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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended October 31, 2008

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

For the transition period from _____ to _____

COMMISSION FILE NUMBER000-52879

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

|NEVADA                                                               | 39-2060052                         
|-------------------------------------------------------------------- | -----------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S Employer Identification No.)
|                                                                     |                                    
|Suite 206, 475 Howe Street,                                          |                                    
|Vancouver, BC, Canada                                                | V6C 2B3                            
|(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. Yes
[X]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). Yes [X]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 December 4, 2008, the Registrant had 7,140,000 shares of
commonstock outstanding.

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PART I - FINANCIAL INFORMATION

ITEM
1.              
FINANCIAL STATEMENTS.

The accompanying unaudited financial statements have been
prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of
Regulation S-X, and, therefore, do not include all information and footnotes
necessary for a complete presentation of financial position, results of
operations, cash flows, and stockholders' equity in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature. Operating results for the three months ended October 31, 2008
are not necessarily indicative of the results that can be expected for the year
ending July 31, 2009.

2

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Contact Minerals Corp. 
  (An Exploration Stage Company) 
  (unaudited)

October 31, 2008





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

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

|                                                           |  | October 31, |   |  | July 31, |  
|---------------------------------------------------------- |  | ----------- | - |  | -------- | -
|                                                           |  | 2008        |   |  | 2008     |  
|                                                           |  | $           |   |  | $        |  
|                                                           |  | (unaudited) |   |  |          |  
|ASSETS                                                     |  |             |   |  |          |  
|Current Assets                                             |  |             |   |  |          |  
|Cash                                                       |  | 10,234      |   |  | 21,336   |  
|Total Assets                                               |  | 10,234      |   |  | 21,336   |  
|                                                           |  |             |   |  |          |  
|LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY             |  |             |   |  |          |  
|Current Liabilities                                        |  |             |   |  |          |  
|Accounts payable                                           |  | 3,208       |   |  | 547      |  
|Accrued
      liabilities                                  |  | 15,973      |   |  | 4,360    |  
|Due to related party (Note 4(b))                           |  | 59,610      |   |  | 70,076   |  
|Total Liabilities                                          |  | 78,791      |   |  | 74,983   |  
|Contingencies and Commitments (Notes 1 and 3)              |  |             |   |  |          |  
|Stockholders (Deficit) Equity                             |  |             |   |  |          |  
|Preferred Stock                                            |  |             |   |  |          |  
|Authorized:
      15,000,000 shares, par value $0.001      |  |             |   |  |          |  
|None issued and outstanding                                |  |            |   |  |         |  
|Common Stock                                               |  |             |   |  |          |  
|Authorized: 150,000,000 shares,
      par value $0.001     |  |             |   |  |          |  
|Issued and
      outstanding: 7,140,000 shares             |  | 7,140       |   |  | 7,140    |  
|Additional Paid-in Capital                                 |  | 57,860      |   |  | 57,860   |  
|Donated Capital
      (Note 4(a))                          |  | 28,381      |   |  | 23,881   |  
|Deficit Accumulated During the Exploration Stage           |  | (161,938    | ) |  | (142,528 | )
|Total Stockholders (Deficit) Equity                       |  | (68,557     | ) |  | (53,647  | )
|Total
      Liabilities and Stockholders (Deficit) Equity |  | 10,234      |   |  | 21,336   |  

(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      |  
|------------------------------------------ |  | ------------------- | - |  | ------------ | - |  | ------------ | -
|                                           |  | April 25, 2007      |   |  | Three Months |   |  | Three Months |  
|                                           |  | (date of inception) |   |  | Ended        |   |  | Ended        |  
|                                           |  | To October 31,      |   |  | October 31,  |   |  | October 31,  |  
|                                           |  | 2008                |   |  | 2008         |   |  | 2007         |  
|                                           |  | $                   |   |  | $            |   |  | $            |  
|                                           |  |                     |   |  |              |   |  |              |  
|Revenue                                    |  |                    |   |  |             |   |  |             |  
|                                           |  |                     |   |  |              |   |  |              |  
|                                           |  |                     |   |  |              |   |  |              |  
|Expenses                                   |  |                     |   |  |              |   |  |              |  
|                                           |  |                     |   |  |              |   |  |              |  
|General and administrative                 |  | 20,848              |   |  | 5,738        |   |  | 97           |  
|Foreign currency translation
      gain    |  | (9,845              | ) |  | (9,845       | ) |  |             |  
|Management fees (Note 4(a))                |  | 18,000              |   |  | 3,000        |   |  | 3,000        |  
|Impairment of mineral property
      costs |  | 5,000               |   |  |             |   |  |             |  
|Mineral property costs                     |  | 14,978              |   |  | 396          |   |  |             |  
|Professional services                      |  | 103,957             |   |  | 18,621       |   |  | 23,761       |  
|Rent
      (Note 4(a))                     |  | 9,000               |   |  | 1,500        |   |  | 1,500        |  
|                                           |  |                     |   |  |              |   |  |              |  
|Total Expenses                             |  | 161,938             |   |  | 19,410       |   |  | 28,358       |  
|                                           |  |                     |   |  |              |   |  |              |  
|Net Loss                                   |  | (161,938            | ) |  | (19,410      | ) |  | (28,358      | )
|                                           |  |                     |   |  |              |   |  |              |  
|                                           |  |                     |   |  |              |   |  |              |  
|Net Loss Per Share  Basic and Diluted     |  |                    |   |  |             |   |  |             |  
|                                           |  |                     |   |  |              |   |  |              |  
|Weighted Average Shares Outstanding        |  |                    |   |  | 7,140,000    |   |  | 7,140,000    |  

(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    |   |  |              |   |  |              |  
|--------------------------------------------------- |  | -------------- | - |  | ------------ | - |  | ------------ | -
|                                                    |  | From April 25, |   |  | For the      |   |  | For the      |  
|                                                    |  | 2007(Date of   |   |  | Three Months |   |  | Three Months |  
|                                                    |  | Inception) To  |   |  | Ended        |   |  | Ended        |  
|                                                    |  | October 31,    |   |  | October 31,  |   |  | October 31,  |  
|                                                    |  | 2008           |   |  | 2008         |   |  | 2007         |  
|                                                    |  | $              |   |  | $            |   |  | $            |  
|Operating Activities                                |  |                |   |  |              |   |  |              |  
|Net loss for the period                             |  | (161,938       | ) |  | (19,410      | ) |  | (28,358      | )
|Adjustments to reconcile net
      loss to net cash |  |                |   |  |              |   |  |              |  
|used in operating activities:                       |  |                |   |  |              |   |  |              |  
|Donated expenses                                    |  | 28,381         |   |  | 4,500        |   |  | 4,500        |  
|Impairment of mineral property
      costs          |  | 5,000          |   |  |             |   |  |             |  
|Foreign currency
      translation gain             |  | (9,845         | ) |  | (9,845       | ) |  |             |  
|Changes in operating assets and liabilities:        |  |                |   |  |              |   |  |              |  
|Accounts payable
      and accrued liabilities      |  | 16,060         |   |  | 13,653       |   |  | (9,274       | )
|Due to related parties                              |  | 70,076         |   |  |             |   |  | 5,181        |  
|Net Cash Used in Operating Activities               |  | (52,266        | ) |  | (11,102      | ) |  | (27,951      | )
|Investing Activities                                |  |                |   |  |              |   |  |              |  
|Acquisition of mineral property claims              |  | (2,500         | ) |  |             |   |  |             |  
|Net Cash Used in
      Investing Activities         |  | (2,500         | ) |  |             |   |  |             |  
|Financing Activities                                |  |                |   |  |              |   |  |              |  
|Proceeds from issuance of common stock              |  | 65,000         |   |  |             |   |  | 4,750        |  
|Net Cash Provided by Financing Activities           |  | 65,000         |   |  |             |   |  | 4,750        |  
|Increase (Decrease) in Cash                         |  | 10,234         |   |  | (11,102      | ) |  | (23,201      | )
|Cash  Beginning of Period                          |  |               |   |  | 21,336       |   |  | 76,217       |  
|Cash  End of
      Period                          |  | 10,234         |   |  | 10,234       |   |  | 53,016       |  
|                                                    |  |                |   |  |              |   |  |              |  
|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 Statement of Financial Accounting Standard
      (SFAS) No.7 Accounting and Reporting by Development Stage
        Enterprises. The Companys principal business is the acquisition and
      exploration of mineral resources. The Company has not presently determined
      whether its properties contain mineral reserves that are economically
      recoverable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | 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 October 31,
      2008 the Company has a working capital deficiency of $68,557 and has
      accumulated losses of $161,938 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.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|2. | Summary of Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
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|   | c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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|   | d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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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)
|-- | ------------------------------------------------------------
|   |                                                             
|   | e)                                                          
|   |                                                             
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|   | f)                                                          
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|   | g)                                                          
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|   | h)                                                          
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|   | i)                                                          
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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)
|-- | ------------------------------------------------------------
|   |                                                             
|   | j)                                                          
|   |                                                             
|   |                                                             
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|   | k)                                                          
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|   | l)                                                          
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|   | m)                                                          
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F-6

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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)
|-- | ------------------------------------------------------------
|   |                                                             
|   | m)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|3. | Mineral Property                                            

On June 30, 2007, the Company entered
  into a property option agreement with a relative of the President of the Company
  whereby the Company has the option to acquire a 100% interest in and to six
  mineral claims located in the Revelstoke Mining District in the Province of
  British Columbia by payment of $2,500 (paid) upon signing the contract, $2,500
  (paid) within 10 days of the Company being listed for trading on the OTCBB,
  $10,000 on the first anniversary of this agreement and $10,000 on the second
  anniversary of this agreement. The Companys shares became quoted on the OTCBB
  on April 9, 2008. The Company must also pay 1% Net Smelter Returns Royalty upon
  commencement of commercial production to a maximum of $1,000,000. The agreement
  was amended on June 30, 2008 to extend the due date of the first $10,000 option
  payment to October 28, 2008. The Company did not make the required $10,000
  option payment due on October 28, 2008, and accordingly, caused the mineral
  property option to lapse.

F-7

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

|4. | Related Party Transactions
|-- | --------------------------
|   |                           
|   | a)                        
|   |                           
|   | b)                        
|   |                           
|   | c)                        
|   |                           
|5. | Subsequent Event          

On December 1, 2008, the President of
  the Company advanced CDN$20,000 for working capital purposes, which is
  non-interest bearing, unsecured and due on demand.

F-8

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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 are an exploration stage company engaged in the acquisition
and exploration of mineral properties. We previously had an option to acquire a
100% interest in a mineral property that we referred to as the Triune Property
pursuant to a property option agreement dated June 30, 2007 (the Property
Option Agreement) we entered into with William McCullagh. Under the Property
Option Agreement, we were required to pay to William McCullagh the
following:

|(a) | US$2,500 upon signing of the Agreement (paid);                                                      
|--- | ----------------------------------------------------------------------------------------------------
|    |                                                                                                     
|(b) | US$2,500 within ten days of Contact being quoted for
      trading on the OTC Bulletin Board (paid);
|    |                                                                                                     
|(c) | US$10,000 on the first anniversary date of the Agreement;
      and                                 
|    |                                                                                                     
|(d) | US$10,000 on the second anniversary date of the
      Agreement.                                    

On June 30, 2008, the Property Option Agreement was amended to
extend the due date of the first $10,000 option payment to October 28, 2008. On
October 28, 2008, we determined that we would not proceed with our interest in
the Triune Property. As such, we did not make the first option payment of
$10,000, which caused our interest in the Triune Property to lapse.

As our interest in the Triune Property has lapsed, we plan to
identify and acquire an interest in an alternative mineral property. The
acquisition of an alternative 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 alternative
mineral property and/or funding arrangements for the purpose of acquiring an
alternative mineral property.

3

---

PLAN OF OPERATION

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

As a result, our plan of operation for the next twelve months
is to identify and acquire an interest in alternate mineral properties 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 October
31, 2008, we had cash on hand of $10,234 and a working capital deficit of
$68,557. 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 an alternative
mineral property, of which there is no assurance, we anticipate that we will
need to obtain additional financing in order to pursue an exploration
program.

RESULTS OF OPERATIONS

|Three Months Summary |   |                                |   |   |            |   |  |                       | 
|-------------------- | - | ------------------------------ | - | - | ---------- | - |  | --------------------- | 
|                     |   | Three Months Ended October 31, |   |   | Percentage |  
|                     |   | 2008                           |   |   | 2007       |   |  | Increase / (Decrease) | 
|Revenue              | $ | -                              |   | $ | -          |   |  | n/a                   | 
|Expenses             |   | (19,410                        | ) |   | (28,358    | ) |  | (31.6)%               | 
|Net Income (Loss)    | $ | (19,410                        | ) | $ | (28,358    | ) |  | (31.6)%               | 

Revenues

We have not earned any revenue since inception. We do not
anticipate earning revenues until such time as we enter into commercial
production of a mineral property. We are presently in the exploration stage of
our business and we can provide no assurance that we will discover proven
reserves on a 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 months ended October 31,
2008 and 2007 consisted of the following:

|                                  |   | Three Months Ended October 31, |   |   | Percentage | 
|--------------------------------- | - | ------------------------------ | - | - | ---------- | 
|                                  |   | 2008                           |   |   | 2007       | 
|General and Administrative        | $ | 5,738                          |   | $ | 97         | 
|Foreign Currency Translation Gain |   | (9,845                         | ) |   | -          | 
|Management Fees                   |   | 3,000                          |   |   | 3,000      | 
|Mineral Property Costs            |   | 396                            |   |   | -          | 
|Professional Services             |   | 18,621                         |   |   | 23,761     | 
|Rent                              |   | 1,500                          |   |   | 1,500      | 
|Total Operating Expenses          | $ | 19,410                         |   | $ | 28,358     | 

The slight increase in our operating expenses during the
quarter ended October 31, 2008 is due to increases in general and administrative
expenses.

4

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Professional services consist of accounting and legal fees in
connection with meeting our ongoing reporting obligations under the Exchange
Act.

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 an alternative mineral property and pursue
an exploration program on a mineral property. However, there are no assurances
that we will be able to identify and acquire an alternative mineral property.

LIQUIDITY AND CAPITAL RESOURCES

|Working Capital                   |   |                           |   |   |                        |   |  |                       | 
|--------------------------------- | - | ------------------------- | - | - | ---------------------- | - |  | --------------------- | 
|                                  |   |                           |   |   |                        |   |  | Percentage            | 
|                                  |   | At
      October 31, 2008 |   |   | At
      July 31, 2008 |   |  | Increase / (Decrease) | 
|Current Assets                    | $ | 10,234                    |   | $ | 21,336                 |   |  | (52.0)%               | 
|Current Liabilities               |   | (78,791                   | ) |   | (74,983                | ) |  | 5.1%                  | 
|Working Capital Surplus (Deficit) | $ | (68,557                   | ) | $ | (53,647                | ) |  | 27.8%                 | 

|Cash Flows                                    |   |                                |   |   |         |  
|--------------------------------------------- | - | ------------------------------ | - | - | ------- | -
|                                              |   | Three Months Ended October 31, |  
|                                              |   | 2008                           |   |   | 2007    |  
|Cash Flows (Used In) Operating Activities     | $ | (11,102                        | ) | $ | (27,951 | )
|Cash Flows (Used In) Investing Activities     |   | -                              |   |   | -       |  
|Cash Flows Provided By Financing Activities   |   | -                              |   |   | 4,750   |  
|Net Increase (Decrease) In Cash During Period | $ | (11,102                        | ) | $ | (23,201 | )

We had cash on hand of $10,234 and a working capital deficit of
$68,557 as of October 31, 2008 compared to cash on hand of $21,336 and a working
capital deficit of $53,647 as of July 31, 2008. Our working capital deficit
increased as a result of the fact that we had no revenues during the period and
that amounts due to related party increased due to expenses incurred on our
behalf by our sole executive officer and director. Subsequent to our quarter
ended October 31, 2008, our sole executive officer and director advanced us
CDN$20,000 for working capital purposes. This amount is non-interest bearing,
unsecured and due on demand.

Our ability to identify and acquire an alternative mineral
property is dependent upon our ability to obtain additional financing in the
near term. We anticipate that such funding will be in the form of equity
financing from sales of our common stock. However, there is no assurance that we
will be able to raise sufficient funding from the sale of our common stock to
fund our business plan should we decide to proceed. We believe that debt
financing will not be an alternative for funding the acquisition of an
alternative mineral property or the exploration of a 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. We do not have any arrangements in place for any future equity
financing.

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.

5

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OFF-BALANCE SHEET ARRANGEMENTS

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenue or expenses, results of
operations, liquidity, capital expenditures or capital resources that is
material to our stockholders.

CRITICAL ACCOUNTING POLICIES

The financial statements presented with this Quarterly Report
have been prepared in accordance with generally accepted accounting principles
in the United States of America for interim financial information. These
financial statements do not include all information and footnote disclosures
required for an annual set of financial statements prepared under United States
generally accepted accounting principles. In the opinion of our management, all
adjustments (consisting solely of normal recurring accruals) considered
necessary for a fair presentation of the financial position, results of
operations and cash flows as at October 31, 2008, and for all periods presented
in the attached financial statements, have been included. Interim results for
the three months ended October 31, 2008 are not necessarily indicative of the
results that may be expected for the fiscal year as a whole.

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

Mineral Property Costs

The Company is 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 the Companys 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 the sole discretion of the
Company, those future payments, whether in cash or shares, are recorded only
when the Company has made or is 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.

ITEM
3.              
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

6

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ITEM
4(T).            CONTROLS
AND PROCEDURES.

Internal Controls over Financial Reporting

Our management is responsible for establishing and maintaining
adequate internal control over financial reporting. Under the supervision of our
Chief Executive Officer, the Company conducted an evaluation of the
effectiveness of our internal control over financial reporting as of October 31,
2008 using the criteria established in Internal ControlIntegrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO).

A material weakness is a deficiency, or combination of
deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Companys annual or
interim financial statements will not be prevented or detected on a timely
basis. In its assessment of the effectiveness of internal control over financial
reporting as of October 31, 2008, the Company determined that there were control
deficiencies that constituted material weaknesses, as described below.

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

Management is currently evaluating remediation plans for the
above control deficiencies.

Accordingly, the Company concluded that these control
deficiencies resulted in a reasonable possibility that a material misstatement
of the annual or interim financial statements will not be prevented or detected
on a timely basis by the companys internal controls.

Changes in Internal Controls

During the period ended October 31, 2008 there were no changes
in our internal control over financial reporting that materially affected, or
are reasonably likely to materially affect, our internal control over financial
reporting.

7

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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 October 31, 2008, we had cash in the amount of $10,234.
  We plan to identify and acquire an interest in an alternative mineral property.
  Our ability to acquire an alternative mineral property will be dependent upon
  obtaining additional financing. Obtaining additional financing would be subject
  to a number of factors, including the market prices for the mineral property
  and gold, silver, copper and iron. These factors may make the timing, amount,
  terms or conditions of additional financing unavailable to us. There are no
  assurances that we will be able to obtain additional financing on terms satisfactory
  to us.

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

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

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

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 additional 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

8

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timing, amount, terms or conditions of additional financing
unavailable to us. Because we will need additional financing to fund our
exploration activities, there is substantial doubt about our ability to continue
as a going concern. At this time, there is a risk that we will not be able to
obtain such financing as and when needed.

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

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

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

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

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

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

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

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

9

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

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

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

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

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

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

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

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

10

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

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

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

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

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

ITEM
2.              
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

11

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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     | Bylaws.(1)                                                                                                                                                                                                                                                      
|        |                                                                                                                                                                                                                                                                 
|10.1    | Property Option
        Agreement dated June 30, 2007 between William McCullagh and Contact Minerals
        Corp. whereby Contact has an option to acquire a 100% interest in and
        to the Triune Property by making US$25,000 over a two-year period.(1)
|        |                                                                                                                                                                                                                                                                 
|10.2    | Amendment to
        Property Option Agreement between William McCullagh and Contact Minerals
        Corp.(2)                                                                                                                                                  
|        |                                                                                                                                                                                                                                                                 
|14.1    | Code of Ethics.(2)                                                                                                                                                                                                                                              
|        |                                                                                                                                                                                                                                                                 
|31.1    | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to Section
        302 of the Sarbanes-Oxley Act of 2002.                                                                                                                 
|        |                                                                                                                                                                                                                                                                 
|32.1    | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to pursuant
        to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
        Act of 2002.                                              
|        |                                                                                                                                                                                                                                                                 
|99.1    | Audit Committee
        Charter.(2)                                                                                                                                                                                                                             

|**Notes:** |                                                                                               
|---------- | ----------------------------------------------------------------------------------------------
|(1)        | Filed as an exhibit to our Registration Statement on Form
      SB-2 filed on October 1, 2007.
|(2)        | Filed as an exhibit to our Annual Report on Form 10-K
      filed on October 29, 2008.        

12

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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: | December 12, 2008 |  |     |                                                                
|      |                   |  | 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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