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| x | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------|

| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------|

| Nevada                                                        |   | 20-2138504                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| Title of each class |   | Name of each exchange onwhich each is registered |
|---------------------|--------|--------------------------------------------------|
| N/A                 |   | N/A                                              |

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

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| NOTE ABOUT FORWARD-LOOKING STATEMENTS                                                                                      | 1  |
|----------------------------------------------------------------------------------------------------------------------------|----|
| ITEM 1: BUSINESS                                                                                                           | 1  |
| GENERAL                                                                                                                    | 1  |
| UNPROVED MINERAL PROPERTIES                                                                                                | 3  |
| COMPETITION                                                                                                                | 15 |
| RAW MATERIALS                                                                                                              | 15 |
| DEPENDENCE ON MAJOR CUSTOMERS                                                                                              | 15 |
| PATENTS/TRADEMARKS/LICENSES/FRANCHISES/CONCESSIONS/ROYALTY AGREEMENTS/LABOR CONTRACTS                                      | 15 |
| COSTS AND EFFECTS OF COMPLIANCE WITH ENVIRONMENTAL LAWS                                                                    | 16 |
| EXPENDITURES ON RESEARCH AND DEVELOPMENT                                                                                   | 16 |
| NUMBER OF TOTAL EMPLOYEES AND NUMBER OF FULL-TIME EMPLOYEES                                                                | 16 |
| ITEM 1A: RISK FACTORS                                                                                                      | 16 |
| ITEM 1B: UNRESOLVED STAFF COMMENTS                                                                                         | 21 |
| ITEM 2: PROPERTIES                                                                                                         | 21 |
| ITEM 3:  LEGAL PROCEEDINGS                                                                                       | 21 |
| ITEM 4:  REMOVED AND RESERVED                                                                                    | 21 |
| ITEM 5: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 21 |
| ITEM 6:  SELECTED FINANCIAL DATA.                                                                                | 22 |
| ITEM 7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS                        | 23 |
| ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                                        | 31 |
| ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                                                        | 31 |
| INDEX TO FINANCIAL STATEMENTS                                                                                              | 31 |
| ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE                               | 34 |
| NOT APPLICABLE.                                                                                                            | 34 |
| ITEM 9A(T):  CONTROLS AND PROCEDURES                                                                             | 34 |
| ITEM 9B:  OTHER INFORMATION                                                                                      | 35 |
| ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE                                                            | 35 |
| ITEM 11: EXECUTIVE COMPENSATION                                                                                            | 37 |
| ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                                                    | 37 |
| ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE                                         | 38 |
| DIRECTOR INDEPENDENCE                                                                                                      | 38 |
| TRANSACTIONS WITH RELATED PERSONS                                                                                          | 38 |
| ITEM 14: PRINCIPAL ACCOUNTING FEES AND SERVICES                                                                            | 41 |
| ITEM 15: EXHIBITS                                                                                                          | 42 |

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|   | • | general economic conditions, because they may affect our ability to raise money |
|--------|---------|---------------------------------------------------------------------------------|

|   | • | our ability to raise enough money to continue our operations |
|--------|---------|--------------------------------------------------------------|

|   | • | changes in regulatory requirements that adversely affect our business |
|--------|---------|-----------------------------------------------------------------------|

|   | • | changes in the prices for minerals that adversely affect our business |
|--------|---------|-----------------------------------------------------------------------|

|   | • | political changes in Chile, which could affect our interests there |
|--------|---------|--------------------------------------------------------------------|

|   | • | other uncertainties, all of which are difficult to predict and many of which are beyond our control |
|--------|---------|-----------------------------------------------------------------------------------------------------|

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----

| Table 1: Active properties                                                                                                                                                                                                                 |                      |     |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|----------|--------|
| Property                                                                                                                                                                                                                                   | Percentage, type of claim | Hectares |
| Gross area                                                                                                                                                                                                                                 | Net areaa                 |
| Farellon                                                                                                                                                                                                                                   |                      |     |   |   |   |
|     Farellon 1 – 8 claim                                                                                                                                                                                         | 100%, mensura             | 66       |   |   |   |
|     Farellon 3 claim                                                                                                                                                                                                   | 100%, pedimento           | 300      |   |   |   |
|     Cecil 1 – 49 claim                                                                                                                                                                                           | 100%, mensura             | 230      |   |   |   |
|     Cecil 1 – 40 and Burghley 1 – 60 claims                                                                                                                                                                | 100%, manifestacion       | 500      |   |   |   |
|                                                                                                                                                                                                                                       |                      | 1,096    |   | 1,096 |   |
|                                                                                                                                                                                                                                       |                      |     |   |   |   |
| Mateo                                                                                                                                                                                                                                      |                      |     |   |   |   |
|     Margarita claim                                                                                                                                                                                                    | 100%, mensura             | 56       |   |   |   |
|     Che 1 & 2 claims                                                                                                                                                                                               | 100%, mensura             | 76       |   |   |   |
|     Irene & Irene II claims                                                                                                                                                                                        | 100%b, mensura            | 60       |   |   |   |
|     Mateo 1, 2, 3, 12, 13, 14 claims                                                                                                                                                                                   | 100%, manifestacion       | 1,500    |   |   |   |
|     Mateo 4 and 5 claims                                                                                                                                                                                               | 100%, pedimento           | 600      |   |   |   |
|                                                                                                                                                                                                                                       |                      | 2,292    |   |   |   |
|   Overlapped claims (see Figure 3)                                                                                                                                                                                               |                      | (170)    |   | 2,122 |   |
|                                                                                                                                                                                                                                       |                      |     |   |   |   |
| Perth                                                                                                                                                                                                                                      |                      |     |   |   |   |
| Perth 1 al 36 claim                                                                                                                                                                                                                        | 100%, mensura             | 109      |   |   |   |
| Lancelot I 1 al 30 claim                                                                                                                                                                                                                   | 100%, mensura in process  | 300      |   |   |   |
| Lancelot II 1 al 20 claim                                                                                                                                                                                                                  | 100%, mensura in process  | 200      |   |   |   |
| Rey Arturo 1 al 30 claim                                                                                                                                                                                                                   | 100%, mensura in process  | 300      |   |   |   |
| Merlin I 1 al 10 claim                                                                                                                                                                                                                     | 100%, mensura in process  | 60       |   |   |   |
| Merlin I 1 al 24 claim                                                                                                                                                                                                                     | 100%, mensura in process  | 240      |   |   |   |
| Galahad I 1 al 10 claim                                                                                                                                                                                                                    | 100%, manifestacion       | 50       |   |   |   |
| Galahad I 1 al 46 claim                                                                                                                                                                                                                    | 100%, manifestacion       | 230      |   |   |   |
| Percival III 1 al 30 claim                                                                                                                                                                                                                 | 100%, manifestacion       | 300      |   |   |   |
| Tristan II 1 al 30 claim                                                                                                                                                                                                                   | 100%, manifestacion       | 300      |   |   |   |
| Tristan IIA 1 al 5 claim                                                                                                                                                                                                                   | 100%, manifestacion       | 15       |   |   |   |
| Camelot claim                                                                                                                                                                                                                              | 100%, pedimento           | 300      |   |   |   |
|                                                                                                                                                                                                                                       |                      | 2,404    |   |   |   |
|    Overlapped claims (see Figure 4)                                                                                                                                                                                         |                      | (124)    |   | 2,280 |   |
|                                                                                                                                                                                                                                       |                      |     |   | 5,498 |   |
| a Some pedimentos and manifestacions overlap other claims. The net area is the total of the hectares we have in each property (i.e. net of our overlapped claims).b We have agreed to complete the purchase of this property in May, 2011. |                      |

----

| Figure 1: Location and access to active properties |
|----------------------------------------------------|

| Table 2: Farellon property |
|----------------------------|
| Claim                      | Type |
| Mensura(ha)                | Manifestacion(ha) | Pedimento(ha) |
| Farellon 1 – 8       | 66 |   |   |
| Cecil 1 – 49         | 230 |   |   |
| Cecil 1 – 40         |   | 200 |   |
| Burghley 1 – 60      |   | 300 |   |
| Farellon 3                 |   |   | 300 |
|                       | 296 | 500 | 300 |

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| Figure 2: Farellon property |
|-----------------------------|

----

----

| Table 3: Farellon historic significant intersections (1996) |
|-------------------------------------------------------------|
| Drill hole                                                  |   | Significant intervals (m) |   | Assay results |
| FAR–96                                                |   | From | To | Length |   | Gold (g/t) | Copper (%) | Cobalt (%) |
| 06                                                          |   | 49 | 54 | 5 |   | 0.15 | 0.73 | 0.01 |
| 07                                                          |   | 25 | 34 | 9 |   | 0.38 | 1.05 | 0.02 |
| 09                                                          |   | 57 | 84 | 27 |   | 0.51 | 0.91 | 0.03 |
| 010                                                         |   | 31 | 36 | 5 |   | 1.00 | 0.68 | 0.04 |
| 011                                                         |   | 20 | 26 | 6 |   | 0.67 | 0.46 | 0.02 |
| 013                                                         |   | 86 | 93 | 7 |   | 0.87 | 1.68 | 0.04 |
| 014                                                         |   | 77 | 83 | 6 |   | 0.66 | 0.85 | 0.06 |
| 015                                                         |   | 59 | 79 | 20 |   | 0.99 | 0.98 | 0.06 |
|                                                        | 99 | 109 | 10 |   | 0.18 | 1.02 | 0.03 |
| 016                                                         |   | 24 | 26 | 2 |   | 0.95 | 1.57 | 0.02 |
|                                                        | 64 | 70 | 6 |   | 0.73 | 0.81 | 0.07 |
| 020                                                         |   | 14 | 16 | 2 |   | 0.46 | 1.85 | 0.05 |
|                                                        | 39 | 43 | 4 |   | 0.75 | 0.90 | 0.03 |
| 021                                                         |   | 22 | 25 | 3 |   | 4.17 | 5.29 | 0.11 |
| 022                                                         |   | 29 | 39 | 10 |   | 1.53 | 1.31 | 0.04 |
|                                                        | 100 | 108 | 8 |   | 3.72 | 2.49 | 0.06 |
| 023                                                         |   | 50 | 53 | 3 |   | 0.48 | 1.10 | 0.06 |
|                                                        | 59 | 64 | 5 |   | 0.28 | 0.78 | 0.03 |
|                                                        | 132 | 147 | 15 |   | 0.60 | 1.42 | 0.03 |
| 024                                                         |   | 33 | 36 | 3 |   | 0.94 | 2.89 | 0.06 |
| 025                                                         |   | 65 | 85 | 20 |   | 0.97 | 1.22 | 0.02 |
| 028                                                         |   | 55 | 58 | 3 |   | 0.12 | 0.52 | 0.06 |
| 029                                                         |   | 30 | 34 | 4 |   | 0.18 | 1.15 | 0.07 |
|                                                        | 82 | 87 | 5 |   | 0.09 | 0.96 | 0.01 |

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| Table 4: Farellon drilling results (2009) |
|-------------------------------------------|
| Drill holeFAR – 09                  | Assay interval (m) |   | Assay grade |
|                                      | From | To | Core length |   | Gold (ppm) | Copper (%) |
| A                                         |   | 31 | 34 | 3.0 |   | 0.81 | 1.99 |
|                                      | 79 | 109 | 30.0 |   | 0.18 | 0.62 |
| including                                 | 97 | 106 | 9.0 |   | 0.44 | 1.63 |
| B                                         |   | 56 | 96 | 40.0 |   | 0.27 | 0.55 |
| including                                 | 56 | 63 | 7.0 |   | 0.22 | 0.66 |
|                                      | 74 | 96 | 22.0 |   | 0.42 | 0.79 |
| including                                 | 75 | 86 | 11.0 |   | 0.67 | 1.35 |
| C                                         |   | 73 | 103 | 30.0 |   | 0.79 | 0.55 |
| including                                 | 77 | 82 | 5.0 |   | 4.16 | 2.57 |
| D                                         |   | 95 | 134 | 39.0 |   | 0.11 | 0.58 |
| including                                 | 95 | 103 | 8.0 |   | 0.33 | 2.02 |
| E                                         |   | 25 | 30 | 5.0 |   | 0.54 | 1.35 |
| 65                                        | 68 | 3.0 |   | 0.58 | 1.46 |

----

| Table 5: Mateo property                                                                              |
|------------------------------------------------------------------------------------------------------|
| Claim                                                                                                | Type |
| Mensura(ha)                                                                                          | Manifestaciona(ha) | Pedimentoa(ha) |
| Che Uno 1 – 8                                                                                  | 32 |   |   |
| Che Dos 1 – 10                                                                                 | 44 |   |   |
| Margarita 1 – 14                                                                               | 56 |   |   |
| Irene Uno 1 – 2                                                                                | 10 |   |   |
| Irene Dos 1 – 10                                                                               | 50 |   |   |
| Mateo 1                                                                                              |   | 300 |   |
| Mateo 2                                                                                              |   | 300 |   |
| Mateo 3                                                                                              |   | 200 |   |
| Mateo 4                                                                                              |   |   | 300 |
| Mateo 5                                                                                              |   |   | 300 |
| Mateo 12                                                                                             |   | 200 |   |
| Mateo 13                                                                                             |   | 200 |   |
| Mateo 14                                                                                             |   | 300 |   |
|                                                                                                 | 192 | 1,500 | 600 |
| aSome of the claims are staked over the mensuras to claim the ground surrounding them. See Figure 3. |

----

| Figure 3: Mateo property |
|--------------------------|

----

----

| Claim                                                                               | Type              |
|-------------------------------------------------------------------------------------|-------------------|
| Mensura(ha)                                                                         | Manifestacion(ha) | Pedimento(ha) |
| Perth 1 al 36                                                                       | 109               |   |   |   |   |   |
| Lancelot I 1 al 30 (in process)                                                     | 300               |   |   |   |   |   |
| Lancelot II 1 al 20 (in process)                                                    | 200               |   |   |   |   |   |
| Rey Arturo 1 al 30 (in process)                                                     | 300               |   |   |   |   |   |
| Galahad I 1 al 10                                                                   |              |   | 50 |   |   |   |
| Merlin I 1 al 10 (in process)                                                       | 60                |   |   |   |   |   |
| Galahad I 1 al 46                                                                   |              |   | 230 |   |   |   |
| Merlin I 1 al 24 (in process)                                                       | 240               |   |   |   |   |   |
| Percival III 1 al 30                                                                |              |   | 300 |   |   |   |
| Tristan II 1 al 30                                                                  |              |   | 300 |   |   |   |
| Tristan IIA 1 al 5                                                                  |              |   | 15 |   |   |   |
| Camelot                                                                             |              |   |   |   | 300 |   |
|                                                                                | 1,209a            |   | 895a |   | 300a |   |
| aSome claims overlap others, reducing our net area to 2,280 hectares. See Figure 4. |              |

----

----

| Table 7: Perth historic significant intersections |
|---------------------------------------------------|
| SAMPLE                                            | Au g/t | Cu % | Co% | Length of Sample (m) |
| 521617                                            | 2.5 | 0.39 | 0.03 | 1.0 |
| 521796                                            | 2.5 | 0.21 | 0.00 | 1.0 |
| 521629                                            | 2.8 | 0.76 | 0.19 | 3.5 |
| 56905                                             | 3.1 | 1.00 | 0.19 | 1.0 |
| 521610                                            | 3.5 | 0.30 | 0.02 | 0.5 |
| 521622                                            | 4.5 | 1.72 | 0.02 | 1.0 |
| 521788                                            | 4.5 | 0.19 | 0.00 | 2.0 |
| 56858                                             | 5.0 | 0.42 | 0.16 | 1.0 |
| 521789                                            | 5.5 | 0.29 | 0.00 | 2.0 |
| 521628                                            | 6.2 | 0.59 | 0.14 | 1.3 |
| 521609                                            | 10.7 | 0.35 | 0.07 | 1.0 |

|   | · | Successful completion of a Phase I exploration program costing at least $115,000 one year from signing |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | · | Successful completion of a Phase II exploration program costing at least $300,000 two years from signing |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | Successful completion of a Phase III exploration program costing at least $1,000,000 and that can justify completing a preliminary feasibility study three years from signing |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

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| Fiscal year ended January 31, 2011 | High   | Low    |
|------------------------------------|--------|--------|
|                               |   |
| First quarter                      | $0.50  | $0.20  |
| Second quarter                     | $0.50  | $0.40  |
| Third quarter                      | $0.50  | $0.20  |
| Fourth quarter                     | $0.40  | $0.25  |
| Fiscal year ended January 31, 2010 |   |   |
| First quarter                      | $2.52  | $0.84  |
| Second quarter                     | $0.98  | $0.14  |
| Third quarter                      | $0.98  | $0.14  |
| Fourth quarter                     | $0.10  | $0.02  |

----

----

|                                        | January 31, 2011 | January 31, 2010 |
|---------------------------------------------|------------------|------------------|
| Working capital deficit                     | $(866,179)       | $(296,575)       |
| Current assets                              | $46,227          | $25,126          |
| Unproved mineral properties                 | $662,029         | $643,481         |
| Total liabilities                           | $912,406         | $321,701         |
| Common stock and additional paid in capital | $2,923,517       | $2,788,517       |
| Deficit                                     | $(3,056,819)     | $(2,384,201)     |

|                             | April 30,2010 | July 31,2010 | October 31,2010 | January 31,2011 |
|----------------------------------|---------------|--------------|-----------------|-----------------|
| Revenue                          | –       | –      | –         | –         |
| Net loss                         | $(196,851)    | $(118,279)   | $(154,436)      | $(203,052)      |
| Basic and diluted loss per share | $(0.02)       | $(0.01)      | $(0.02)         | $(0.02)         |

|                             | April 30,2009 | July 31,2009 | October 31,2009 | January 31,2010 |
|----------------------------------|---------------|--------------|-----------------|-----------------|
| Revenue                          | –       | –      | –         | –         |
| Net loss                         | $(290,188)    | $(111,162)   | $(105,334)      | $(204,061)      |
| Basic and diluted loss per share | $(0.07)       | $(0.03)      | $(0.02)         | $(0.03)         |

----

|                                      | Yearended January 31, | Changes between theyears ended January 31,2011 and 2010 |
|-------------------------------------------|-----------------------|---------------------------------------------------------|
|                                      | 2011                  | 2010                                                    |
| Operating Expenses:                       |                  |                                                    |   |
| Administration                            | $  87,382   | $ 85,312                                                | $       2,070 |
| Advertising and promotion                 | 111,835               | 54,400                                                  | 57,435 |
| Automobile                                | 24,124                | 22,361                                                  | 1,763 |
| Bank charges                              | 5,554                 | 5,420                                                   | 134 |
| Consulting fees                           | 173,738               | 111,067                                                 | 62,671 |
| Interest on current debt                  | 37,466                | 50,464                                                  | (12,998) |
| Mineral exploration costs                 | 22,193                | 174,556                                                 | (152,363) |
| Office                                    | 8,084                 | 4,496                                                   | 3,588 |
| Professional development                  | 5,116                 | –                                                 | 5,116 |
| Professional fees                         | 111,878               | 101,403                                                 | 10,475 |
| Rent                                      | 12,980                | 12,403                                                  | 577 |
| Regulatory                                | 15,000                | 12,397                                                  | 2,603 |
| Travel and entertainment                  | 50,455                | 29,444                                                  | 21,011 |
| Salaries, wages and benefits              | 6,487                 | 17,392                                                  | (10,905) |
| Foreign exchange loss (gain)              | 326                   | (55)                                                    | 381 |
| Write-down of unproved mineral properties | –               | 29,685                                                  | (29,685) |
| Net loss                                  | $672,618              | $710,745                                                | $ (38,127) |

|   | • | During the year ended January 31, 2010, we wrote down $29,685 in mineral property acquisition costs after we wrote down several generative claims. During the year ended January 31, 2011, we did not write down any of our properties. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | During the year ended January 31, 2010, we contracted services of a full-time geologist and prepared NI 43-101 report on our Farellon property and exploration work associated with it which resulted in mineral exploration expenditures of $174,556 as opposed to $22,193 during the past fiscal year as we maintained only minimal exploration activities. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our advertising and promotion and travel and entertainment expenses increased by $57,435 and $21,011, respectively, as a result of increased investor relations activities. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Due to higher accounting and financial advisory requirements we incurred $173,738 in consulting fees during the year ended January 31, 2011, an increase of $62,671 compared to $111,067 for the year ended January 31, 2010. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | During the year ended January 31, 2011, we expensed $37,466 in interest on current debt, a decrease of $12,998 compared to interest expensed during the year ended January 31, 2010. This decrease was mainly associated with the debt-to-equity conversion that occurred on January 7, 2010. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Table 12:  Summary of sources and uses of cash |                         |
|----------------------------------------------------------|------------------------------|
|                                                     | January 31,                  |
|                                                     | 2011                         | 2010 |
| Net cash provided by financing activities                | $  244,890         | $327,000 |
| Net cash used in operating activities                    | (212,200)                    | (250,646) |
| Net cash used in investing activities                    | (18,548)                     | (58,702) |
| Effect of foreign currency exchange                      | (13,438)                     | (35,816) |
| Net increase (decrease) in cash                          | $    704 | $ (18,164) |

----

----

|   | • | Farellon royalty. We are committed to paying the vendor a royalty equal to 1.5% on the net sales of minerals extracted from the Farellon claims up to a total of $600,000. The royalty payments are due monthly once exploitation begins and are subject to minimum payments of $1,000 per month. We have no obligation to pay the royalty if we do not commence exploitation. As of the date of this report we have not commenced exploitation. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Che option. We are committed to paying a royalty equal to 1% of the net sales of minerals extracted from the claims to a maximum of $100,000 to the former owner. The royalty payments are due monthly once exploitation begins, and are not subject to minimum payments. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Irene option. Under the terms of our option agreement with Minera Farellon, we must pay 21 million Chilean pesos (approximately $43,500 US) by May 15, 2011 to exercise the option and purchase the Irene claims. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Index to Financial Statements                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                        |   |
|                                                                                                                                                        | Page No. |
| Financial Statements                                                                                                                                        |   |
| Report of Independent Registered Public Accounting Firm                                                                                                | F-1 |
| Consolidated Balance Sheets as of January 31, 2011 and January 31, 2010                                                                                     | F-2 |
| Consolidated Statements of Operations  for the years ended January 31, 2011 and 2010, and the period from inception (January 10, 2005)            | F-3 |
| Consolidated Statement of Stockholders’ Deficit for the period from January 10, 2005 (inception) to January 31, 2011                                  | F-4 |
| Consolidated  Statements of Cash Flows for the years  ended January 31, 2011 and 2010, and the period from inception (January 10, 2005) | F-5 |
| Notes to Consolidated  Financial Statements                                                                                                       | F-6 |
|                                                                                                                                                        |   |
|                                                                                                                                                        |   |

----

----

| RED METAL RESOURCES LTD.       |
|--------------------------------|
| (AN EXPLORATION STAGE COMPANY) |
| CONSOLIDATED BALANCE SHEETS    |

|                                                                |   | January 31, 2011 |       |   | January 31, 2010 |   |
|---------------------------------------------------------------------|--------|------------------|------------|--------|------------------|--------|
|                                                                |   |             |       |   |             |   |
| ASSETS                                                              |
| Current assets                                                      |   |             |       |   |             |   |
|                                                                |   |             |       |   |             |   |
| Cash                                                                |   | $                | 8,655      |   |             | $      | 7,951 |   |
| Prepaids and other receivables                                      |   |             | 37,572     |   |             |   | 17,175 |   |
| Total current assets                                                |   |             | 46,227     |   |             |   | 25,126 |   |
|                                                                |   |             |       |   |             |   |   |   |
| Unproved mineral properties                                         |   |             | 662,029    |   |             |   | 643,481 |   |
| Total assets                                                        |   | $                | 708,256    |   |             | $      | 668,607 |   |
|                                                                |   |             |       |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                      |
| Current liabilities                                                 |   |             |       |   |             |   |   |   |
|                                                                |   |             |       |   |             |   |   |   |
| Accounts payable                                                    |   | $                | 196,657    |   |             | $      | 129,534 |   |
| Accrued liabilities                                                 |   |             | 91,990     |   |             |   | 92,485 |   |
| Due to related parties                                              |   |             | 510,111    |   |             |   | 99,682 |   |
| Notes payable to related party                                      |   |             | 113,648    |   |             |   | - |   |
| Total liabilities                                                   |   |             | 912,406    |   |             |   | 321,701 |   |
|                                                                |   |             |       |   |             |   |   |   |
| Stockholders' equity (deficit)                                      |   |             |       |   |             |   |   |   |
|                                                                |   |             |       |   |             |   |   |   |
| Common stock, $0.001 par value, authorized 500,000,000,             |   |             |       |   |             |   |   |   |
| 10,216,301 and 9,676,301 issued and outstanding at January 31, 2011 |   |             |       |   |             |   |   |   |
| and January 31, 2010                                                |   |             | 10,217     |   |             |   | 9,677 |   |
| Additional paid in capital                                          |   |             | 2,913,300  |   |             |   | 2,778,840 |   |
| Deficit accumulated during the exploration stage                    |   |             | (3,056,819 | )      |             |   | (2,384,201 | ) |
| Accumulated other comprehensive loss                                |   |             | (70,848    | )      |             |   | (57,410 | ) |
| Total stockholders' equity (deficit)                                |   |             | (204,150   | )      |             |   | 346,906 |   |
| Total liabilities and stockholders' equity (deficit)                |   | $                | 708,256    |   |             | $      | 668,607 |   |

| The accompanying notes are an integral part of these consolidated financial statements |
|----------------------------------------------------------------------------------------|

----

| RED METAL RESOURCES LTD.              |
|---------------------------------------|
| (AN EXPLORATION STAGE COMPANY)        |
| CONSOLIDATED STATEMENTS OF OPERATIONS |

|                                      |   | Year ended  |       |   | From January 10, |   |
|-------------------------------------------|--------|-------------|------------|--------|------------------|--------|
|                                      |   | January 31, |       |   | 2005 (Inception) |   |
|                                      |   | 2011        |       |   | 2010             |   |   | to January 31, 2011 |   |
| Revenue                                   |   |        |       |   |             |   |   |   |   |
|                                      |   |        |       |   |             |   |   |   |   |
| Royalties                                 |   | $           | -          |   |             | $      | - |   |   | $ | 15,658 |   |
|                                      |   |        |       |   |             |   |   |   |   |   |   |   |
| Operating Expenses                        |   |        |       |   |             |   |   |   |   |   |   |   |
|                                      |   |        |       |   |             |   |   |   |   |   |   |   |
| Administration                            |   |        | 87,382     |   |             |   | 85,312 |   |   |   | 275,140 |   |
| Advertising and promotion                 |   |        | 111,835    |   |             |   | 54,400 |   |   |   | 325,110 |   |
| Automobile                                |   |        | 24,124     |   |             |   | 22,361 |   |   |   | 65,719 |   |
| Bank charges                              |   |        | 5,554      |   |             |   | 5,420 |   |   |   | 16,612 |   |
| Consulting fees                           |   |        | 173,738    |   |             |   | 111,067 |   |   |   | 466,348 |   |
| Interest on current debt                  |   |        | 37,466     |   |             |   | 50,464 |   |   |   | 108,794 |   |
| Mineral exploration costs                 |   |        | 22,193     |   |             |   | 174,556 |   |   |   | 748,386 |   |
| Office                                    |   |        | 8,084      |   |             |   | 4,496 |   |   |   | 27,306 |   |
| Professional development                  |   |        | 5,116      |   |             |   | - |   |   |   | 5,116 |   |
| Professional fees                         |   |        | 111,878    |   |             |   | 101,403 |   |   |   | 468,279 |   |
| Rent                                      |   |        | 12,980     |   |             |   | 12,403 |   |   |   | 41,689 |   |
| Regulatory                                |   |        | 15,000     |   |             |   | 12,397 |   |   |   | 48,646 |   |
| Travel and entertainment                  |   |        | 50,455     |   |             |   | 29,444 |   |   |   | 196,666 |   |
| Salaries, wages and benefits              |   |        | 6,487      |   |             |   | 17,392 |   |   |   | 52,682 |   |
| Foreign exchange (gain) loss              |   |        | 326        |   |             |   | (55 | ) |   |   | 299 |   |
| Write-down of unproved mineral properties |   |        | -          |   |             |   | 29,685 |   |   |   | 225,685 |   |
| Total operating expenses                  |   |        | 672,618    |   |             |   | 710,745 |   |   |   | 3,072,477 |   |
|                                      |   |        |       |   |             |   |   |   |   |   |   |   |
| Net loss                                  |   | $           | (672,618   | )      |             | $      | (710,745 | ) |   | $ | (3,056,819 | ) |
|                                      |   |        |       |   |             |   |   |   |   |   |   |   |
|                                      |   |        |       |   |             |   |   |   |   |   |   |   |
| Net loss per share - basic and diluted    |   | $           | (0.07      | )      |             | $      | (0.15 | ) |   |   |   |   |
|                                      |   |        |       |   |             |   |   |   |   |   |   |   |
| Weighted average number of shares         |   |        |       |   |             |   |   |   |   |   |   |   |
| outstanding - basic and diluted           |   |        | 10,128,959 |   |             |   | 4,830,642 |   |   |   |   |   |

| The accompanying notes are an integral part of these consolidated financial statements |
|----------------------------------------------------------------------------------------|

----

|  RED METAL RESOURCES LTD.                                                  |
|---------------------------------------------------------------------------------|
|  (AN EXPLORATION STAGE COMPANY)                                            |
|  CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT                           |
|  FOR THE PERIOD FROM JANUARY 10, 2005 (INCEPTION) TO JANUARY 31, 2011 |

|                                                |   | Common Stock Issued |       |   |   |   |   |       |   |
|----------------------------------------------------------|--------|---------------------|------------|--------|--------|--------|--------|------------|--------|
|                                                |   |                |       |   |   |   |   |       |   |   | Accumulated |   |   |   |   |
|                                                     |   |                |       |   |   |   |   | Additional |   |   |   |   |   | Other |   |   |   |   |
|                                                     |   | Number of           |       |   |   |   |   | Paid-in    |   |   | Accumulated |   |   | Comprehensive |   |   |   |   |
|                                                |   | Shares              |       |   | Amount |   |   | Capital    |   |   | Deficit |   |   | Loss |   |   | Total |   |
|  Balance at January 10,  2005 (Inception) |   |                | -          |   |   | $      | -      |       |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | (825 | ) |   |   | - |   |   |   | (825 | ) |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2005                        |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | (825 | ) |   |   | - |   |   |   | (825 | ) |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                       |   |                | 5,525,000  |   |   |   | 5,525  |       |   |   | 53,725 |   |   |   | - |   |   |   | - |   |   |   | 59,250 |   |
|  Common stock adjustment                            |   |                | 45         |   |   |   | -      |       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|  Donated services                                   |   |                | -          |   |   |   | -      |       |   |   | 3,000 |   |   |   | - |   |   |   | - |   |   |   | 3,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | (12,363 | ) |   |   | - |   |   |   | (12,363 | ) |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2006                        |   |                | 5,525,045  |   |   |   | 5,525  |       |   |   | 56,725 |   |   |   | (13,188 | ) |   |   | - |   |   |   | 49,062 |   |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Donated services                                   |   |                | -          |   |   |   | -      |       |   |   | 9,000 |   |   |   | - |   |   |   | - |   |   |   | 9,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | (43,885 | ) |   |   | - |   |   |   | (43,885 | ) |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2007                        |   |                | 5,525,045  |   |   |   | 5,525  |       |   |   | 65,725 |   |   |   | (57,073 | ) |   |   | - |   |   |   | 14,177 |   |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Donated services                                   |   |                | -          |   |   |   | -      |       |   |   | 2,250 |   |   |   | - |   |   |   | - |   |   |   | 2,250 |   |
|  Return of common stock to treasury                 |   |                | (1,750,000 | )      |   |   | (1,750 | )          |   |   | 1,749 |   |   |   | - |   |   |   | - |   |   |   | (1 | ) |
|  Common stock issued for cash                       |   |                | 23,810     |   |   |   | 24     |       |   |   | 99,976 |   |   |   | - |   |   |   | - |   |   |   | 100,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | (232,499 | ) |   |   | - |   |   |   | (232,499 | ) |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2008                        |   |                | 3,798,855  |   |   |   | 3,799  |       |   |   | 169,700 |   |   |   | (289,572 | ) |   |   | - |   |   |   | (116,073 | ) |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                       |   |                | 357,147    |   |   |   | 357    |       |   |   | 1,299,643 |   |   |   | - |   |   |   | - |   |   |   | 1,300,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | (1,383,884 | ) |   |   | - |   |   |   | (1,383,884 | ) |
|  Foreign currency exchange loss                     |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | - |   |   |   | (21,594 | ) |   |   | (21,594 | ) |
|                                                     |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2009                        |   |                | 4,156,002  |   |   |   | 4,156  |       |   |   | 1,469,343 |   |   |   | (1,673,456 | ) |   |   | (21,594 | ) |   |   | (221,551 | ) |
|                                                     |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                       |   |                | 1,678,572  |   |   |   | 1,678  |       |   |   | 160,822 |   |   |   | - |   |   |   | - |   |   |   | 162,500 |   |
|  Common stock issued for debt                       |   |                | 3,841,727  |   |   |   | 3,843  |       |   |   | 1,148,675 |   |   |   | - |   |   |   | - |   |   |   | 1,152,518 |   |
|  Net loss for the year ended January 31, 2010       |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | (710,745 | ) |   |   | - |   |   |   | (710,745 | ) |
|  Foreign currency exchange loss                     |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | - |   |   |   | (35,816 | ) |   |   | (35,816 | ) |
|                                                |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2010                        |   |                | 9,676,301  |   |   |   | 9,677  |       |   |   | 2,778,840 |   |   |   | (2,384,201 | ) |   |   | (57,410 | ) |   |   | 346,906 |   |
|                                                     |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                       |   |                | 540,000    |   |   |   | 540    |       |   |   | 134,460 |   |   |   | - |   |   |   | - |   |   |   | 135,000 |   |
|  Net loss for the year ended January 31, 2011       |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | (672,618 | ) |   |   | - |   |   |   | (672,618 | ) |
|  Foreign currency exchange loss                     |   |                | -          |   |   |   | -      |       |   |   | - |   |   |   | - |   |   |   | (13,438 | ) |   |   | (13,438 | ) |
|                                                     |   |                |       |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2011                        |   |                | 10,216,301 |   |   | $      | 10,217 |       |   | $ | 2,913,300 |   |   | $ | (3,056,819 | ) |   | $ | (70,848 | ) |   | $ | (204,150 | ) |

----

| RED METAL RESOURCES LTD.              |
|---------------------------------------|
| (AN EXPLORATION STAGE COMPANY)        |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |

|                                                                        |   | For the year      |     |   | From January 10, |   |
|-----------------------------------------------------------------------------|--------|-------------------|----------|--------|------------------|--------|
|                                                                        |   | Ended January 31, |     |   | 2005 (Inception) |   |
|                                                                        |   | 2011              |     |   | 2010             |   |   | to January 31, 2011 |   |
| Cash flows used in operating activities:                                    |   |              |     |   |             |   |   |   |   |
| Net loss                                                                    |   | $                 | (672,618 | )      |             | $      | (710,745 | ) |   | $ | (3,056,819 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |              |     |   |             |   |   |   |   |
| Donated services and rent                                                   |   |              | -        |   |             |   | - |   |   |   | 14,250 |   |
| Write-down of unproved mineral properties                                   |   |              | -        |   |             |   | 29,685 |   |   |   | 225,685 |   |
| Changes in operating assets and liabilities:                                |   |              |     |   |             |   |   |   |   |   |   |   |
| Prepaids  and other receivables                                   |   |              | (20,397  | )      |             |   | (575 | ) |   |   | (37,572 | ) |
| Accounts payable                                                            |   |              | 67,123   |   |             |   | 55,117 |   |   |   | 196,657 |   |
| Accrued liabilities                                                         |   |              | (495     | )      |             |   | 40,495 |   |   |   | 231,045 |   |
| Due to related parties                                                      |   |              | 410,429  |   |             |   | 286,249 |   |   |   | 848,136 |   |
| Accrued interest on notes payable to related party                          |   |              | 3,758    |   |             |   | 49,128 |   |   |   | 73,750 |   |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Net cash used in operating activities                                       |   |              | (212,200 | )      |             |   | (250,646 | ) |   |   | (1,504,868 | ) |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Cash flows used in investing activities:                                    |   |              |     |   |             |   |   |   |   |   |   |   |
| Acquisition of unproved mineral properties                                  |   |              | (18,548  | )      |             |   | (58,702 | ) |   |   | (1,026,769 | ) |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Net cash used in investing activities                                       |   |              | (18,548  | )      |             |   | (58,702 | ) |   |   | (1,026,769 | ) |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Cash flows provided by financing activities:                                |   |              |     |   |             |   |   |   |   |   |   |   |
| Cash received on issuance of notes payable to related party                 |   |              | 109,890  |   |             |   | 164,500 |   |   |   | 854,390 |   |
| Proceeds from issuance of common stock                                      |   |              | 135,000  |   |             |   | 162,500 |   |   |   | 1,756,750 |   |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Net cash provided by financing activities                                   |   |              | 244,890  |   |             |   | 327,000 |   |   |   | 2,611,140 |   |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Effects of foreign currency exchange                                        |   |              | (13,438  | )      |             |   | (35,816 | ) |   |   | (70,848 | ) |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Increase (decrease) in cash                                                 |   |              | 704      |   |             |   | (18,164 | ) |   |   | 8,655 |   |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Cash, beginning                                                             |   |              | 7,951    |   |             |   | 26,115 |   |   |   | - |   |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Cash, ending                                                                |   | $                 | 8,655    |   |             | $      | 7,951 |   |   | $ | 8,655 |   |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Supplemental disclosures:                                                   |   |              |     |   |             |   |   |   |   |   |   |   |
|      Cash paid for:                                |   |              |     |   |             |   |   |   |   |   |   |   |
| Income tax                                                                  |   | $                 | -        |   |             | $      | - |   |   | $ | - |   |
| Interest                                                                    |   | $                 | -        |   |             | $      | - |   |   | $ | - |   |
|                                                                        |   |              |     |   |             |   |   |   |   |   |   |   |
| Non-cash financing transactions:                                            |   |              |     |   |             |   |   |   |   |   |   |   |
| Conversion of debt to related parties to shares of common stock             |   | $                 | -        |   |             | $      | (338,026 | ) |   | $ | (338,026 | ) |
| Conversion of notes payable to shares of common stock                       |   | $                 | -        |   |             | $      | (744,500 | ) |   | $ | (744,500 | ) |
| Conversion of accrued interest to shares of common stock                    |   | $                 | -        |   |             | $      | (69,992 | ) |   | $ | (69,992 | ) |

----

----

----

|                                                       |   | January 31, 2011 |    |   | January 31, 2010 |   |
|------------------------------------------------------------|--------|------------------|---------|--------|------------------|--------|
|                                                       |   |             |    |   |             |   |
| Due to a company owned by an officer                       |   | $                | 228,330 |   |             | $      | 26,324 |   |
| Due to a company controlled by directors                   |   |             | 207,742 |   |             |   | 48,920 |   |
| Due to a company controlled by a relative of the president |   |             | 63,692  |   |             |   | 18,719 |   |
| Due to a major shareholder                                 |   |             | 10,347  |   |             |   | 5,719 |   |
| Total due to related parties (a)                           |   | $                | 510,111 |   |             | $      | 99,682 |   |
|                                                       |   |             |    |   |             |   |   |   |
| Note payable to a related party (b)                        |   | $                | 52,902  |   |             | $      | - |   |
| Note payable to a director (c)                             |   |             | 60,746  |   |             |   | - |   |
| Total notes payable to related parties                     |   | $                | 113,648 |   |             | $      | - |   |

----

|   | • | $181,384 and $127,540, respectively, in consulting and other business expenses with a company owned by the chief financial officer of the Company. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $142,547 and $115,213 respectively, in administration, advertising and promotion, mineral exploration, travel and other business expenses with a company controlled by two directors. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $63,208 and $61,002, respectively, in administration, automobile, rental, and other business expenses with a company owned by a major shareholder and a relative of the president. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $26,221 and $25,210, respectively, in administration expenses with a major shareholder. |
|--------|---------|-----------------------------------------------------------------------------------------|

|                                     |   | January 31,2011 |    |   | January 31,2010 |   |
|------------------------------------------|--------|-----------------|---------|--------|-----------------|--------|
|                                     |   |            |    |   |            |   |
| Unproved mineral properties, beginning   |   | $               | 643,481 |   |            | $      | 753,519 |   |
| Acquisition                              |   |            | 18,548  |   |            |   | 58,702 |   |
| Unproved mineral properties written down |   |            | -       |   |            |   | (168,740 | ) |
| Unproved mineral properties, ending      |   | $               | 662,029 |   |            | $      | 643,481 |   |

----

----

|                |   | January 31, 2011 |     |   | January 31, 2010 |   |
|---------------------|--------|------------------|----------|--------|------------------|--------|
| Warrants, beginning |   |             | 607,147  |   |             |   | 369,052 |   |
| Granted             |   |             | 540,000  |   |             |   | 250,000 |   |
| Exercised           |   |             | -        |   |             |   | - |   |
| Expired             |   |             | (357,147 | )      |             |   | (11,905 | ) |
| Warrants, ending    |   |             | 790,000  |   |             |   | 607,147 |   |

|                                                             |   | January 31, 2011 |     |   | January 31, 2010 |   |
|------------------------------------------------------------------|--------|------------------|----------|--------|------------------|--------|
| Loss before discontinued operations and non-controlling interest |   | $                | (672,618 | )      |             | $      | (710,745 | ) |
| Statutory income tax rate                                        |   |             | 34       | %      |             |   | 34 | % |
| Expected in tax recovery at statutory income tax rates           |   | $                | (228,690 | )      |             | $      | (241,653 | ) |
| Non-deductible expenses                                          |   |             | (32,530  | )      |             |   | 8,638 |   |
| Difference in foreign tax rates                                  |   |             | 44,099   |   |             |   | 52,118 |   |
| Change in valuation allowance                                    |   |             | 217,121  |   |             |   | 180,898 |   |
| Income tax recovery                                              |   | $                | -        |   |             | $      | - |   |

|                       |   | January 31, 2011 |     |   | January 31, 2010 |   |
|----------------------------|--------|------------------|----------|--------|------------------|--------|
| Deferred income tax assets |   |             |     |   |             |   |
| Federal loss carryforwards |   | $                | 532,315  |   |             | $      | 59,292 |   |
| Foreign loss carryforwards |   |             | 221,012  |   |             |   | 176,914 |   |
| Mineral properties         |   |             | 38,366   |   |             |   | 38,366 |   |
|                       |   |             | 791,693  |   |             |   | 574,572 |   |
| Valuation allowance        |   |             | (791,693 | )      |             |   | (574,572 | ) |
|                       |   | $                | -        |   |             | $      | - |   |

----

| 2026   |   | $      | 1,188     |   |
|--------|--------|--------|-----------|--------|
| 2027   |   |   | 14,932    |   |
| 2028   |   |   | 231,644   |   |
| 2029   |   |   | 430,210   |   |
| 2030   |   |   | 378,766   |   |
| 2031   |   |   | 508,891   |   |
|   |   | $      | 1,565,631 |   |

----

|   | • | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of management and our directors; and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name             | Age | Position                                                   |
|------------------|-----|------------------------------------------------------------|
| Caitlin Jeffs    | 35  | Director, chief executive officer, president and secretary |
| Michael Thompson | 41  | Director and vice president of exploration                 |
| John Da Costa    | 46  | Chief financial officer and treasurer                      |
| Kevin Mitchell   | 50  | Legal representative and manager of Polymet                |

----

----

----

| Table 14: Security ownership                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Class of security                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Name and address of beneficial owner | Number of sharesbeneficially owned | Percentage ofcommon stock |
| Common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Caitlin Jeffsa | 1,775,242 | 10.43 |
| Common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Michael Thompsona |          169,524       |   1.00 |
| Common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Fladgate Exploration Consulting Corp.b |    830,087 |   4.90 |
| Common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | John Da Costac | 1,010,358d |   5.87 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | All officers and directors as a group | 3,785,211 | 22.20 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |
| Common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Richard  N. Jeffse,f | 4,572,119 g | 25.73 |
| Common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Susan Jeffse,f |   2,246,670h | 12.50 |
| Common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Robert Andjelicf,i |   5,000,000 j |   25.72 |
| aThe address for Caitlin Jeffs and Michael Thompson is 195 Park Avenue, Thunder Bay, Ontario P7B 1B9.bFladgate Exploration Consulting Corporation is controlled by Caitlin Jeffs and Michael Thompson.cThe address for John Da Costa is 610-1100 Melville Street, Vancouver, British Columbia V6E 4A6.dThis sum includes 296,667 shares held by DaCosta Management Corp., a company owned by John Da Costa.eThe address for Richard N. Jeffs and Susan Jeffs is 49 Pont Street, London, United Kingdom SW1X 0BD.f5% shareholdergThis sum includes warrants exercisable for 833,334 shares.hThis sum includes warrants exercisable for 1,033,000 shares.iThe address for Robert Andjelic is PO Box 69, Millarville, AB T0L 1K0.jThis sum includes warrants exercisable for 2,500,000 shares. |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Period endedApril 21, 2011* | Fiscal years ended January 31, |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|--------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2011                        | 2010                           |
| Due to Da Costa Management Corp.a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $97,403                     | $228,330                       | $26,324 |
| Due to Fladgate Exploration Consulting Corporationb                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $175,980                    | $207,742                       | $48,920 |
| Due to Minera Farellon Limitadac                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $103,743                    | $63,692                        | $18,719 |
| Due to Kevin Mitchelld                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $1,521                      | $10,347                        | $5,719 |
| * The amounts accrued at April 21, 2011.a During the period from February 1, 2011 to April 21, 2011 we paid or accrued a total of $59,174 in consulting and other business expenses paid on our behalf to Da Costa Management Corp. During the years ended January 31, 2011 and 2010, we paid or accrued a total of $181,384 and $127,540, respectively in consulting and other business expenses paid on our behalf to Da Costa Management Corp.b During the period from February 1, 2011 to April 21, 2011 we paid or accrued a total of $67,655 in administration, mineral exploration, and investor relation services as well as other business expenses paid on our behalf to Fladgate Exploration Consulting Corporation, a company controlled by two directors. During the year ended January 31, 2011, we paid or accrued a total of $142,547 in administration, mineral exploration, and investor relation services as well as other business expenses paid on our behalf to the same company. During the year ended January 31, 2010, we paid or accrued a total of $115,213 in administration, mineral exploration, and investor relation services as well as other business expenses paid on our behalf to the same company.c During the period from February 1, 2011 to April 21, 2011 we paid or accrued a total of $13,904 in administration, automobile and rental expenses to Minera Farellon Limitada, a company owned by Kevin Mitchell, and Richard Jeffs, the father of our president. During the years ended January 31, 2011 and 2010, we paid or accrued a total of $63,208 and $61,002 in administration, automobile, mineral exploration, rental, and other business expenses paid on our behalf to the same company. d During the period from February 1, 2011 to April 21, 2011 we paid or accrued a total of $6,284 in administration expense to Kevin Mitchell, a former major shareholder. During the years ended January 31, 2011 and 2010, we paid or accrued $26,221 and $25,210, respectively, in administration and other business expenses paid on our behalf to the same shareholder. |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                       | Fiscal years ended January 31, |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|--------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Period endedApril 21, 2011 | 2011                           | 2010 |
| Note payable to the company owned by Richard Jeffs a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $53,621                    | $52,902                        | $ – |
| Note payable to Richard Jeffs a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 11,123                     | –                        | – |
| Notes payable to Caitlin Jeffs b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | –                    | 60,746                         | – |
| Notes payable to John da Costac                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | –                    | –                        | – |
| Total notes payable to related parties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $64,744                    | $113,648                       | $ – |
| a Principle amount of the note payable to the company owned by Richard Jeffs is $50,000; it is payable on demand, unsecured and bears interest at 6% per annum compounded monthly. Interest of $ 3,620 had accrued as at April 21, 2011. Principle amount of the note payable to Richard Jeffs is $11,000; it is payable on demand, unsecured and bears interest at 8% per annum compounded monthly. Interest of $ 123 had accrued as at April 21, 2011. During the year ended January 31, 2010, we had notes payable to Richard Jeffs for total principle of $744,500 and accrued interest of $69,992, which were converted to shares of our common stock at $0.30 per share. The largest aggregate amount of principal outstanding to Richard Jeffs and the Company owned by him during the period for which disclosure is provided was $744,500.b The principle amounts of the notes payable to Caitlin Jeffs were $10,000 US and $50,000 Cdn, they were payable on demand, unsecured and bear interest at 8% per annum compounded monthly. Interest of $1,837 had accrued as at April 8, 2011. The largest aggregate amount of principal outstanding to Caitlin Jeffs during the period for which disclosure is provided was approximately $ 62,268 US.c The principle amounts of the notes payable to John da Costa  were $10,000 Cdn and $70,000 Cdn, they were payable on demand, unsecured and bear interest at 8% per annum compounded monthly. Interest of $851 had accrued as at April 8, 2011. The largest aggregate amount of principle outstanding to  John da Costa during the  period for which disclosure is provided was approximately $80,454 US. |

----

|   | • | On September 15, 2009, we issued 1,428,571 shares of our common stock at $0.07 per share in a private placement to Caitlin Jeffs for $100,000 cash. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | On January 19, 2010, we issued, at a deemed price of $0.30 per share, 830,087 shares of our common stock to Fladgate Exploration Consulting Corporation, owned by our directors, to settle $249,026 in accrued debt for services rendered, and 296,667 shares to Da Costa Management Corporation, owned by our chief financial officer, to settle $89,000 in accrued debt for services rendered. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | On April 7, 2011, under the private equity financing, we issued 83,333 units at $0.30 per unit to Caitlin Jeffs and 83,333 units at $0.30 per unit to Michael Thompson. Each unit consists of one common share and one warrant entitling the holder to purchase one share of common stock for $0.50 per share. The warrants expire on April 7, 2013. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | On April 7, 2011, under the private equity financing, we issued 266,667 units at $0.30 per unit to John da Costa. Each unit consists of one common share and one warrant entitling the holder to purchase one share of common stock for $0.50 per share. The warrants expire on April 7, 2013. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | On January 19, 2010 we issued 2,714,973 shares of our common stock at $0.30 per share to pay promissory notes issued to Richard Jeffs for cash plus accrued interest for a total of $814,492. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | On December 31, 2009, we issued 200,000 units at $0.25 per unit to Susan Jeffs, the mother of our president. Each unit consists of one common share and one warrant entitling the holder to purchase one share of common stock for $0.30 per share. The warrants expire on December 31, 2011. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | On April 7, 2011, under the private equity financing, we issued 833,334 units at $0.30 per unit to Richard Jeffs. Each unit consists of one common share and one warrant entitling the holder to purchase one share of common stock for $0.50 per share. The warrants expire on April 7, 2013. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | On April 7, 2011, under the private equity financing, we issued 833,333 units at $0.30 per unit to Susan Jeffs. Each unit consists of one common share and one warrant entitling the holder to purchase one share of common stock for $0.50 per share. The warrants expire on April 7, 2013. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Exhibit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Description                                                                                                                                                                                                          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Articles of Incorporation1                                                                                                                                                                                           |
| 3.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | By-laws1                                                                                                                                                                                                             |
| 10.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Agreement to assign contract for the option to purchase mining holdings dated September 25, 2007 between Minera Farellon Limitada and Minera Polymet Limitada2                                                       |
| 10.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Contract for the option to purchase mining holdings dated May 2, 2007 between Compañia Minera Romelio Alday Limitada and Minera Farellon Limitada2                                                              |
| 10.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Amendment number 1 to Agreement to assign contract for the option to purchase mining holdings dated November 20, 20073                                                                                               |
| 10.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Contract for the option to purchase mining holdings dated October 10, 2008 between Minera Farellon Limitada and Minera Polymet Limitada6, Amendment #1 dated October 10, 20086 and Amendment #2 dated April 7, 20094 |
| 10.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Letter of intent for the purchase of Pertenencia Irene Una al Dos dated February 2, 2009 between Minera Farellon Limitada and Minera Polymet Limitada5                                                               |
| 10.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Contract for consulting services dated April 1, 2009 between Minera Farellon Limitada and Minera Polymet Limitada4,6                                                                                                 |
| 10.7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Contract dated September 21, 2009 with Micon International Limited for preparation of a NI 43-101 technical report7                                                                                                  |
| 10.8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Loan Agreement and Promissory Note dated February 11, 2010 between Red Metal Resources Ltd. and Wet Coast Management Corp. in favor of Wet Coast Management Corp.8                                              |
| 16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Letter re change in certifying accountant7                                                                                                                                                                           |
| 21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | List of significant subsidiaries of Red Metal Resources Ltd.5                                                                                                                                                        |
| 31.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Certification of chief executive officer and president pursuant to Rule 13a-14(a)/15d-14(a) 9                                                                                                                        |
| 31.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Certification of chief financial officer pursuant to Rule 13a-14(a)/15d-14(a) 9                                                                                                                                      |
| 32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Certification pursuant to 18 U.S.C. Section 13509                                                                                                                                                                    |
| 1Incorporated by reference from the registrant’s report on Form SB-2 filed with the Securities and Exchange Commission on May 22, 2006 as file number 333-134-3632Incorporated by reference from the registrant’s report on Form 8-K filed with the Securities and Exchange Commission on October 2, 20073Incorporated by reference from the registrant’s report on Form 8-K filed with the Securities and Exchange Commission on May 1, 20084Incorporated by reference from the registrant’s report on Form 8-K filed with the Securities and Exchange Commission on April 15, 20095Incorporated by reference from the registrant’s annual report on Form 10-K for the fiscal year ended January 31, 2009 filed with the Securities and Exchange Commission on May 4, 20096Denotes a management contract7 Incorporated by reference from the registrant’s report on Form 10 filed with the Securities and Exchange Commission on February 12, 20108 Incorporated by reference from the registrant’s annual report on Form 10-K for the fiscal year ended January 31,  2010 filed with the Securities and Exchange Commission on April 30, 20109 Filed herewith |

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|   |   | RED METAL RESOURCES LTD. |                                   |
|--------|--------|--------------------------|----------------------------------------|
|   |   |                     |                                   |   |
|   |   | By:            | /s/ Caitlin Jeffs                      |   |
|   |   |                     | Caitlin Jeffs, Chief Executive Officer |   |

|   |   | By:   | /s/ John Da Costa                      |   |
|--------|--------|-----------------|----------------------------------------|--------|
|   |   |            | John Da Costa, Chief Financial Officer |   |

| Signature                     |   | Title                                |   | Date        |
|-------------------------------|--------|--------------------------------------|--------|-------------|
|                          |   |                                 |   |        |
| /s/ Caitlin Jeffs   |   | Chief Executive Officer,   |   | May 2, 2011 |
| Caitlin Jeffs       |   | President, Secretary and director    |   |        |
|                          |   |                                 |   |        |
| /s/ John Da Costa             |   | Chief Financial Officer              |   | May 2, 2011 |
| John Da Costa                 |   |                                 |   |        |
|                          |   |                                 |   |        |
| /s/ Michael Thompson          |   | Director                        |   | May 2, 2011 |
| Michael Thompson              |   |                                 |   |        |