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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 1934For the
quarterly period ended January 31, 2010

[ ]    TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For 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 (s. 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
March 10, 2010, the Registrant had 15,780,000 shares of common stock
outstanding.

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PART I - FINANCIAL INFORMATIONITEM 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 six month period ended January 31,
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)          |      
|                                        |      
|January 31, 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)                                                                                                                                 |  |             |   |  |          |  
|                                                                                                                                                            |  |             |   |  |          |  
|                                                                                                                                                            |  |             |   |  |          |  
|                                                                                                                                                            |  | January 31, |   |  | July 31, |  
|                                                                                                                                                            |  | 2010        |   |  | 2009     |  
|                                                                                                                                                            |  | $           |   |  | $        |  
|                                                                                                                                                            |  | (Unaudited) |   |  |          |  
|ASSETS                                                                                                                                                      |  |             |   |  |          |  
|Current Assets                                                                                                                                              |  |             |   |  |          |  
|Cash                                                                                                                                                        |  | 77,262      |   |  | 23,575   |  
|Prepaid expenses                                                                                                                                            |  |            |   |  | 330      |  
|Total Assets                                                                                                                                                |  | 77,262      |   |  | 23,905   |  
|                                                                                                                                                            |  |             |   |  |          |  
|LIABILITIES AND STOCKHOLDERS DEFICIT                                                                                                                       |  |             |   |  |          |  
|Current Liabilities                                                                                                                                         |  |             |   |  |          |  
|Accounts payable
      (Note 3(c))                                                                                                                          |  | 1,242       |   |  | 92       |  
|Accrued liabilities                                                                                                                                         |  | 561         |   |  | 552      |  
|Loan payable
      (Note 4)                                                                                                                                 |  | 75,000      |   |  |         |  
|Due to related party (Note 3(b))                                                                                                                            |  | 130,893     |   |  | 127,146  |  
|Total Liabilities                                                                                                                                           |  | 207,696     |   |  | 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 and
      outstanding: 14,280,000 shares |  | 14,280      |   |  | 14,280   |  
|Additional Paid-in Capital                                                                                                                                  |  | 50,720      |   |  | 50,720   |  
|Donated Capital
      (Note 3(a))                                                                                                                           |  | 50,881      |   |  | 41,881   |  
|Deficit Accumulated During the Exploration Stage                                                                                                            |  | (246,315    | ) |  | (210,766 | )
|Total Stockholders Deficit                                                                                                                                 |  | (130,434    | ) |  | (103,885 | )
|Total
      Liabilities and Stockholders Deficit                                                                                                           |  | 77,262      |   |  | 23,905   |  

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

F-1

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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 theApril 25, 2007
      
      
      Three Months
      
      
      Three Months
      
      
      Six Months
      
      
      Six Months(date of inception)
      
      
      Ended
      
      
      Ended
      
      
      Ended
      
      
      Endedto January 31,
      
      
      January 31,
      
      
      January 31,
      
      
      January 31,
      
      
      January 31,2010
      
      
      2010
      
      
      2009
      
      
      2010
      
      
      2009$
      
      
      $
      
      
      $
      
      
      $
      
      
      $Revenue
      
      
      
      
      
      
      
      
      
      
      
      
      
      ExpensesGeneral and administrative
      
      32,626
      
      
      1,044
      
      
      2,210
      
      
      8,044
      
      
      7,948Foreign currency loss (gain)
      
      1,302
      
      
      966
      
      
      (2,348
      )
      
      2,214
      
      
      (12,193
      )Management fees (Note 3(a))
      
      33,000
      
      
      3,000
      
      
      3,000
      
      
      6,000
      
      
      6,000Impairment of mineral property costs
      
      5,000
      
      
      
      
      
      
      
      
      
      
      
      Mineral property costs
      
      14,978
      
      
      
      
      
      
      
      
      
      
      
      396Professional services
      
      142,909
      
      
      4,718
      
      
      10,909
      
      
      16,291
      
      
      29,530Rent (Note 3(a))
      
      16,500
      
      
      1,500
      
      
      1,500
      
      
      3,000
      
      
      3,000Total Expenses
      
      246,315
      
      
      11,228
      
      
      15,271
      
      
      35,549
      
      
      34,681Net Loss
      
      (246,315
      )
      
      (11,228
      )
      
      (15,271
      )
      
      (35,549
      )
      
      (34,681
      )Net Loss Per Share
         Basic and Diluted
      
      
      
      
      
      
      
      
      
      
      
      
      
      Weighted Average
        Shares Outstanding
      
      
      
      
      14,280,000
      
      
      14,280,000
      
      
      14,280,000
      
      
      14,280,000


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

F-2

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|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    |   |  | Six Months  |   |  | Six Months  |  
|                                                                                    |  | (Date of Inception) to |   |  | Ended       |   |  | Ended       |  
|                                                                                    |  | January 31,            |   |  | January 31, |   |  | January 31, |  
|                                                                                    |  | 2010                   |   |  | 2010        |   |  | 2009        |  
|                                                                                    |  | $                      |   |  | $           |   |  | $           |  
|Operating Activities                                                                |  |                        |   |  |             |   |  |             |  
|Net loss for the period                                                             |  | (246,315               | ) |  | (35,549     | ) |  | (34,681     | )
|                                                                                    |  |                        |   |  |             |   |  |             |  
|Adjustments to reconcile net loss to net cash 
       used in operating activities: |  |                        |   |  |             |   |  |             |  
|Donated expenses                                                                    |  | 50,881                 |   |  | 9,000       |   |  | 9,000       |  
|Impairment of
      mineral property costs                                          |  | 5,000                  |   |  |            |   |  |            |  
|Changes in operating assets and liabilities:                                        |  |                        |   |  |             |   |  |             |  
|Accounts payable
      and accrued liabilities                                      |  | (697                   | ) |  | 1,159       |   |  | (915        | )
|Due to related parties                                                              |  | 71,790                 |   |  | 3,747       |   |  | (9,581      | )
|Prepaid expenses                                                                    |  |                       |   |  | 330         |   |  |            |  
|Net Cash Used in
      Operating Activities                                         |  | (119,341               | ) |  | (21,313     | ) |  | (36,177     | )
|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                 |   |  |            |   |  | 16,306      |  
|Loan payable                                                                        |  | 75,000                 |   |  | 75,000      |   |  |            |  
|Proceeds from issuance of common stock                                              |  | 65,000                 |   |  |            |   |  |            |  
|Net Cash Provided
      by Financing Activities                                     |  | 199,103                |   |  | 75,000      |   |  | 16,306      |  
|Increase (Decrease) in Cash                                                         |  | 77,262                 |   |  | 53,687      |   |  | (19,871     | )
|Cash  Beginning
      of Period                                                    |  |                       |   |  | 23,575      |   |  | 21,336      |  
|Cash  End of Period                                                                |  | 77,262                 |   |  | 77,262      |   |  | 1,465       |  
|                                                                                    |  |                        |   |  |             |   |  |             |  
|Supplemental Disclosures:                                                           |  |                        |   |  |             |   |  |             |  
|Interest paid                                                                       |  |                       |   |  |            |   |  |            |  
|Income taxes paid                                                                   |  |                       |   |  |            |   |  |            |  

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

F-3

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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 January 31,
      2010 the Company has a working capital deficiency of $130,434 and has
      accumulated losses of $246,315 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 January 31, 2010, the Company received $75,000 under a subscription
      for a Convertible Note (the Note) that was subsequently secured with the
      issuance of the Note. Refer to Note 5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|2. | Summary of Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
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|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|   | c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|   | d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|   | e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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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. | Loan Payable                                                                                                                                                                                                                                                                          
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                       
|   | During the period ended January 31, 2010, the Company
      received $75,000 under a subscription for a 10% Convertible Note. The loan
      was subsequently accepted by the Company and secured with the issuance of
      the Convertible Note. Refer to Note 5.                   
|   |                                                                                                                                                                                                                                                                                       
|5. | Subsequent Events                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                       
|   | Pursuant to ASC 855, we have evaluated all events or
      transactions that occurred through the date of issuance of the unaudited
      financial statements. During this period, the Company did not have any
      material recognizable subsequent events, except as noted below.
|   |                                                                                                                                                                                                                                                                                       
|   | a)                                                                                                                                                                                                                                                                                    

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 are an currently engaged in the business to acquire a mineral property.We plan to identify and acquire an interest in a mineral property. The
acquisition of a mineral property will be dependent upon our possessing
sufficient capital resources at the time to purchase such mineral property. We
have not entered into any discussions, understandings, arrangements or other
agreements, preliminary or otherwise, for acquiring any mineral property and/or
funding arrangements for the purpose of acquiring a mineral property.

RECENT CORPORATE DEVELOPMENTS

Since our quarter ended January 31, 2010, we experienced the
following corporate developments:

|1. | On February 10, 2010, we issued an aggregate of $75,000
      of 10% convertible notes (the "Notes") under a private placement offering
      approved by our Board of Directors on January 8, 2009. The notes bear
      interest at a rate of 10% per annum, due on January 31, 2011 and can be
      converted into such number of shares of our common stock as shall be equal
      to the principal amount of the Notes to be converted at $0.05 per share.
      On February 22, 2010 in accordance with the terms of the Notes, the Notes
      were converted into 1,500,000 shares of our common stock. This private
      placement was completed pursuant to the provisions of Regulation S
      promulgated under the Securities Act of 1933, as amended (the Securities
      Act). We did not engage in a distribution of this offering in the United
      States. The investors represented that they were not US persons as defined
      in Regulation S, and have provided representations indicating that they
      were acquiring our securities for investment purposes only and not with a
      view towards distribution.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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 January 31, 2010, we
had cash on hand of $77,262 and a working capital deficit of $130,434. As such,
we will require substantial additional financing in the near future in order to
meet our current obligations and to continue our operations. In addition, in the
event that we are successful in identifying a mineral property, of which there
is no assurance, we anticipate that we will need to obtain financing in order to
pursue an exploration program.

RESULTS OF OPERATIONSThree and Six Months
Summary

|         |   | Three Months Ended |   |   | Percentage |   |  | Six Months Ended |    |   | Percentage |  
|-------- | - | ------------------ | - | - | ---------- | - |  | ---------------- | -- | - | ---------- | -
|         |   | January 31,        |   |   | Increase / |   |  | January 31,      |    |   | Increase / |  
|         |   | 2010               |   |   | 2009       |   |  | (Decrease)       |    |   | 2010       |  
|Revenue  | $ | -                  |   | $ | -          |   |  | n/a              |    | $ | -          |  
|Expenses |   | (11,228            | ) |   | (15,271    | ) |  | (26.5            | )% |   | (35,549    | )
|Net Loss | $ | (11,228            | ) | $ | (15,271    | ) |  | (26.5            | )% | $ | (35,549    | )

Revenues

We have not earned any revenue since inception. We do not
anticipate earning revenues until such time as we enter into commercial
production of a mineral property. We are presently in the 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 six months ended
January 31, 2010 and 2009 consisted of the following:

|                             |   | Three Months Ended |  |   | Percentage |   |  | Six Months Ended |    |   | Percentage | 
|---------------------------- | - | ------------------ |  | - | ---------- | - |  | ---------------- | -- | - | ---------- | 
|                             |   | January 31,        |  |   | Increase / |   |  | January 31,      |    |   | Increase   | 
|                             |   | 2010               |  |   | 2009       |   |  | (Decrease)       |    |   | 2010       | 
|General and Administrative   | $ | 1,044              |  | $ | 2,210      |   |  | (52.8            | )% | $ | 8,044      | 
|Foreign Currency Loss (Gain) |   | 966                |  |   | (2,348     | ) |  | (141.1           | )% |   | 2,214      | 
|Management Fees              |   | 3,000              |  |   | 3,000      |   |  | n/a              |    |   | 6,000      | 
|Mineral Property Costs       |   | -                  |  |   | -          |   |  | n/a              |    |   | -          | 
|Professional Services        |   | 4,718              |  |   | 10,909     |   |  | (56.8            | )% |   | 16,291     | 
|Rent                         |   | 1,500              |  |   | 1,500      |   |  | n/a              |    |   | 3,000      | 
|Total Expenses               | $ | 11,228             |  | $ | 15,271     |   |  | (26.5            | )% | $ | 35,549     | 

4

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The decrease in our operating expenses during the three and six
months ended January 31, 2010 is due to decreases in professional services, and
general and administrative expenses. These decreases were partially offset by
unfavorable foreign currency translation.

Professional services consist of accounting and legal fees in
connection with meeting our ongoing reporting obligations under the Exchange
Act. The additional professional services during the three and six months ended
January 31, 2009 primarily relate to legal fees in connection with our 2-for-1
forward stock split.

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 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.

|LIQUIDITY AND CAPITAL RESOURCES |   |                     |   |   |                  |   | 
|------------------------------- | - | ------------------- | - | - | ---------------- | - | 
|                                |   |                     |   |   |                  |   | 
|Working Capital                 |   |                     |   |   |                  |   | 
|                                |   |                     |   |   |                  |   | 
|                                |   | At January 31, 2010 |   |   | At July 31, 2009 |   | 
|Current Assets                  | $ | 77,262              |   | $ | 23,905           |   | 
|Current Liabilities             |   | (207,696            | ) |   | (127,790         | ) | 
|Working Capital Deficit         | $ | (130,434            | ) | $ | (103,885         | ) | 

|Cash Flows                                  |                              |          |  |   |         
|------------------------------------------- | ---------------------------- | -------- |  | - | --------
|                                            | Six Months Ended January 31,
|                                            |                              | 2010     |  |   | 2009    
|Cash Flows (Used In) Operating Activities   | $                            | (21,313) |  | $ | (36,177)
|Cash Flows (Used In) Investing Activities   |                              | -        |  |   | -       
|Cash Flows Provided By Financing Activities |                              | 75,000   |  |   | 16,306  
|Increase (Decrease) In Cash                 | $                            | 53,687   |  | $ | (19,871)

We had cash on hand of $77,262 and a working capital deficit of
$130,434 as at January 31, 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 increased due to the fact that we recorded $75,000 as loans payable as
we had not issued the 10% convertible note as at January 31, 2010.

Subsequent to the six months ended January 31, 2010, we issued
$75,000 of 10% convertible notes (the Notes). On February 22, 2010 we issued
1,500,000 shares of our common stock upon conversion of the Notes.

5

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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 25% of the
average trading price for the 10 trading days immediately preceding the date of
the conversion. To date we have completed $75,000 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.

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 January 31, 2010, and for all periods presented
in the attached financial statements, have been included. Interim results for
the six months ended January 31, 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.

6

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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.

|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
      MARKET RISK.
|------- | -----------------------------------------------------------------

Not Applicable.

|ITEM 4. | 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 January 31, 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.

7

---

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 January 31,
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 January 31, 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 January 31, 2010, we had cash in the amount of $77,262.
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 $75,000 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

---

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.

10

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

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

Kerry J. McCullagh, our sole executive officer and sole
director, does not have any formal training as 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
44.4% 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 44.4% 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 Securities Exchange Act of 1934 (the Exchange Act). The penny
stock rules require a broker-dealer, prior to a transaction in a penny stock, to
deliver a standardized risk disclosure document prepared by the SEC, that:

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

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

12

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|ITEM 2.                                                                                                        | UNREGISTERED SALES OF EQUITY SECURITIES AND
      USE OF PROCEEDS.
|-------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------
|                                                                                                               |                                                                   
|None.                                                                                                          |                                                                   
|                                                                                                               |                                                                   
|ITEM 3.                                                                                                        | DEFAULTS UPON SENIOR SECURITIES.                                  
|                                                                                                               |                                                                   
|None.                                                                                                          |                                                                   
|                                                                                                               |                                                                   
|ITEM 4.                                                                                                        | SUBMISSION OF MATTERS TO A VOTE OF SECURITY
      HOLDERS.        
|                                                                                                               |                                                                   
|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: | March
      16, 2010 | By: | /s/ Kerry J. McCullagh                                         
|      |                      |     |                                                                
|      |                      |     | KERRY J. MCCULLAGH                                             
|      |                      |     | Chief Executive Officer, Chief Financial
      Officer         
|      |                      |     | President, Secretary and Treasurer                             
|      |                      |     | (Principal Executive Officer, Principal
      Financial Officer
|      |                      |     | and Principal Accounting Officer)                              

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