
on July 12, 2006. Our former mineral property, the Triune Property was
originally the sole asset of Imperial Consolidated Capital.

During our early stages of business development, our President
devotes approximately 10 hours per week of his time to our business. If,
however, the demands of our business require more business time, such as raising
additional capital or addressing unforeseen issues with regard to our plan of
operation, he is prepared to adjust his timetable to devote up to 20 hours a
week on our business in furtherance of our plan of operation. However, Mr.
McCullagh may not be able to devote sufficient time to the management of our
business, as and when needed.

Terms of Office

Members of our board of directors are appointed to hold office
until the next annual meeting of our stockholders or until his or her successor
is elected and qualified, or until they resign or are removed in accordance with
the provisions of the Nevada Revised Statutes. Our officers are appointed by our
board of directors and hold office until removed by the board.

We do not pay to our directors any compensation for each
director serving as a director on our board of directors. In addition, at
present, there are no ongoing plans or arrangements for compensation of any of
our officers. Presently, there are no plans or agreements for compensation of
our officers and directors even if certain milestones are achieved in the
business plan. However, we expect to adopt a plan of reasonable compensation to
our officers and employees when and if we become operational and profitable.

Significant Employees

We have no significant employees other than our sole officer
and director. We conduct our business through agreements with consultants and
arms-length third parties. Currently, we have no formal consulting agreements in
place.

17

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Audit Committee and Audit Committee Financial Expert

We have a separately designated audit committee and Mr.
McCullagh is the sole member.

Mr. McCullagh is our sole director and does not qualify as an
audit committee financial expert. We believe that the cost related to
retaining such a financial expert at this time is prohibitive. Further, because
we are in the start-up stage of our business operations, we believe the services
of an audit committee financial expert are not warranted at this time.

Code Of Ethics

We adopted a Code of Ethics applicable to our officers and
directors, which is a code of ethics as defined by applicable rules of the
SEC.

Our Code of Ethics was attached as an exhibit to our Annual
Report on Form 10-K for the year ended July 31, 2008. If we make any amendments
to our Code of Ethics other than technical, administrative, or other
non-substantive amendments, or grant any waivers, including implicit waivers,
from a provision of our Code of Ethics to our officers or directors, we will
disclose the nature of the amendment or waiver, its effective date and to whom
it applies in a Current Report on Form 8-K filed with the SEC.

Compliance with Section 16(a) of the Securities Exchange Act

Section 16(a) of the Exchange Act requires our executive
officers and directors, and persons who own more than 10% of a registered class
of our securities (Reporting Persons), to file reports of ownership and
changes in ownership with the SEC. Reporting Persons are required by SEC
regulations to furnish us with copies of all forms they file pursuant to Section
16(a). Based solely on our review of the copies of such forms received by us, we
believe that, during the last fiscal year, all Reporting Persons complied with
all Section 16(a) filing requirements applicable to them.

ITEM
11.          EXECUTIVE
COMPENSATION.

Summary Compensation Table

The following table sets forth total compensation paid to or
earned by our named executive officers, as that term is defined in Item
402(m)(2) of Regulation S-K during the fiscal years ended July 31, 2009 and
2008:

SUMMARY COMPENSATION TABLEName & Principal Position
      Year 
        End 
        July 31,
      Salary 
        ($)
      Bonus 
        ($)
      Stock 
        Awards 
        ($)
      Option 
        Awards 
        ($)
      Non-Equity 
        Incentive 
        Plan 
        Compen-
        sation ($)
      Nonqualified  Deferred 
        Compen- 
        sation 
        Earnings 
        ($)
      All Other 
        Compen- 
        sation 
        ($)
      Total 
        ($)Kerry J. McCullagh 
        President, Secretary, 
        Treasurer, CEO & CFO
      2009 
        2008
      $0  $0
      $0  $0
      $0  $0
      $0  $0
      $0  $0
      $0  $0
      $0  $0
      $0  $0


We do not currently pay our directors or officers any salary or
consulting fee. We recognize donated services of $1,000 per month for the
services provided by Mr. McCullagh.

Outstanding Equity Awards At Fiscal Year-End

As at July 31, 2009, we had no outstanding equity awards.

Employment Contracts

We are not party to any employment contracts.

18

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ITEM 12.
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
      OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
      MATTERS.


Equity Compensation Plans

We have no equity compensation plans (including individual
compensation arrangements) under which our equity securities are authorized for
issuance.

Security Ownership Of Certain Beneficial Owners And
Management

The following table sets forth certain information concerning
the number of shares of our common stock owned beneficially as of October 22,
2009by: (i) each person (including any group) known to us to own more
than five percent (5%) of any class of our voting securities, (ii) each of our
directors and each of our named executive officers (as defined under Item
402(m)(2) of Regulation S-K), and (iii) officers and directors as a group.
Unless otherwise indicated, the shareholders listed possess sole voting and
investment power with respect to the shares shown.

Title of Class
      Name and Address of Beneficial
        Owner
      Number of Shares of Common
        Stock(1)
      Percentage of Common Stock(1)DIRECTORS AND OFFICERSCommon Stock
      Kerry J. McCullagh 
        CEO, CFO, President, Secretary, 
        Treasurer & Director
      7,000,000 Shares 
        (direct)
      49%Common Stock
      All Officers and Directors 
        as a Group (1 person)
      7,000,000 Shares
      49%5% SHAREHOLDERSCommon Stock
      Kerry J. McCullagh 
        CEO, CFO, President, Secretary, 
        Treasurer & Director 
        595 Hornby Street, Suite 706, 
        Vancouver, BC V6C 2E8
      7,000,000 Shares 
        (direct)
      49%


|(1) | Under Rule 13d-3, a beneficial owner of a security
      includes any person who, directly or indirectly, through any contract,
      arrangement, understanding, relationship, or otherwise has or shares: (i)
      voting power, which includes the power to vote, or to direct the voting of
      shares; and (ii) investment power, which includes the power to dispose or
      direct the disposition of shares. Certain shares may be deemed to be
      beneficially owned by more than one person (if, for example, persons share
      the power to vote or the power to dispose of the shares). In addition,
      shares are deemed to be beneficially owned by a person if the person has
      the right to acquire the shares (for example, upon exercise of an option)
      within 60 days of the date as of which the information is provided. In
      computing the percentage ownership of any person, the amount of shares
      outstanding is deemed to include the amount of shares beneficially owned
      by such person (and only such person) by reason of these acquisition
      rights. As a result, the percentage of outstanding shares of any person as
      shown in this table does not necessarily reflect the persons actual
      ownership or voting power with respect to the number of shares of common
      stock actually outstanding on October 22, 2009. As of October 22, 2009,
      there were 14,280,000 shares of our common stock issued and
      outstanding.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Changes In Control

We are not aware of any arrangement that might result in a
change in control in the future.

19

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ITEM
13.          CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Related Transactions

Except as described below, none of the following parties has,
during the last two fiscal years, had any material interest, direct or indirect,
in any transaction with us or in any presently proposed transaction that has or
will materially affect us, other than noted in this section:

| | (i)   | Any of our directors or officers;                                                                                                                                           
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii)  | Any person proposed as a nominee for election as a
      director;                                                                                                          
| | (iii) | Any person who beneficially owns, directly or indirectly,
      shares carrying more than 10% of the voting rights attached to our
      outstanding shares of common stock;
| | (iv)  | Any of our promoters; and                                                                                                                                                   
| | (v)   | Any relative or spouse of any of the foregoing persons
      who has the same house as such person.                                                                         

As at July 30, 2009, we are indebted to Mr. McCullagh as
follows: (i) $68,043 for expenses incurred on our behalf; and (ii) loans
totaling $59,103. The amounts are non-interest bearing, unsecured and due on
demand.

On June 30, 2007, we entered into Property Option Agreement
with William McCullagh, the father of Kerry J. McCullagh, whereby we acquired an
option to acquire 100% of the Triune Property in consideration of the payment of
$25,000 over a two-year period to William McCullagh. The Triune Property was
subject to a 1% Net Smelter Royalty payable to William McCullagh to a maximum of
$1,000,000. On June 30, 2008, we entered into an amendment to the Property
Option Agreement with William McCullagh. Under the terms of the amendment
agreement, William McCullagh agreed to extend the first payment of $10,000 from
June 30, 2008 to October 28, 2008. On October 28, 2008, we determined that we
would not proceed with our interest in the Triune Property. As such, we did not
make the first option payment of $10,000, which caused our interest in the
Triune Property to lapse.

Director Independence

Our common stock is quoted on the OTC Bulletin Board
inter-dealer quotation system, which does not have director independence
requirements. Under NASDAQ Rule 5605(a)(2), a director is not considered to be
independent if he or she is also an executive officer or employee of the
corporation. Our sole director, Kerry J. McCullagh, is also our sole executive
officer. As a result, we do not have any independent directors.

As a result of our limited operating history and minimal
resources, our management believes that it will have difficulty in attracting
independent directors. In addition, we would likely be required to obtain
directors and officers insurance coverage in order to attract and retain
independent directors. Our management believes that the costs associated with
maintaining such insurance is prohibitive at this time.

ITEM 14.        
 PRINCIPAL ACCOUNTING FEES AND SERVICES.

The aggregate fees billed for the two most recently completed
fiscal years ended July 31, 2009 and 2008 for professional services rendered by
the principal accountant for the audit of our annual financial statements and
review of the financial statements included in our Quarterly Reports on Form
10-Q and services that are normally provided by the accountant in connection
with statutory and regulatory filings or engagements for these fiscal periods
were as follows.

| |                    | Year
      Ended July 31, 2009 | Year
      Ended July 31, 2008
| | ------------------ | ------------------------------ | ------------------------------
| | Audit Fees         | $14,542                        | $12,545                       
| | Audit-Related Fees | -                              | -                             
| | Tax Fees           | -                              | -                             
| | All Other Fees     | -                              | -                             
| | Total              | $14,542                        | $12,545                       

20

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ITEM
15.          EXHIBITS, FINANCIAL
STATEMENT SCHEDULES.

|Exhibit |                                                                                                                                                                                                                   
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibit                                                                                                                                                                                            
|        |                                                                                                                                                                                                                   
|3.1     | Articles of
        Incorporation, as amended.(1)                                                                                                                                                                 
|        |                                                                                                                                                                                                                   
|3.2     | Certificate
        of Change Pursuant to NRS 78.209 increasing the authorized capital of
        common stock to 300,000,000 shares, par value $0.001 per share (2-for-1
        Stock Split).(3)                
|        |                                                                                                                                                                                                                   
|3.3     | Bylaws.(1)                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                   
|10.1    | Property Option
        Agreement dated June 30, 2007 between William McCullagh and Contact Minerals
        Corp.(1)                                                                                             
|        |                                                                                                                                                                                                                   
|10.2    | Amendment to
        Property Option Agreement between William McCullagh and Contact Minerals
        Corp.(2)                                                                                                    
|        |                                                                                                                                                                                                                   
|14.1    | Code of Ethics.(2)                                                                                                                                                                                                
|        |                                                                                                                                                                                                                   
|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 pursuant
        to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
        Act of 2002.
|        |                                                                                                                                                                                                                   
|99.1    | Audit Committee
        Charter.(2)                                                                                                                                                                               

|(1) | Filed with the SEC as an exhibit to our Registration
      Statement on Form SB-2 filed on October 1, 2007.
|--- | -----------------------------------------------------------------------------------------------------------
|(2) | Filed with the SEC as an exhibit to our Annual Report on
      Form 10-K filed on October 29, 2008.        
|(3) | Filed with the SEC as an exhibit to our Current Report on
      Form 8-K filed on February 9, 2009.        

21

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

|      |                  |  |     | CONTACT MINERALS CORP.                                            
|----- | ---------------- |  | --- | ------------------------------------------------------------------
|      |                  |  |     |                                                                   
|      |                  |  |     |                                                                   
|      |                  |  |     |                                                                   
|Date: | October 29, 2009 |  | By: | /s/ Kerry J. McCullagh                                            
|      |                  |  |     | KERRY J. McCULLAGH                                                
|      |                  |  |     | Chief Executive Officer, Chief
      Financial Officer,           
|      |                  |  |     | President, Secretary and
      Treasurer                          
|      |                  |  |     | (Principal Executive Officer
      & Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.

|Date: | October 29, 2009 |  | By: | /s/ Kerry J. McCullagh                                            
|----- | ---------------- |  | --- | ------------------------------------------------------------------
|      |                  |  |     | KERRY J. McCULLAGH                                                
|      |                  |  |     | Chief Executive Officer, Chief
      Financial Officer,           
|      |                  |  |     | President, Secretary and
      Treasurer                          
|      |                  |  |     | (Principal Executive Officer
      & Principal Accounting Officer)
|      |                  |  |     | Director                                                          

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