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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 January 31,
2009

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIESEXCHANGE 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
March 6, 2009, the Registrant had 14,280,000 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 and six month periods ended
January 31, 2009 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)                   
|                              
|January 31, 2009              

|                                        | 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, |  
|---------------------------------------------------------- |  | ----------- | - |  | -------- | -
|                                                           |  | 2009        |   |  | 2008     |  
|                                                           |  | $           |   |  | $        |  
|                                                           |  | (unaudited) |   |  |          |  
|ASSETS                                                     |  |             |   |  |          |  
|Current Assets                                             |  |             |   |  |          |  
|Cash                                                       |  | 1,465       |   |  | 21,336   |  
|Total Assets                                               |  | 1,465       |   |  | 21,336   |  
|                                                           |  |             |   |  |          |  
|LIABILITIES AND STOCKHOLDERS (DEFICIT)
        EQUITY     |  |             |   |  |          |  
|Current Liabilities                                        |  |             |   |  |          |  
|Accounts payable                                           |  | 2,837       |   |  | 547      |  
|Accrued liabilities                                        |  | 1,155       |   |  | 4,360    |  
|Due to related party (Note 4(b))                           |  | 60,495      |   |  | 70,076   |  
|Loan payable (Note 4(d))                                   |  | 16,306      |   |  |         |  
|Total Liabilities                                          |  | 80,793      |   |  | 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: 300,000,000
      shares, par value $0.001     |  |             |   |  |          |  
|Issued and outstanding: 14,280,000
      shares            |  | 14,280      |   |  | 14,280   |  
|Additional Paid-in
      Capital                           |  | 50,720      |   |  | 50,720   |  
|Donated Capital (Note 4(a))                                |  | 32,881      |   |  | 23,881   |  
|Deficit Accumulated During the
      Exploration Stage     |  | (177,209    | ) |  | (142,528 | )
|Total Stockholders
      (Deficit) Equity                 |  | (79,328     | ) |  | (53,647  | )
|Total Liabilities and Stockholders (Deficit)
      Equity |  | 1,465       |   |  | 21,336   |  

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

F-1

---

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

|                                             |  | Accumulated from    |   |  | For the      |   |  | For the      |   |  | For the     |   |  | For the     |  
|-------------------------------------------- |  | ------------------- | - |  | ------------ | - |  | ------------ | - |  | ----------- | - |  | ----------- | -
|                                             |  | April 25, 2007      |   |  | Three Months |   |  | Three Months |   |  | Six Months  |   |  | Six Months  |  
|                                             |  | (date of inception) |   |  | Ended        |   |  | Ended        |   |  | Ended       |   |  | Ended       |  
|                                             |  | To January 31,      |   |  | January 31,  |   |  | January 31,  |   |  | January 31, |   |  | January 31, |  
|                                             |  | 2009                |   |  | 2009         |   |  | 2008         |   |  | 2009        |   |  | 2008        |  
|                                             |  | $                   |   |  | $            |   |  | $            |   |  | $           |   |  | $           |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Revenue                                      |  |                    |   |  |             |   |  |             |   |  |            |   |  |            |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Expenses                                     |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|General and administrative                   |  | 23,058              |   |  | 2,210        |   |  | 3,396        |   |  | 7,948       |   |  | 3,754       |  
|Foreign currency translation gain            |  | (12,193             | ) |  | (2,348       | ) |  | (504         | ) |  | (12,193     | ) |  | (765        | )
|Management fees (Note 4(a))                  |  | 21,000              |   |  | 3,000        |   |  | 3,000        |   |  | 6,000       |   |  | 6,000       |  
|Impairment of mineral property costs         |  | 5,000               |   |  |             |   |  |             |   |  |            |   |  |            |  
|Mineral property costs                       |  | 14,978              |   |  |             |   |  |             |   |  | 396         |   |  |            |  
|Professional services                        |  | 114,866             |   |  | 10,909       |   |  | 18,178       |   |  | 29,530      |   |  | 41,939      |  
|Rent (Note 4(a))                             |  | 10,500              |   |  | 1,500        |   |  | 1,500        |   |  | 3,000       |   |  | 3,000       |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Total Expenses                               |  | 177,209             |   |  | 15,271       |   |  | 25,570       |   |  | 34,681      |   |  | 53,928      |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|Net Loss                                     |  | (177,209            | ) |  | (15,271      | ) |  | (25,570      | ) |  | (34,681     | ) |  | (53,928     | )
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|                                             |  |                     |   |  |              |   |  |              |   |  |             |   |  |             |  
|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

---

|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, |  
|                                                   |  | 2009                   |   |  | 2009        |   |  | 2008        |  
|                                                   |  | $                      |   |  | $           |   |  | $           |  
|Operating Activities                               |  |                        |   |  |             |   |  |             |  
|Net loss for the period                            |  | (177,209               | ) |  | (34,681     | ) |  | (53,928     | )
|Adjustments to reconcile net loss to net cash      |  |                        |   |  |             |   |  |             |  
|used in operating activities:                      |  |                        |   |  |             |   |  |             |  
|Donated expenses                                   |  | 32,881                 |   |  | 9,000       |   |  | 9,000       |  
|Impairment of mineral
      property costs         |  | 5,000                  |   |  |            |   |  |            |  
|Foreign currency translation gain                  |  | (12,193                | ) |  | (12,193     | ) |  |            |  
|Changes in operating assets and
      liabilities: |  |                        |   |  |             |   |  |             |  
|Accounts payable and accrued liabilities           |  | 2,154                  |   |  | (253        | ) |  | 7,222       |  
|Due to related party                               |  | 72,026                 |   |  | 1,950       |   |  | 3,934       |  
|Prepaid expenses                                   |  |                       |   |  |            |   |  | (555        | )
|Net Cash Used in Operating Activities              |  | (77,341                | ) |  | (36,177     | ) |  | (34,327     | )
|Investing Activities                               |  |                        |   |  |             |   |  |             |  
|Acquisition of mineral property claims             |  | (2,500                 | ) |  |            |   |  |            |  
|Net Cash Used in Investing
      Activities        |  | (2,500                 | ) |  |            |   |  |            |  
|Financing Activities                               |  |                        |   |  |             |   |  |             |  
|Loan from related party                            |  | 16,306                 |   |  | 16,306      |   |  |            |  
|Proceeds from issuance of common stock             |  | 65,000                 |   |  |            |   |  | 4,750       |  
|Net Cash Provided
      by Financing Activities    |  | 81,306                 |   |  | 16,306      |   |  | 4,750       |  
|Increase (Decrease) in Cash                        |  | 1,465                  |   |  | (19,871     | ) |  | (29,577     | )
|Cash  Beginning
      of Period                   |  |                       |   |  | 21,336      |   |  | 76,217      |  
|Cash  End of Period                               |  | 1,465                  |   |  | 1,465       |   |  | 46,640      |  
|                                                   |  |                        |   |  |             |   |  |             |  
|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 January 31, 2009 the Company
        has a working capital deficiency of $79,328 and has accumulated losses
        of $177,209 since inception. These financial statements do not include
        any adjustments to the recoverability and classification of recorded asset
        amounts and classification of liabilities that might be necessary should
        the Company be unable to continue as a going concern. These factors raise
        substantial doubt regarding the Companys ability to continue as
        a going concern.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | On January 8, 2009, the board of directors of the Company
        approved a private placement offering of up to $150,000 of 10% convertible
        notes (the "Offering"). The Company may pay a commission or finders fee
        of up to 10% of the Offering proceeds. The proceeds will be used to fund
        the Companys business and for working capital purposes. There is
        no assurance that the Offering will be completed on the above terms or
        at all.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2. | Summary of Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

| | a) | Basis of Presentation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    | These financial statements and related notes are presented
        in accordance with accounting principles generally accepted in the United
        States, and are expressed in US dollars. The Companys fiscal year-end
        is July 31.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | b) | Interim Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    | These unaudited interim financial statements have been
        prepared on the same basis as the annual financial statements and in the
        opinion of management, reflect all adjustments, which include only normal
        recurring adjustments, necessary to present fairly the Companys
        financial position, results of operations and cash flows for the periods
        shown. The results of operations for such periods are not necessarily
        indicative of the results expected for a full year or for any future period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | c) | Use of Estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    | The preparation of financial statements in conformity
        with US generally accepted accounting principles requires management to
        make estimates and assumptions that affect the reported amounts of assets
        and liabilities and disclosure of contingent assets and liabilities at
        the date of the financial statements and the reported amounts of revenues
        and expenses during the reporting period. The Company regularly evaluates
        estimates and assumptions related to valuation of donated services, and
        deferred income tax asset valuation allowances. The Company bases its
        estimates and assumptions on current facts, historical experience and
        various other factors that it believes to be reasonable under the circumstances,
        the results of which form the basis for making judgments about the carrying
        values of assets and liabilities and the accrual of costs and expenses
        that are not readily apparent from other sources. The actual results experienced
        by the Company may differ materially and adversely from the Companys
        estimates. To the extent there are material differences between the estimates
        and the actual results, future results of operations will be affected.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | d) | Cash and Cash Equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    | The Company considers all highly liquid instruments
        with maturity of three months or less at the time of issuance to be cash
        equivalents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

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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|   | 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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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)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|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)                        
|   |                           
|   | d)                        
|   |                           
|5. | Subsequent Events         
|   |                           
|   | a)                        
|   |                           
|   | b)                        

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. On October 28, 2008, we determined that we would not proceed with our
interest in the Triune Property.

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.

RECENT CORPORATE DEVELOPMENTS

Since our first fiscal quarter ended October 31, 2008, we
experienced the following significant corporate developments:

|1. | On January 8, 2009, our Board of Directors approved a
      private placement offering of up to $150,000 of 10% convertible notes (the
      "Convertible Notes Offering"). The Convertible Notes Offering will be
      completed pursuant to Regulation S promulgated under the Securities Act of
      1933, as amended (the Securities Act) to persons who are not U.S.
      Persons as contemplated under Regulation S of the Securities Act. We may
      pay a commission or finders fee of up to 10% of the Convertible Notes
      Offering proceeds to duly licensed brokers or investment dealers who
      introduce purchasers or to other person where permitted by law. The
      proceeds of the
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

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|   | Convertible Notes Offering will be used to fund our
      business and for working capital purposes. The Offering will be completed
      pursuant to the provisions of Regulation S of the Securities Act. There is
      no assurance that the Offering will be completed on the above terms or at
      all.                                                                                                                                                                                                                                                                                                                                                                                         
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2. | Effective February 9, 2009, we amended our Articles of
      Incorporation in accordance with Article 78.207 of Chapter 78 of the
      Nevada Revised Statutes by increasing our issued and authorized common
      stock on a two-for-one basis. Accordingly, our authorized capital of
      common stock increased from 150,000,000 shares to 300,000,000 shares of
      common stock, $0.001 par value per share, and our issued and outstanding
      shares were increased correspondingly on a two-for- one basis. As a result
      of the forward split, the number of shares of common stock outstanding was
      increased correspondingly from 7,140,000 shares to 14,280,000
    shares.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|3. | Effective February 9, 2009, as a result of the 2-for-1
      forward split, our trading symbol changed from "CMIZ" to
  CNTM.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

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 January
31, 2009, we had cash on hand of $1,465 and a working capital deficit of
$79,328. 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 and Six Months Summary

|         |   | Three Months Ended |   |   | Percentage |   |  | Six Months Ended |    |   | Percentage |  
|-------- | - | ------------------ | - | - | ---------- | - |  | ---------------- | -- | - | ---------- | -
|         |   | January 31,        |   |   | Increase / |   |  | January 31,      |    |   | Increase / |  
|         |   | 2009               |   |   | 2008       |   |  | (Decrease)       |    |   | 2009       |  
|Revenue  | $ | -                  |   | $ | -          |   |  | n/a              |    | $ | -          |  
|Expenses |   | (15,271            | ) |   | (25,570    | ) |  | (40.3            | )% |   | (34,681    | )
|Net Loss | $ | (15,271            | ) | $ | (25,570    | ) |  | (40.3            | )% | $ | (34,681    | )

Revenues

We have not earned any revenue since inception. We do not
anticipate earning revenues until such time as we are able to acquire an
alternative mineral property and subsequently 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.

4

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Operating Costs and Expenses

Our operating expenses for the three and six months ended
January 31, 2009 and 2008 consisted of the following:

|                                  |   | Three Months Ended |   |   | Percentage |   |  | Six Months Ended |    |   | Percentage |  
|--------------------------------- | - | ------------------ | - | - | ---------- | - |  | ---------------- | -- | - | ---------- | -
|                                  |   | January 31,        |   |   | Increase / |   |  | January 31,      |    |   | Increase / |  
|                                  |   | 2009               |   |   | 2008       |   |  | (Decrease)       |    |   | 2009       |  
|General and Administrative        | $ | 2,210              |   | $ | 3,396      |   |  | (34.9            | )% | $ | 7,948      |  
|Foreign Currency Translation Gain |   | (2,348             | ) |   | (504       | ) |  | 365.9            | %  |   | (12,193    | )
|Management Fees                   |   | 3,000              |   |   | 3,000      |   |  | n/a              |    |   | 6,000      |  
|Mineral Property Costs            |   | -                  |   |   | -          |   |  | n/a              |    |   | 396        |  
|Professional Services             |   | 10,909             |   |   | 18,178     |   |  | (40.0            | )% |   | 29,530     |  
|Rent                              |   | 1,500              |   |   | 1,500      |   |  | n/a              |    |   | 3,000      |  
|Total Expenses                    | $ | 15,271             |   | $ | 25,570     |   |  | (40.3            | )% | $ | 34,681     |  

The decrease in our operating expenses during the three and six
months ended January 31, 2009 is due to decreases in professional services.

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
      January 31, 2009 |   |   | At
      July 31, 2008 |   |  | Increase / (Decrease) |   
|Current Assets                    | $ | 1,465                     |   | $ | 21,336                 |   |  | (93.1                 | )%
|Current Liabilities               |   | (80,793                   | ) |   | (74,983                | ) |  | 7.7                   | % 
|Working Capital Surplus (Deficit) | $ | (79,328                   | ) | $ | (53,647                | ) |  | 47.9                  | % 

5

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Cash Flows

|                                              |   | Six Months Ended January 31, |  
|--------------------------------------------- | - | ---------------------------- | -
|                                              |   | 2009                         |  
|Cash Flows (Used In) Operating Activities     | $ | (36,177                      | )
|Cash Flows (Used In) Investing Activities     |   | -                            |  
|Cash Flows Provided By Financing Activities   |   | 16,306                       |  
|Net Increase (Decrease) In Cash During Period | $ | (19,871                      | )

We had cash on hand of $1,465 and a working capital deficit of
$79,328 as of January 31, 2009 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 our sole source of financing came in the form of a short term loan of
CDN$20,000 from our sole executive officer and director. This amount is
non-interest bearing, unsecured and due on demand.

Subsequent to the six months ended January 31, 2009, our sole
executive officer and director advanced us CDN$15,000 for working capital
purposes. This amount is non-interest bearing, unsecured and due on demand.

Financing Requirements

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

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

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

6

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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, 2009, and for all periods presented
in the attached financial statements, have been included. Interim results for
the six months ended January 31, 2009 are not necessarily indicative of the
results that may be expected for the fiscal year as a whole.

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

Mineral Property Costs

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

When mineral properties are acquired under option agreements
with future acquisition payments to be made at the sole discretion of us, those
future payments, whether in cash or shares, are recorded only when we have 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.

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, 2009 (the Evaluation Date). This evaluation
was carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer. Based upon that evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were not effective as of the Evaluation Date
as a result of the material weaknesses in internal control over financial
reporting discussed below.

Disclosure controls and procedures are those controls and
procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act are recorded,
processed, summarized and reported within the time periods specified in the
SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed

7

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to ensure that information required to be disclosed in our
reports filed under the Exchange Act is accumulated and communicated to
management, including our Chief Executive Officer and Chief Financial Officer,
to allow timely decisions regarding required disclosure.

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

Material Weaknesses

Management assessed the effectiveness of the Companys internal
control over financial reporting as of Evaluation Date and identified the
following material weaknesses:

|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.

Changes in Internal Controls

As of the Evaluation Date, 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.

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, 2009, we had cash in the amount of $1,465. 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 acquiring an alternative mineral property and the exploration of
an acquired the mineral property. These potential problems include, but are not
limited to, unanticipated problems relating to exploration, and additional costs
and expenses that may exceed current estimates. Assuming that we are able to
acquire an alternative mineral property, prior to completion of our exploration
stage, we anticipate that we will incur increased operating expenses without
realizing any revenues. We 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.

Assuming that we are able to acquire an alternative mineral
property, if an exploration program is successful in discovering proven reserves
on a mineral property, we will require additional funds in order to place a
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

9

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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
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.

Assuming that we are able to acquire an alternative mineral
property, prior to completion of an 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.

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

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

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

10

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

Kerry J. McCullagh, our sole executive officer and sole
director, does not have any formal training as 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 significantly influence 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

11

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also have the effect of delaying, deferring or preventing a
change in control of Contact which may be disadvantageous to minority
shareholders.

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.

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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     | Certificate of Change Pursuant
        to NRS 78.209 increasing the authorized capital of common stock to 300,000,000
        shares, par value $0.001 per share (2-for-1 Stock Split).(3)                                                                      
|3.3     | Bylaws.(1)                                                                                                                                                                                                                                                      
|10.1    | Property Option Agreement dated
        June 30, 2007 between William McCullagh and Contact Minerals Corp. 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.        
|(3) | Filed as an exhibit to our Current Report on Form 8-K
      filed on February 9, 2009.        

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 11, 2009 |     |                                                                
|                     | 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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