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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended April 30, 2010

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

For the transition period from ________to ________

COMMISSION FILE NUMBER000-52879

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)                         

(604) 629-1007(Registrant's telephone number,
including area code)

N/A(Former name, former address and former
fiscal year, if changed since last report)

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.
[x] Yes[ ] 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 (§232.405 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 whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
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 Exchange Act).
[x]Yes[ ] No

Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable date:
As of June 10, 2010, the Registrant had 16,530,000 shares of
commonstock outstanding.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

The accompanying unaudited financial statements have been
prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of
Regulation S-X, and, therefore, do not include all information and footnotes
necessary for a complete presentation of financial position, results of
operations, cash flows, and stockholders' equity in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature. Operating results for the nine month period ended April 30,
2010 are not necessarily indicative of the results that can be expected for the
year ending July 31, 2010.

2

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Contact Minerals Corp.
  (An Exploration Stage Company)

April 30, 2010

Index

|Balance Sheets                    | F1
|--------------------------------- | ---
|                                  |    
|Statements of Operations          | F2
|                                  |    
|Statements of Cash Flows          | F3
|                                  |    
|Notes to the Financial Statements | F4

---

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

|                                                                                                                                                                          |  | April 30,   |   |  | July 31, |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------- | - |  | -------- | -
|                                                                                                                                                                          |  | 2010        |   |  | 2009     |  
|                                                                                                                                                                          |  | $           |   |  | $        |  
|                                                                                                                                                                          |  | (Unaudited) |   |  |          |  
|ASSETS                                                                                                                                                                    |  |             |   |  |          |  
|Current Assets                                                                                                                                                            |  |             |   |  |          |  
|Cash                                                                                                                                                                      |  | 108,848     |   |  | 23,575   |  
|Prepaid expenses                                                                                                                                                          |  |            |   |  | 330      |  
|Total Assets                                                                                                                                                              |  | 108,848     |   |  | 23,905   |  
|                                                                                                                                                                          |  |             |   |  |          |  
|LIABILITIES AND STOCKHOLDERS DEFICIT                                                                                                                                     |  |             |   |  |          |  
|Current Liabilities                                                                                                                                                       |  |             |   |  |          |  
|Accounts payable
      (Note 3(c))                                                                                                                                        |  | 3,097       |   |  | 92       |  
|Accrued liabilities                                                                                                                                                       |  | 597         |   |  | 552      |  
|Due to related party (Note
      3(b))                                                                                                                                    |  | 138,680     |   |  | 127,146  |  
|Total
      Liabilities                                                                                                                                                   |  | 142,374     |   |  | 127,790  |  
|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:
      16,530,000 shares (July 31, 2009  14,280,000 shares) |  | 16,530      |   |  | 14,280   |  
|Additional
      Paid-in Capital                                                                                                                                          |  | 524,629     |   |  | 50,720   |  
|Donated Capital (Note 3(a))                                                                                                                                               |  | 55,381      |   |  | 41,881   |  
|Deficit Accumulated During the
      Exploration Stage                                                                                                                    |  | (630,066    | ) |  | (210,766 | )
|Total
      Stockholders Deficit                                                                                                                                         |  | (33,526     | ) |  | (103,885 | )
|Total Liabilities and Stockholders Deficit                                                                                                                               |  | 108,848     |   |  | 23,905   |  

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

F-1

---

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

|                                             |  | Accumulated from    |   |  | For the      |   |  | For the      |   |  | For the     |   |  | For the     |  
|-------------------------------------------- |  | ------------------- | - |  | ------------ | - |  | ------------ | - |  | ----------- | - |  | ----------- | -
|                                             |  | April 25, 2007      |   |  | Three Months |   |  | Three Months |   |  | Nine Months |   |  | Nine Months |  
|                                             |  | (date of inception) |   |  | Ended        |   |  | Ended        |   |  | Ended       |   |  | Ended       |  
|                                             |  | to April 30,        |   |  | April 30,    |   |  | April 30,    |   |  | April 30,   |   |  | April 30,   |  
|                                             |  | 2010                |   |  | 2010         |   |  | 2009         |   |  | 2010        |   |  | 2009        |  
|                                             |  | $                   |   |  | $            |   |  | $            |   |  | $           |   |  | $           |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Revenue                                      |  |                    |   |  |             |   |  |             |   |  |            |   |  |            |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Expenses                                     |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|General and administrative                   |  | 35,546              |   |  | 2,920        |   |  | 944          |   |  | 10,964      |   |  | 8,892       |  
|Foreign currency loss (gain)                 |  | 5,757               |   |  | 4,455        |   |  | 2,599        |   |  | 6,669       |   |  | (9,594      | )
|Management fees (Note 3(a))                  |  | 36,000              |   |  | 3,000        |   |  | 3,000        |   |  | 9,000       |   |  | 9,000       |  
|Impairment of mineral property
      costs   |  | 5,000               |   |  |             |   |  |             |   |  |            |   |  |            |  
|Mineral property costs                       |  | 14,978              |   |  |             |   |  |             |   |  |            |   |  | 396         |  
|Professional services                        |  | 151,126             |   |  | 8,217        |   |  | 6,444        |   |  | 24,508      |   |  | 35,974      |  
|Rent
      (Note 3(a))                       |  | 18,000              |   |  | 1,500        |   |  | 1,500        |   |  | 4,500       |   |  | 4,500       |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Total Operating
      Expenses               |  | 266,407             |   |  | 20,092       |   |  | 14,487       |   |  | 55,641      |   |  | 49,168      |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Loss from Operations                         |  | (266,407            | ) |  | (20,092      | ) |  | (14,487      | ) |  | (55,641     | ) |  | (49,168     | )
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Other Expenses                               |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Accretion of discount on convertible note    |  | (112,500            | ) |  | (112,500     | ) |  |             |   |  | (112,500    | ) |  |            |  
|Fair value of conversion feature             |  | (251,159            | ) |  | (251,159     | ) |  |             |   |  | (251,159    | ) |  |            |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Net Loss                                     |  | (630,066            | ) |  | (383,751     | ) |  | (14,487      | ) |  | (419,300    | ) |  | (49,168     | )
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Net Loss Per Share
       Basic and Diluted |  |                     |   |  | (0.02        | ) |  |             |   |  | (0.03       | ) |  |            |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Weighted Average
      Shares Outstanding    |  |                     |   |  | 15,586,000   |   |  | 14,280,000   |   |  | 14,706,000  |   |  | 14,280,000  |  

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

F-2

---

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

|                                                                                  |  | Accumulated            |   |  | For the     |   |  | For the     |  
|--------------------------------------------------------------------------------- |  | ---------------------- | - |  | ----------- | - |  | ----------- | -
|                                                                                  |  | From April 25, 2007    |   |  | Nine Months |   |  | Nine Months |  
|                                                                                  |  | (Date of Inception) to |   |  | Ended       |   |  | Ended       |  
|                                                                                  |  | April 30,              |   |  | April 30,   |   |  | April 30,   |  
|                                                                                  |  | 2010                   |   |  | 2010        |   |  | 2009        |  
|                                                                                  |  | $                      |   |  | $           |   |  | $           |  
|Operating Activities                                                              |  |                        |   |  |             |   |  |             |  
|Net loss for the period                                                           |  | (630,066               | ) |  | (419,300    | ) |  | (49,168     | )
|Adjustments to reconcile net loss to net cash
      used in operating activities: |  |                        |   |  |             |   |  |             |  
|Donated expenses                                                                  |  | 55,381                 |   |  | 13,500      |   |  | 13,500      |  
|Accretion of discount on
      convertible note                                   |  | 112,500                |   |  | 112,500     |   |  |            |  
|Loss on change
      in fair value of derivative liability                        |  | 251,159                |   |  | 251,159     |   |  |            |  
|Impairment of mineral property
      costs                                        |  | 5,000                  |   |  |            |   |  |            |  
|Changes in operating assets
      and liabilities:                                |  |                        |   |  |             |   |  |             |  
|Accounts payable and accrued
      liabilities                                    |  | 1,194                  |   |  | 3,050       |   |  | (2,139      | )
|Due to related
      parties                                                      |  | 79,577                 |   |  | 11,534      |   |  | (7,945      | )
|Prepaid expenses                                                                  |  |                       |   |  | 330         |   |  | (380        | )
|Net Cash Used in Operating Activities                                             |  | (125,255               | ) |  | (27,227     | ) |  | (46,132     | )
|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                 |   |  |            |   |  | 54,244      |  
|Proceeds from issuance of
      convertible notes                                 |  | 112,500                |   |  | 112,500     |   |  |            |  
|Proceeds from issuance of common stock                                            |  | 65,000                 |   |  |            |   |  |            |  
|Net Cash Provided by Financing Activities                                         |  | 236,603                |   |  | 112,500     |   |  | 54,244      |  
|Increase in Cash                                                                  |  | 108,848                |   |  | 85,273      |   |  | 8,112       |  
|Cash  Beginning of Period                                                        |  |                       |   |  | 23,575      |   |  | 21,336      |  
|Cash  End of
      Period                                                        |  | 108,848                |   |  | 108,848     |   |  | 29,448      |  
|Non-Cash Financing Activities                                                     |  |                        |   |  |             |   |  |             |  
|Conversion of debt into common shares                                             |  | 112,500                |   |  | 112,500     |   |  |            |  
|Supplemental Disclosures:                                                         |  |                        |   |  |             |   |  |             |  
|Interest paid                                                                     |  |                       |   |  |            |   |  |            |  
|Income taxes paid                                                                 |  |                       |   |  |            |   |  |            |  

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

F-3

---

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

|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 Financial Accounting Standard Board (FASB)
      Accounting Standards Codification (ASC) 915, 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 April 30,
      2010 the Company has a working capital deficiency of $33,526 and has
      accumulated losses of $630,066 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. During the period
      ended April 30, 2010, the Company received $112,500 under subscriptions
      for Convertible Notes that were converted into 2,250,000 shares of the
      Company's common stock. Refer to Note 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

|2. | Summary of Significant Accounting Policies
|-- | ------------------------------------------
|   |                                           
|   | a)                                        
|   |                                           
|   |                                           
|   |                                           
|   | b)                                        
|   |                                           
|   |                                           
|   |                                           
|   | c)                                        
|   |                                           
|   |                                           
|   |                                           
|   | d)                                        
|   |                                           
|   |                                           
|   |                                           
|   | e)                                        
|   |                                           
|   |                                           

F-4

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

|2. | Summary of Significant Accounting Policies
      (continued)
|-- | ------------------------------------------------------------
|   |                                                             
|   | f)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | g)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | h)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   | i)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | j)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             

F-5

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

|2. | Summary of Significant Accounting Policies
      (continued)
|-- | ------------------------------------------------------------
|   |                                                             
|   | k)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | l)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | m)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | n)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|3. | Related Party Transactions                                  
|   |                                                             
|   | a)                                                          
|   |                                                             
|   | b)                                                          
|   |                                                             
|   | c)                                                          

F-6

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

|4. | Convertible Notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | During the period ended April 30, 2010, the Company
      issued $112,500 of secured Convertible Notes (the Notes). The Notes are
      due on January 31, 2011, bear interest at 10% per annum payable annually
      and are convertible into shares of common stock at the lesser of $0.05 per
      share or 75% of the average market price of the Companys shares of common
      stock for the ten trading days immediately preceding the date of
      conversion. On February 22, 2010 and April 9, 2010, the Company issued
      1,500,000 and 750,000 shares of common stock, respectively, upon
      conversion at $0.05 per shares by the holders of the outstanding
      Notes.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | The Company determined that the conversion features of
      the Notes meet the criteria of embedded derivatives in accordance with ASC
      815. The debt does not meet the definition of conventional convertible
      debt because the number of shares which may be issued upon the conversion
      of the debt is not fixed. The Company calculated the fair value of the
      conversion features and recognized a discount of $112,500.                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | The Company recorded accretion expense of $112,500, and
      adjusted the carrying value of the conversion features to their fair
      values on the date of conversion. During the nine month period ended April
      30, 2010, the Company recognized a loss on the change in the fair
      value of the conversion features of $251,159 and recorded in additional
      paid in capital the fair value of the conversion features of $363,659 on
      the date of conversion.                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5. | Common Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

F-7

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**ITEM 2.** **MANAGEMENTS DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND** **RESULTS OF
OPERATIONS.**

**FORWARD-LOOKING STATEMENTS**

Certain statements contained in this Quarterly Report on Form
10-Q constitute "forward-looking statements." These statements, identified by
words such as plan, "anticipate," "believe," "estimate," "should," "expect"
and similar expressions include our expectations and objectives regarding our
future financial position, operating results and business strategy. These
statements reflect the current views of management with respect to future events
and are subject to risks, uncertainties and other factors that may cause our
actual results, performance or achievements, or industry results, to be
materially different from those described in the forward-looking statements.
Such risks and uncertainties include those set forth under the caption Part II
 Item 1A. Risk Factors and elsewhere in this Quarterly Report. We do not
intend to update the forward-looking information to reflect actual results or
changes in the factors affecting such forward-looking information. We advise you
to carefully review the reports and documents, particularly our Annual Reports,
our Quarterly Reports and our Current Reports we file from time to time with the
United States Securities and Exchange Commission (the SEC). Copies of all of
our filings with the SEC may be accessed by visiting the SEC site
(http://www.sec.gov) and performing a search of our electronic filings.

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

OVERVIEW

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 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 the filing of our Quarterly Reports on Form 10-Q for the
quarter ended January 31, 2010, we experienced the following corporate
developments:

|1. | On April 7, 2010, we issued an aggregate of $37,500 of
      10% convertible notes (the "Notes") under a private placement offering
      approved by our Board of Directors on January 8, 2009. The Notes are due
      on January 31, 2011, bear interest at 10% per annum payable annually and
      may be converted into such number of shares of our common stock as shall
      be equal to the principal amount of the Note to be converted divided by
      the lesser of $0.05 or 75% of the average trading price of our common
      stock for the 10 trading days immediately preceding the date of
      conversion.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2. | On April 8, 2010, we issued 750,000 shares of our common
      stock upon conversion of the $37,500 Notes at a conversion price of $0.05
per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

3

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PLAN OF OPERATION

Our plan of operation for the next twelve months is to identify
and acquire an interest in a 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 April 30, 2010, we
had cash on hand of $108,848 and a working capital deficit of $33,526. As such,
we will require 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

Three and Nine Months Summary

|               |   | Three Months Ended |   |   | Percentage |   |  | Nine Months Ended |  |   | Percentage |  
|-------------- | - | ------------------ | - | - | ---------- | - |  | ----------------- |  | - | ---------- | -
|               |   | April 30,          |   |   | Increase / |   |  | April 30,         |  |   | Increase / |  
|               |   | 2010               |   |   | 2009       |   |  | (Decrease)        |  |   | 2010       |  
|Revenue        | $ | -                  |   | $ | -          |   |  | n/a               |  | $ | -          |  
|Expenses       |   | (20,092            | ) |   | (14,487    | ) |  | 38.7%             |  |   | (55,641    | )
|Other Expenses |   | (363,659           | ) |   | -          |   |  | n/a               |  |   | (363,659   | )
|Net Loss       | $ | (383,751           | ) | $ | (14,487    | ) |  | 2548.9%           |  | $ | (419,300   | )

Revenues

We have not earned any revenues 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 stage of reviewing
potential properties for acquisition and we can provide no assurance that we
will acquire an 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 Costs and Expenses

Our operating expenses for the three and nine months ended
April 30, 2010 and 2009 consisted of the following:

|                             |   | Three Months Ended |  |   | Percentage |  |  | Nine Months Ended |  |   | Percentage | 
|---------------------------- | - | ------------------ |  | - | ---------- |  |  | ----------------- |  | - | ---------- | 
|                             |   | April 30,          |  |   | Increase / |  |  | April 30,         |  |   | Increase / | 
|                             |   | 2010               |  |   | 2009       |  |  | (Decrease)        |  |   | 2010       | 
|General and Administrative   | $ | 2,920              |  | $ | 944        |  |  | 209.3%            |  | $ | 10,964 $   | 
|Foreign Currency Loss (Gain) |   | 4,455              |  |   | 2,599      |  |  | 71.4%             |  |   | 6,669      | 
|Management Fees              |   | 3,000              |  |   | 3,000      |  |  | n/a               |  |   | 9,000      | 
|Mineral Property Costs       |   | -                  |  |   | -          |  |  | n/a               |  |   | -          | 
|Professional Services        |   | 8,217              |  |   | 6,444      |  |  | 27.5%             |  |   | 24,508     | 
|Rent                         |   | 1,500              |  |   | 1,500      |  |  | n/a               |  |   | 4,500      | 
|Total Expenses               | $ | 20,092             |  | $ | 14,487     |  |  | 38.7%             |  | $ | 55,641 $   | 

4

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The increase in our operating expenses during the three months
ended April 30, 2010 is due to increases in professional services, general and
administrative expenses and unfavorable foreign currency translation.

Professional services consist of accounting and legal fees in
connection with meeting our ongoing reporting obligations under the Securities
Exchange Act of 1934 (the Exchange Act). The additional professional services
during the three months ended April 30, 2010 primarily relate to legal fees in
connection with our convertible note offering.

We do not currently pay any management fees to our sole
executive officer and director or any rent for use of our office. However, we
recognize $1,000 per month for donated management fees and $500 per month for
donated rent provided by our sole executive officer and director.

We anticipate that our operating expenses will increase
significantly if we are able to identify and acquire 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 a mineral property.

Other Expenses

Our other expenses for the three and nine months ended April
30, 2010 and 2009 consisted of the following:

|                                                     |   | Three Months Ended |  |   | Percentage |  |  | Nine Months Ended |  |   | Percentage | 
|---------------------------------------------------- | - | ------------------ |  | - | ---------- |  |  | ----------------- |  | - | ---------- | 
|                                                     |   | April 30,          |  |   | Increase / |  |  | April 30,         |  |   | Increase / | 
|                                                     |   | 2010               |  |   | 2009       |  |  | (Decrease)        |  |   | 2010       | 
|Accretion of Discount on Convertible Note            | $ | 112,500            |  | $ | -          |  |  | n/a               |  | $ | 112,500    | 
|Loss on Change in Fair Value of Derivative Liability |   | 251,159            |  |   | -          |  |  | n/a               |  |   | 251,159    | 
|Total Other Expenses                                 | $ | 363,359            |  | $ | -          |  |  | n/a               |  | $ | 363,359    | 

During the three months ended April 30, 2010, we recorded an
accretion expense of $112,500 and loss on change in the fair value of conversion
features of $251,159 in connection with our private placement offering of
convertible notes.

5

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LIQUIDITY AND CAPITAL RESOURCES

|Working Capital         |   |                         |   |   |                        |   |  |                       | 
|----------------------- | - | ----------------------- | - | - | ---------------------- | - |  | --------------------- | 
|                        |   |                         |   |   |                        |   |  | Percentage            | 
|                        |   | At
      April 30, 2010 |   |   | At
      July 31, 2009 |   |  | Increase / (Decrease) | 
|Current Assets          | $ | 108,848                 |   | $ | 23,905                 |   |  | 355.3%                | 
|Current Liabilities     |   | (142,374                | ) |   | (127,790               | ) |  | 11.4%                 | 
|Working Capital Deficit | $ | (33,526                 | ) | $ | (103,885               | ) |  | (67.7)%               | 

|Cash Flows                                 
|-------------------------------------------
|                                           
|                                           
|Cash Flows (Used In) Operating Activities  
|Cash Flows (Used In) Investing Activities  
|Cash Flows Provided By Financing Activities
|Increase In Cash                           

We had cash on hand of $108,848 and a working capital deficit
of $33,526 as at April 30, 2010 compared to cash on hand of $23,575 and a
working capital deficit of $103,885 as at July 31, 2009. Our working capital
deficit decreased due to the fact that we raised $112,500 from the issuance of
convertible notes.

During the nine months ended April 30, 2010, we issued $112,500
of 10% convertible notes (the Notes). The Notes were subsequently converted as
follows: (a) on February 22, 2010, we issued 1,500,000 shares of our common
stock upon conversion of $75,000 of the Notes at a conversion price of $0.05 per
share; and (b) on April 9, 2010, we issued 750,000 shares of our common stock
upon conversion of $37,500 of the Notes at a conversion price of $0.05 per
share.

Financing Requirements

Our ability to identify and acquire a 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) to persons who are not U.S. Persons as contemplated under
Regulation S. Under the terms of the Convertible Note Offering, the convertible
notes bear interest at 10% per annum and are convertible at the option of the
holder into our common stock at the lesser of $0.05 per share or 75% of the
average trading price for the 10 trading days immediately preceding the date of
the conversion. To date we have completed $112,500 of the Convertible Notes
Offering. There is no assurance that we will be able to complete the sale of any
additional securities under the Convertible Note Offering.

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
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.

6

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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, revenue or expenses, results of
operations, liquidity, capital expenditures or capital resources that is
material to our stockholders.

CRITICAL ACCOUNTING POLICIES

The financial statements presented with this Quarterly Report
have been prepared in accordance with generally accepted accounting principles
in the United States of America for interim financial information. These
financial statements do not include all information and footnote disclosures
required for an annual set of financial statements prepared under United States
generally accepted accounting principles. In the opinion of our management, all
adjustments (consisting solely of normal recurring accruals) considered
necessary for a fair presentation of the financial position, results of
operations and cash flows as at April 30, 2010, and for all periods presented in
the attached financial statements, have been included. Interim results for the
nine months ended April 30, 2010 are not necessarily indicative of the results
that may be expected for the fiscal year as a whole.

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 the notes to the interim financial statements included with this
Quarterly 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.

7

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

ITEM 4T. 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 April 30, 2010 (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 disclosed in our Annual Report on Form 10-K for the year ended July 31, 2009 (the 2009 Annual Report).

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 our 2009 Annual Report, we believe that our financial statements contained in our Quarterly
Report on Form 10-Q for the quarter ended April 30, 2010 fairly present our financial condition, results of operations and cash flows in all material respects.

Changes in Internal Controls

There were no changes in our internal control over financial reporting that occurred during the fiscal quarter ended April 30, 2010 that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.

8

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PART II - OTHER INFORMATION

ITEM 1. 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 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 April 30, 2010, we had cash in the amount of $108,848. 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 a mineral property. Our ability to
acquire a mineral property will be dependent upon obtaining financing. On January 8, 2009, our Board of Directors approved the Convertible Notes Offering of up to $150,000 convertible notes. To date, we have completed $112,500 of the
Convertible Notes Offering. There is no assurance that we will be able to complete the sale of any additional securities under the Convertible Notes Offering. Obtaining sufficient financing would be subject to a number of factors, including the
market prices for mineral properties and minerals. 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 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 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.

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 a 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 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.

9

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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 a mineral property, 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 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 a 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 acquire a mineral property, receive positive results from an exploration program and 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 a 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.

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.

10

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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 a geologist 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 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 42.3% 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 42.3% 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.

11

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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 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. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
  PROCEEDS.

All unregistered sales of our equity securities made during the
  quarter ended April 30, 2010 have been previously reported in our Current
  Reports on Form 8-K.

12

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

The following exhibits are either provided with this Quarterly
  Report or are incorporated herein by reference:

|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)                                                                                                                                                                                                  
|        |                                                                                                                                                                                                             
|4.1     | Form of Convertible
      Note.(4)                                                                                                                                                                          
|        |                                                                                                                                                                                                             
|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)                                                                                                  
|        |                                                                                                                                                                                                             
|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)                                                                                                                                                                           

Notes:

(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. 
  (4) Filed with the SEC as an exhibit to our Current Report
  on Form 8-K filed on February 12, 2010.

13

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SIGNATURES

Pursuant to the requirements 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: | June 14,
      2010 |  | By:                   
|      |                     |  |                       
|      |                     |  |                       
|      |                     |  |                       
|      |                     |  |                       
|      |                     |  |                       
|      |                     |  |                       

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