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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended October 31,
2010

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

For the transition period from ________to ________

COMMISSION FILE NUMBER000-52879

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

|NEVADA                                                               | 39-2060052                         
|-------------------------------------------------------------------- | -----------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S Employer Identification No.)
|                                                                     |                                    
|595 Hornby Street, Suite 706                                         |                                    
|Vancouver, British Columbia, Canada                                  | V6C 2E8                            
|(Address of principal executive offices)                             | (Zip Code)                         

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

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

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.[X]Yes[ ] No

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (s. 232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such
files).[ ] Yes     [ ] No

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

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

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

Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable date:
As of December 6, 2010, the Registrant had 16,530,000 shares of
commonstock outstanding.

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PART I - FINANCIAL INFORMATION

ITEM
1.           FINANCIAL
STATEMENTS.

The accompanying unaudited financial statements have been
prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of
Regulation S-X, and, therefore, do not include all information and footnotes
necessary for a complete presentation of financial position, results of
operations, cash flows, and stockholders' equity in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature. Operating results for the three month period ended October 31,
2010 are not necessarily indicative of the results that can be expected for the
year ending July 31, 2011.

2

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Contact Minerals Corp.
  (An Exploration Stage Company)

October 31, 2010

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

---

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

|                                                                                                                                           |  | October 31, |   |  | July 31, |  
|------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------- | - |  | -------- | -
|                                                                                                                                           |  | 2010        |   |  | 2010     |  
|                                                                                                                                           |  | $           |   |  | $        |  
|                                                                                                                                           |  | (Unaudited) |   |  |          |  
|ASSETS                                                                                                                                     |  |             |   |  |          |  
|Current Assets                                                                                                                             |  |             |   |  |          |  
|Cash                                                                                                                                       |  | 94,064      |   |  | 93,389   |  
|Total Assets                                                                                                                               |  | 94,064      |   |  | 93,389   |  
|                                                                                                                                           |  |             |   |  |          |  
|LIABILITIES AND STOCKHOLDERS DEFICIT                                                                                                      |  |             |   |  |          |  
|Current Liabilities                                                                                                                        |  |             |   |  |          |  
|Accounts payable
      (Note 3(a))                                                                                                         |  | 2,739       |   |  | 96       |  
|Accrued
      liabilities                                                                                                                  |  | 14,882      |   |  | 581      |  
|Due to related party (Note 3(b))                                                                                                           |  | 136,818     |   |  | 135,360  |  
|Total Liabilities                                                                                                                          |  | 154,439     |   |  | 136,037  |  
|Contingencies (Note 1)                                                                                                                     |  |             |   |  |          |  
|Stockholders Deficit                                                                                                                      |  |             |   |  |          |  
|Preferred Stock         Authorized:
      15,000,000 shares, par value $0.001 
             None issued and outstanding                    |  |            |   |  |         |  
|Common Stock         Authorized:
      300,000,000 shares, par value $0.001 
             Issued and outstanding : 16,530,000
      shares |  | 16,530      |   |  | 16,530   |  
|Additional Paid-in
      Capital                                                                                                           |  | 524,629     |   |  | 524,629  |  
|Donated
      Capital (Note 3(c))                                                                                                          |  | 64,381      |   |  | 59,881   |  
|Deficit Accumulated During the Exploration Stage                                                                                           |  | (665,915    | ) |  | (643,688 | )
|Total Stockholders Deficit                                                                                                                |  | (60,375     | ) |  | (42,648  | )
|Total Liabilities and Stockholders Deficit                                                                                                |  | 94,064      |   |  | 93,389   |  

(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      |  
|-------------------------------------------------- |  | ---------------------- | - |  | ------------ | - |  | ------------ | -
|                                                   |  | April 25, 2007         |   |  | Three months |   |  | Three months |  
|                                                   |  | (Date of Inception) to |   |  | Ended        |   |  | Ended        |  
|                                                   |  | October 31,            |   |  | October 31,  |   |  | October 31,  |  
|                                                   |  | 2010                   |   |  | 2010         |   |  | 2009         |  
|                                                   |  | $                      |   |  | $            |   |  | $            |  
|                                                   |  |                        |   |  |              |   |  |              |  
|Revenue                                            |  |                       |   |  |             |   |  |             |  
|                                                   |  |                        |   |  |              |   |  |              |  
|                                                   |  |                        |   |  |              |   |  |              |  
|Expenses                                           |  |                        |   |  |              |   |  |              |  
|                                                   |  |                        |   |  |              |   |  |              |  
|General and administrative                         |  | 40,865                 |   |  | 3,763        |   |  | 7,000        |  
|Foreign currency
      loss                        |  | 5,279                  |   |  | 707          |   |  | 1,248        |  
|Management fees (Note 3(a))                        |  | 42,000                 |   |  | 3,000        |   |  | 3,000        |  
|Impairment of
      mineral property costs         |  | 5,000                  |   |  |             |   |  |             |  
|Mineral property costs                             |  | 14,978                 |   |  |             |   |  |             |  
|Professional
      services                        |  | 173,134                |   |  | 13,257       |   |  | 11,573       |  
|Rent (Note 3(a))                                   |  | 21,000                 |   |  | 1,500        |   |  | 1,500        |  
|                                                   |  |                        |   |  |              |   |  |              |  
|Total Operating Expenses                           |  | 302,256                |   |  | 22,227       |   |  | 24,321       |  
|                                                   |  |                        |   |  |              |   |  |              |  
|Loss from Operations                               |  | (302,256               | ) |  | (22,227      | ) |  | (24,321      | )
|                                                   |  |                        |   |  |              |   |  |              |  
|Other Expenses                                     |  |                        |   |  |              |   |  |              |  
|                                                   |  |                        |   |  |              |   |  |              |  
|Accretion of discount on convertible
      note    |  | (112,500               | ) |  |             |   |  |             |  
|Loss on change in fair value of conversion feature |  | (251,159               | ) |  |             |   |  |             |  
|                                                   |  |                        |   |  |              |   |  |              |  
|Net Loss                                           |  | (665,915               | ) |  | (22,227      | ) |  | (24,321      | )
|                                                   |  |                        |   |  |              |   |  |              |  
|                                                   |  |                        |   |  |              |   |  |              |  
|Net
      Loss Per Share  Basic and Diluted       |  |                        |   |  |             |   |  |             |  
|                                                   |  |                        |   |  |              |   |  |              |  
|Weighted Average Common Shares Outstanding         |  |                        |   |  | 16,530,000   |   |  | 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    |   |  | Three months |   |  | Three months |  
|                                                            |  | (Date of Inception) to |   |  | Ended        |   |  | Ended        |  
|                                                            |  | October 31,            |   |  | October 31,  |   |  | October 31,  |  
|                                                            |  | 2010                   |   |  | 2010         |   |  | 2009         |  
|                                                            |  | $                      |   |  | $            |   |  | $            |  
|Operating Activities                                        |  |                        |   |  |              |   |  |              |  
|Net loss for
      the period                               |  | (665,915               | ) |  | (22,227      | ) |  | (24,321      | )
|Adjustments to reconcile net
      loss to net cash used in |  |                        |   |  |              |   |  |              |  
|operating activities:                                       |  |                        |   |  |              |   |  |              |  
|Donated services
      and rent                             |  | 64,381                 |   |  | 4,500        |   |  | 4,500        |  
|Accretion
      of discount on convertible note             |  | 112,500                |   |  |             |   |  |             |  
|Loss on change
      in fair value of derivative liability  |  | 251,159                |   |  |             |   |  |             |  
|Impairment
      of mineral property costs                  |  | 5,000                  |   |  |             |   |  |             |  
|Changes in operating assets and
      liabilities:          |  |                        |   |  |              |   |  |              |  
|Accounts
      payable and accrued liabilities              |  | 15,121                 |   |  | 16,944       |   |  | 12,367       |  
|Due to related
      parties                                |  | 76,257                 |   |  |             |   |  | 3,499        |  
|Prepaid expenses                                            |  |                       |   |  |             |   |  | 330          |  
|Net
      Cash Used in Operating Activities                 |  | (141,497               | ) |  | (783         | ) |  | (3,625       | )
|Investing Activities                                        |  |                        |   |  |              |   |  |              |  
|Acquisition of mineral property claims                      |  | (2,500                 | ) |  |             |   |  |             |  
|Net Cash Used in Investing Activities                       |  | (2,500                 | ) |  |             |   |  |             |  
|Financing Activities                                        |  |                        |   |  |              |   |  |              |  
|Advances from
      related party                           |  | 59,103                 |   |  |             |   |  |             |  
|Proceeds from issuance of convertible
      notes           |  | 112,500                |   |  |             |   |  |             |  
|Proceeds from issuance of common stock                      |  | 65,000                 |   |  |             |   |  |             |  
|Net
      Cash Provided by Financing Activities             |  | 236,603                |   |  |             |   |  |             |  
|Effect of exchange rate changes on cash                     |  | 1,458                  |   |  | 1,458        |   |  |             |  
|Increase (decrease) in Cash                                 |  | 94,064                 |   |  | 675          |   |  | (3,625       | )
|Cash  Beginning of Period                                  |  |                       |   |  | 93,389       |   |  | 23,575       |  
|Cash
       End of Period                                  |  | 94,064                 |   |  | 94,064       |   |  | 19,950       |  
|Non-Cash Financing Activities                               |  |                        |   |  |              |   |  |              |  
|Conversion of debt into common
      shares                 |  | 112,500                |   |  |             |   |  |             |  
|Supplemental Disclosures:                                   |  |                        |   |  |              |   |  |              |  
|Interest paid                                               |  |                       |   |  |             |   |  |             |  
|Income taxes paid                                           |  |                       |   |  |             |   |  |             |  

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

F-3

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

|1. | Exploration Stage Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Contact Minerals Corp. (the Company)
        was incorporated in the State of Nevada on April 25, 2007. The Company
        is an Exploration Stage Company, as defined by Financial Accounting Standard
        Board (FASB) Accounting Standards Codification (ASC)
        915, Development Stage Enterprises. The Companys principal
        business is the acquisition and exploration of mineral properties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | These financial statements have been prepared
        on a going concern basis, which implies the Company will continue to realize
        its assets and discharge its liabilities in the normal course of business.
        The Company has never generated revenue and has never paid any dividends
        and is unlikely to pay dividends or generate earnings in the immediate
        or foreseeable future. The continuation of the Company as a going concern
        is dependent upon the continued financial support from its shareholders,
        the ability of the Company to obtain necessary equity financing to continue
        operations and to determine the existence, discovery and successful exploitation
        of economically recoverable reserves in its resource properties, confirmation
        of the Companys interests in the underlying properties, and the
        attainment of profitable operations. As at October 31, 2010 the Company
        has a working capital deficiency of $60,375 and has accumulated losses
        of $665,915 since inception. These financial statements do not include
        any adjustments to the recoverability and classification of recorded asset
        amounts and classification of liabilities that might be necessary should
        the Company be unable to continue as a going concern. These factors raise
        substantial doubt regarding the Companys ability to continue as
        a going concern.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2. | Summary of Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
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|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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|   | d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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F-4

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

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

| |         | Fair Value Measurements Using |             |             
| | ------- | ----------------------------- | ----------- | ------------
| |         | Quoted Prices in              | Significant |             
| |         | Active Markets                | Other       | Significant 
| |         | For Identical                 | Observable  | Unobservable
| |         | Instruments                   | Inputs      | Inputs      
| |         | (Level 1)                     | (Level 2)   | (Level 3)   
| |         | $                             | $           | $           
| |         |                               |             |             
| | Assets: |                               |             |             
| | Cash    | 94,064                        |            |            

| |    | The Company does not have any liabilities measured at
        fair value on a recurring basis presented on the Companys balance
        sheet as of October 31, 2010, and July 31, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Financial instruments that potentially subject the Company
        to a concentration of credit risk consist primarily of cash. The Company
        limits its exposure to credit loss by placing its cash with high credit
        quality financial institutions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | h) | Long-lived Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | The Company tests long-lived assets or asset groups
        for recoverability when events or changes in circumstances indicate that
        their carrying amount may not be recoverable. Circumstances which could
        trigger a review include, but are not limited to: significant decreases
        in the market price of the asset; significant adverse changes in the business
        climate or legal factors; accumulation of costs significantly in excess
        of the amount originally expected for the acquisition or construction
        of the asset; current period cash flow or operating losses combined with
        a history of losses or a forecast of continuing losses associated with
        the use of the asset; and current expectation that the asset will more
        likely than not be sold or disposed significantly before the end of its
        estimated useful life. Recoverability is assessed based on the carrying
        amount of the asset and its fair value which is generally determined based
        on the sum of the undiscounted cash flows expected to result from the
        use and the eventual disposal of the asset, as well as specific appraisal
        in certain instances. An impairment loss is recognized when the carrying
        amount is not recoverable and exceeds fair value.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | i) | Mineral Property Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | The Company has been in the exploration stage since
        its formation on April 25, 2007 and has not yet realized any revenues
        from its planned operations. It is primarily engaged in the acquisition,
        exploration and development of mineral properties. Mineral property acquisition
        costs are capitalized when management has determined that probable future
        benefits consisting of a contribution to future cash inflows have been
        identified and adequate financial resources are available or are expected
        to be available as required to meet the terms of property acquisition
        and budgeted exploration and development expenditures. Mineral property
        acquisition costs are expensed as incurred if the criteria for capitalization
        are not met. In the event that a mineral property is acquired through
        the issuance of the Companys shares, the mineral property will be
        recorded at the fair value of the respective property or the fair value
        of common shares, whichever is more readily determinable.                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | When mineral properties are acquired under option agreements
        with future acquisition payments to be made at the sole discretion of
        the Company, those future payments, whether in cash or shares, are recorded
        only when the Company has made or is obliged to make the payment or issue
        the shares. When it has been determined that a mineral property can be
        economically developed as a result of establishing proven and probable
        reserves and pre feasibility, the costs incurred to develop such property
        will be capitalized.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

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)
|-- | --------------------------------------------------------------
|   |                                                               
|   | j)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   | k)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   | l)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   | m)                                                            
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|   |                                                               
|3. | Related Party Transactions                                    
|   |                                                               
|   | a)                                                            
|   |                                                               
|   | b)                                                            
|   |                                                               
|   | c)                                                            

F-7

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

FORWARD-LOOKING STATEMENTS

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

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

OVERVIEW

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

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

PLAN OF OPERATION

Our plan of operation for the next twelve months is to identify
and acquire an interest in a mineral property on which we will carry out
exploration activities. We are unable to provide an estimate of our exact
financial needs for the next twelve months. However, as at October 31, 2010, we
had cash on hand of $94,064 and a working capital deficit of $60,375. As such,
we will require additional financing in the near future in order to meet our
current obligations and to continue our operations. In addition, in the event
that we are successful in identifying a mineral property, of which there is no
assurance, we anticipate that we will need to obtain financing in order to
pursue an exploration program.

3

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RESULTS OF OPERATIONS

Three Months Summary

|         |   | Three Months Ended October 31, |   |   | Percentage |  
|-------- | - | ------------------------------ | - | - | ---------- | -
|         |   | 2010                           |   |   | 2009       |  
|Revenue  | $ | -                              |   | $ | -          |  
|Expenses |   | (22,227                        | ) |   | (24,321    | )
|Net Loss | $ | (22,227                        | ) | $ | (24,321    | )

Revenues

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

Operating Costs and Expenses

Our operating expenses for the three months ended October 31,
2010 and 2009 consisted of the following:

|                           |   | Three Months      |  |   | Three Months      |  |  | Percentage |   
|-------------------------- | - | ----------------- |  | - | ----------------- |  |  | ---------- | --
|                           |   | Ended October 31, |  |   | Ended October 31, |  |  | Increase / |   
|                           |   | 2010              |  |   | 2009              |  |  | (Decrease) |   
|General and Administrative | $ | 3,763             |  | $ | 7,000             |  |  | (46.2      | )%
|Foreign Currency Loss      |   | 707               |  |   | 1,248             |  |  | (43.3      | )%
|Management Fees            |   | 3,000             |  |   | 3,000             |  |  | 0.0%       |   
|Professional Services      |   | 13,257            |  |   | 11,573            |  |  | 14.6%      |   
|Rent                       |   | 1,500             |  |   | 1,500             |  |  | 0.0%       |   
|Total Operating Expenses   | $ | 22,227            |  | $ | 24,321            |  |  | (8.6       | )%

The decrease in expenses during the three month period ended
Oct 31, 2010 is primarily a result of a decrease in general administrative and
foreign currency expenses. These decreases were partially offset by a slight
increase professional services.

Professional services primarily consist of legal and accounting
fees in connection with meeting our ongoing reporting obligations under the
Securities Exchange Act of 1934 (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. During the
three months ended October 31, 2010 and 2009, we recognized a total of $3,000
for donated management fees and $1,500 for donated rent provided by our sole
executive officer and director.

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

4

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LIQUIDITY AND CAPITAL RESOURCES

Working Capital

|                        |   |                           |   |   |                        |   |  | Percentage            | 
|----------------------- | - | ------------------------- | - | - | ---------------------- | - |  | --------------------- | 
|                        |   | At
      October 31, 2010 |   |   | At
      July 31, 2010 |   |  | Increase / (Decrease) | 
|Current Assets          | $ | 94,064                    |   | $ | 93,369                 |   |  | 0.7%                  | 
|Current Liabilities     |   | (154,439                  | ) |   | (136,037               | ) |  | 13.5%                 | 
|Working Capital Deficit | $ | (60,375                   | ) | $ | (42,668                | ) |  | 41.5%                 | 

Cash Flows

|                                            |   | Three Months Ended October 31, |  
|------------------------------------------- | - | ------------------------------ | -
|                                            |   | 2010                           |  
|Cash Flows (Used In) Operating Activities   | $ | (783                           | )
|Cash Flows (Used In) Investing Activities   |   | -                              |  
|Cash Flows Provided By Financing Activities |   | -                              |  
|Increase (Decrease) In Cash                 | $ | (783                           | )

We had cash on hand of $94,064 and a working capital deficit of
$60,375 as at October 31, 2010 compared to cash on hand of $93,369 and a working
capital deficit of $42,668 as at July 31, 2010. Our working capital deficit
increased as a result of an increase in accounts payable and amounts due to
related parties as a result of our lack of capital to meet ongoing expenditures.

Financing Requirements

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

On January 8, 2009, our Board of Directors approved a private
placement offering of up to $150,000 of 10% convertible notes (the "Convertible
Notes Offering) to persons who are not U.S. Persons as contemplated under
Regulation S. Under the terms of the Convertible Note Offering, the convertible
notes bear interest at 10% per annum and are convertible at the option of the
holder into our common stock at the lesser of $0.05 per share or 75% of the
average trading price for the 10 trading days immediately preceding the date of
the conversion. To date we have completed $112,500 of the Convertible Notes
Offering. There is no assurance that we will be able to complete the sale of any
additional securities under the Convertible Note Offering.

We anticipate continuing to rely on equity sales of our common
shares and advances from our sole executive officer and director in order to
continue to fund our business operations. Issuances of additional shares will
result in dilution to our existing shareholders. There is no assurance that we
will achieve any additional sales of our equity securities or arrange for debt
or other financing to fund our business operations.

5

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OFF-BALANCE SHEET ARRANGEMENTS

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

CRITICAL ACCOUNTING POLICIES

The financial statements presented with this Quarterly Report
have been prepared in accordance with generally accepted accounting principles
in the United States of America for interim financial information. These
financial statements do not include all information and footnote disclosures
required for an annual set of financial statements prepared under United States
generally accepted accounting principles. In the opinion of our management, all
adjustments (consisting solely of normal recurring accruals) considered
necessary for a fair presentation of the financial position, results of
operations and cash flows as at October 31, 2010, and for all periods presented
in the attached financial statements, have been included. Interim results for
the three months ended October 31, 2010 are not necessarily indicative of the
results that may be expected for the fiscal year as a whole.

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

Mineral Property Costs

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

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

Donated Capital

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

6

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ITEM
3.           
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

ITEM
4T.           CONTROLS AND
PROCEDURES.

Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of our
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of October 31, 2010 (the Evaluation Date). This evaluation
was carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer. Based upon that evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were not effective as of the Evaluation Date
as a result of the material weaknesses in internal control over financial
reporting disclosed in our Annual Report on Form 10-K for the year ended July
31, 2010 (the 2010 Annual Report).

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

Notwithstanding the assessment that our internal control over
financial reporting was not effective and that there were material weaknesses as
identified in our 2010 Annual Report, we believe that our financial statements
contained in our Quarterly Report on Form 10-Q for the quarter ended October 31,
2010 fairly present our financial condition, results of operations and cash
flows in all material respects.

Changes in Internal Controls

There were no changes in our internal control over financial
reporting that occurred during the fiscal quarter ended October 31, 2010 that
have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting.

7

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PART II - OTHER INFORMATION

ITEM
1.            LEGAL
PROCEEDINGS.

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

ITEM 1A.        
RISK FACTORS.

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

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

As of October 31, 2010, we had cash in the amount of $94,064.
In October 2008, we determined to allow our interest in the Triune Property to
lapse. Accordingly, we plan to identify and acquire an interest in a mineral
property. Our ability to acquire a mineral property will be dependent upon
obtaining financing. Obtaining financing would be subject to a number of
factors, including the market prices for the mineral property and gold, silver,
copper and iron. These factors may make the timing, amount, terms or conditions
of financing unavailable to us. There are no assurances that we will be able to
obtain financing on terms satisfactory to us.

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

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

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

8

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

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

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

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

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

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

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

9

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

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

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

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

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

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

Because our sole executive officer and sole director owns
42.3% of our outstanding common stock, investors may find that corporate
decisions influenced by Mr. McCullagh are inconsistent with the best interests
of other stockholders.

Kerry J. McCullagh, our sole executive officer and sole
director, controls 42.3% of the issued and outstanding shares of our common
stock. Accordingly, in accordance with our Articles of Incorporation and Bylaws,
Mr. McCullagh is able to control who is elected to our board of directors and
thus could act, or could have the power to act, as our management. The interests
of Mr. McCullagh may not be, at all times, the same as those of other
shareholders. Since Mr. McCullagh is not simply a passive investor but is also
one of our active executives, his interests as an executive may, at times, be
adverse to those of passive investors. Where those conflicts exist, our
shareholders will be dependent upon Mr. McCullagh exercising, in a manner fair
to all of our shareholders, his fiduciary duties as an officer or as a member of
our board of directors. Also, Mr. McCullagh will have the ability to
significantly influence the outcome of most corporate actions requiring
shareholder approval, including the merger of our company with or into another
company, the sale of all or substantially all of our assets and amendments to our Articles
of Incorporation. This concentration of ownership with Mr. McCullagh may also
have the effect of delaying, deferring or preventing a change in control of
Contact which may be disadvantageous to minority shareholders.

10

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

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

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

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

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

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

None.

11

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ITEM
3.            DEFAULTS
UPON SENIOR SECURITIES.

None.

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

None.

ITEM
5.            OTHER
INFORMATION.

None.

ITEM
6.            EXHIBITS.

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

|Exhibit |                                                                                                                                                                                                       
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibit                                                                                                                                                                                
|        |                                                                                                                                                                                                       
|3.1     | Articles of Incorporation, as
      amended.(1)                                                                                                                                                       
|3.2     | Certificate of Change Pursuant to NRS 78.209
      increasing the authorized capital of common stock to 300,000,000 shares,
      par value $0.001 per share (2-for-1 Stock Split).(3)                
|3.3     | Bylaws.(1)                                                                                                                                                                                            
|4.1     | Form of Convertible Note.(4)                                                                                                                                                                          
|10.1    | Property Option Agreement dated
      June 30, 2007 between William McCullagh and Contact Minerals
      Corp.(1)                                                                                     
|10.2    | Amendment to Property Option Agreement between
      William McCullagh and Contact Minerals Corp.(2)                                                                                                  
|31.1    | Certification of Chief
      Executive Officer and Chief Financial Officer pursuant to Section 302 of
      the Sarbanes-Oxley Act of 2002.                                                           
|32.1    | Certification of Chief Executive Officer and
      Chief Financial Officer pursuant to pursuant to 18 U.S.C. Section 1350, as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|99.1    | Audit Committee
      Charter.(2)                                                                                                                                                                     

|Notes:
|------
|(1)   
|(2)   
|(3)   
|(4)   

12

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

|      |                   |  |     | CONTACT MINERALS CORP.                                         
|----- | ----------------- |  | --- | ---------------------------------------------------------------
|      |                   |  |     |                                                                
|      |                   |  |     |                                                                
|Date: | December 13, 2010 |  | By: | /s/
      Kerry J McCullagh                                    
|      |                   |  |     |                                                                
|      |                   |  |     | KERRY J. MCCULLAGH                                             
|      |                   |  |     | Chief Executive Officer, Chief Financial
      Officer         
|      |                   |  |     | President, Secretary and Treasurer                             
|      |                   |  |     | (Principal Executive Officer, Principal
      Financial Officer
|      |                   |  |     | and Principal Accounting Officer)                              

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