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| [ X ] | QUARTERLY REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-------|-----------------------------------------------------------------------------------|

| [    ] | TRANSITION REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------------------|------------------------------------------------------------------------------------|

| RED METAL RESOURCES LTD.                                          |
|-------------------------------------------------------------------|
| (Exact name of small business issuer as specified in its charter) |

| Nevada(State or other jurisdiction of incorporation or organization)                                    | 20-2138504(I.R.S. Employer Identification No.) |
|---------------------------------------------------------------------------------------------------------|------------------------------------------------|
|                                                                                                    |
| 195 Park Avenue, Thunder Bay Ontario, Canada P7B 1B9(Address of principal executive offices) (Zip Code) |
|                                                                                                    |
| (807) 345-7384(Issuer’s telephone number)                                                         |

| Large accelerated filer                                         | o |                                          | Accelerated filer         | o |
|-----------------------------------------------------------------|---|-----------------------------------------------|---------------------------|---|
| Non-accelerated filer        | o | (Do not check if a smaller reporting company) | Smaller reporting company | x |

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| TABLE OF CONTENTS                                                                                               |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                            |   |
| PART I—FINANCIAL INFORMATION                                                                              | 1 |
| ITEM 1.  FINANCIAL STATEMENTS.                                                                        | 1 |
| CONSOLIDATED BALANCE SHEETS                                                                                     | 1 |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                                           | 2 |
| CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)                                                        | 3 |
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                           | 4 |
| ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. | 9 |
| ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.                                  | 19 |
| ITEM 4.  CONTROLS AND PROCEDURES.                                                                     | 20 |
| PART II—OTHER INFORMATION                                                                                 | 20 |
| ITEM 1.  LEGAL PROCEEDINGS.                                                                           | 20 |
| ITEM 1A.  RISK FACTORS.                                                                               | 20 |
| ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.                                 | 20 |
| ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.                                                             | 20 |
| ITEM 4.  (REMOVED AND RESERVED).                                                                      | 21 |
| ITEM 5.  OTHER INFORMATION.                                                                           | 21 |
| ITEM 6.  EXHIBITS.                                                                                    | 21 |

----

| RED METAL RESOURCES LTD.                                                               |
|----------------------------------------------------------------------------------------|
| (AN EXPLORATION STAGE COMPANY)                                                         |
| CONSOLIDATED BALANCE SHEETS                                                            |
| (UNAUDITED)                                                                            |
|                                                                                   |
|                                                                                   |   | April 30, 2011 |   |   | January 31, 2011 |   |
|                                                                                   |   |   |   |   |   |   |
| ASSETS                                                                                 |   |   |   |   |   |   |
| Current assets                                                                         |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |
| Cash                                                                                   |   | $ | 1,310,644 |   |   | $ | 8,655 |   |
| Prepaids and other receivables                                                         |   |   | 103,154 |   |   |   | 37,572 |   |
| Total current assets                                                                   |   |   | 1,413,798 |   |   |   | 46,227 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Unproved mineral properties                                                            |   |   | 711,959 |   |   |   | 662,029 |   |
| Total assets                                                                           |   | $ | 2,125,757 |   |   | $ | 708,256 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                         |   |   |   |   |   |   |   |   |
| Current liabilities                                                                    |   |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Accounts payable                                                                       |   | $ | 121,069 |   |   | $ | 196,657 |   |
| Accrued liabilities                                                                    |   |   | 111,983 |   |   |   | 91,990 |   |
| Due to related parties                                                                 |   |   | 370,986 |   |   |   | 510,111 |   |
| Notes payable to related party                                                         |   |   | 64,824 |   |   |   | 113,648 |   |
| Total liabilities                                                                      |   |   | 668,862 |   |   |   | 912,406 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Stockholders' equity (deficit)                                                         |   |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Common stock, $0.001 par value, authorized 500,000,000,                                |   |   |   |   |   |   |   |   |
| 16,939,634 and 10,216,301 issued and outstanding at April 30, 2011                     |   |   |   |   |   |   |   |   |
| and January 31, 2011                                                                   |   |   | 16,940 |   |   |   | 10,217 |   |
| Additional paid in capital                                                             |   |   | 4,864,676 |   |   |   | 2,913,300 |   |
| Deficit accumulated during the exploration stage                                       |   |   | (3,342,095 | ) |   |   | (3,056,819 | ) |
| Accumulated other comprehensive loss                                                   |   |   | (82,626 | ) |   |   | (70,848 | ) |
| Total stockholders' equity (deficit)                                                   |   |   | 1,456,895 |   |   |   | (204,150 | ) |
| Total liabilities and stockholders' equity (deficit)                                   |   | $ | 2,125,757 |   |   | $ | 708,256 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements |

----

|                                                                                   |   | Three months ended |       |   | From January 10, |   |
|----------------------------------------------------------------------------------------|--------|--------------------|------------|--------|------------------|--------|
|                                                                                   |   | April 30           |       |   | 2005 (Inception) |   |
|                                                                                   |   | 2011               |       |   | 2010             |   |   | to April 30, 2011 |   |
| Revenue                                                                                |   |               |       |   |             |   |   |   |   |
|                                                                                   |   |               |       |   |             |   |   |   |   |
| Royalties                                                                              |   | $                  | -          |   |             | $      | - |   |   | $ | 15,658 |   |
|                                                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
| Operating Expenses                                                                     |   |               |       |   |             |   |   |   |   |   |   |   |
|                                                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
| Administration                                                                         |   |               | 20,686     |   |             |   | 27,707 |   |   |   | 295,826 |   |
| Advertising and promotion                                                              |   |               | 40,527     |   |             |   | 40,271 |   |   |   | 365,637 |   |
| Automobile                                                                             |   |               | 5,975      |   |             |   | 7,452 |   |   |   | 71,694 |   |
| Bank charges                                                                           |   |               | 2,636      |   |             |   | 1,814 |   |   |   | 19,248 |   |
| Consulting fees                                                                        |   |               | 66,220     |   |             |   | 32,923 |   |   |   | 532,568 |   |
| Interest on current debt                                                               |   |               | 18,606     |   |             |   | 4,902 |   |   |   | 127,400 |   |
| Mineral exploration costs                                                              |   |               | 29,947     |   |             |   | 555 |   |   |   | 778,333 |   |
| Office                                                                                 |   |               | 3,337      |   |             |   | 2,329 |   |   |   | 30,643 |   |
| Professional development                                                               |   |               | -          |   |             |   | 4,008 |   |   |   | 5,116 |   |
| Professional fees                                                                      |   |               | 47,905     |   |             |   | 37,130 |   |   |   | 516,184 |   |
| Rent                                                                                   |   |               | 3,456      |   |             |   | 3,126 |   |   |   | 45,145 |   |
| Regulatory                                                                             |   |               | 7,998      |   |             |   | 4,515 |   |   |   | 56,644 |   |
| Travel and entertainment                                                               |   |               | 19,215     |   |             |   | 28,553 |   |   |   | 215,881 |   |
| Salaries, wages and benefits                                                           |   |               | 5,020      |   |             |   | 1,015 |   |   |   | 57,702 |   |
| Foreign exchange  loss                                                       |   |               | 10,839     |   |             |   | 551 |   |   |   | 11,138 |   |
| Write-down of unproved mineral properties                                              |   |               | 2,909      |   |             |   | - |   |   |   | 228,594 |   |
| Total operating expenses                                                               |   |               | 285,276    |   |             |   | 196,851 |   |   |   | 3,357,753 |   |
|                                                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
| Net loss                                                                               |   | $                  | (285,276   | )      |             | $      | (196,851 | ) |   | $ | (3,342,095 | ) |
|                                                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
|                                                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
| Net loss per share - basic and diluted                                                 |   | $                  | (0.02      | )      |             | $      | (0.02 | ) |   |   |   |   |
|                                                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding - basic and diluted                      |   |               | 12,029,335 |   |             |   | 9,841,245 |   |   |   |   |   |
|                                                                                   |   |               |       |   |             |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements |   |

----

| RED METAL RESOURCES LTD.                                                                     |   |
|----------------------------------------------------------------------------------------------|--------|
| (AN EXPLORATION STAGE COMPANY)                                                               |   |
| CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)                                     |   |
| FOR THE PERIOD FROM JANUARY 10, 2005 (INCEPTION) TO APRIL 30, 2011                      |   |
| (UNAUDITED)                                                                                  |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   | Common Stock Issued |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   | Number ofShares |   |   | Amount |   |   | AdditionalPaid-inCapital |   |   | AccumulatedDeficit |   |   | AccumulatedOtherComprehensiveLoss |   |   | 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                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (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                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (196,851 | ) |   |   | - |   |   |   | (196,851 | ) |
| Foreign currency exchange loss                                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,666 | ) |   |   | (4,666 | ) |
| Balance at Aprl 30, 2010                                                                     |   |   | 10,216,301 |   |   |   | 10,217 |   |   |   | 2,913,300 |   |   |   | (2,581,052 | ) |   |   | (62,076 | ) |   |   | 280,389 |   |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                                                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net loss                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (475,767 | ) |   |   | - |   |   |   | (475,767 | ) |
| Foreign currency exchange loss                                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (8,772 | ) |   |   | (8,772 | ) |
| Balance at January 31, 2011                                                                  |   |   | 10,216,301 |   |   |   | 10,217 |   |   |   | 2,913,300 |   |   |   | (3,056,819 | ) |   |   | (70,848 | ) |   |   | (204,150 | ) |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for cash                                                                 |   |   | 6,290,000 |   |   |   | 6,290 |   |   |   | 1,821,809 |   |   |   | - |   |   |   | - |   |   |   | 1,828,099 |   |
| Common stock issued for debt                                                                 |   |   | 433,333 |   |   |   | 433 |   |   |   | 129,567 |   |   |   | - |   |   |   | - |   |   |   | 130,000 |   |
| Net loss                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (285,276 | ) |   |   | - |   |   |   | (285,276 | ) |
| Foreign currency exchange loss                                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (11,778 | ) |   |   | (11,778 | ) |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at April 30, 2011                                                                    |   |   | 16,939,634 |   |   | $ | 16,940 |   |   | $ | 4,864,676 |   |   | $ | (3,342,095 | ) |   | $ | (82,626 | ) |   | $ | 1,456,895 |   |
|  The accompanying notes are an integral part of these consolidated financial statements |

----

|                                                                                   |   | For the three months |      |   | From January 10, |   |
|----------------------------------------------------------------------------------------|--------|----------------------|-----------|--------|------------------|--------|
|                                                                                   |   | Ended April 30,      |      |   | 2005 (Inception) |   |
|                                                                                   |   | 2011                 |      |   | 2010             |   |   | to April 30, 2011 |   |
| Cash flows used in operating activities:                                               |   |                 |      |   |             |   |   |   |   |
| Net loss                                                                               |   | $                    | (285,276  | )      |             | $      | (196,851 | ) |   | $ | (3,342,095 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities:            |   |                 |      |   |             |   |   |   |   |
| Donated services and rent                                                              |   |                 | -         |   |             |   | - |   |   |   | 14,250 |   |
| Write-down of unproved mineral properties                                              |   |                 | 2,909     |   |             |   | - |   |   |   | 228,594 |   |
| Changes in operating assets and liabilities:                                           |   |                 |      |   |             |   |   |   |   |   |   |   |
| Prepaids and other receivables                                                         |   |                 | (65,582   | )      |             |   | 2,801 |   |   |   | (103,154 | ) |
| Accounts payable                                                                       |   |                 | (75,588   | )      |             |   | 75,282 |   |   |   | 121,069 |   |
| Accrued liabilities                                                                    |   |                 | 19,993    |   |             |   | (31,295 | ) |   |   | 251,038 |   |
| Due to related parties                                                                 |   |                 | (139,125  | )      |             |   | 98,423 |   |   |   | 709,011 |   |
| Accrued interest on notes payable to related party                                     |   |                 | 2,275     |   |             |   | 561 |   |   |   | 76,025 |   |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Net cash used in operating activities                                                  |   |                 | (540,394  | )      |             |   | (51,079 | ) |   |   | (2,045,262 | ) |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Cash flows used in investing activities:                                               |   |                 |      |   |             |   |   |   |   |   |   |   |
| Acquisition of unproved mineral properties                                             |   |                 | (52,839   | )      |             |   | (12,298 | ) |   |   | (1,079,608 | ) |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Net cash used in investing activities                                                  |   |                 | (52,839   | )      |             |   | (12,298 | ) |   |   | (1,079,608 | ) |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Cash flows provided by financing activities:                                           |   |                 |      |   |             |   |   |   |   |   |   |   |
| Cash received on issuance of notes payable to related party                            |   |                 | 78,901    |   |             |   | 50,000 |   |   |   | 933,291 |   |
| Proceeds from issuance of common stock                                                 |   |                 | 1,828,099 |   |             |   | 135,000 |   |   |   | 3,584,849 |   |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Net cash provided by financing activities                                              |   |                 | 1,907,000 |   |             |   | 185,000 |   |   |   | 4,518,140 |   |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Effects of foreign currency exchange                                                   |   |                 | (11,778   | )      |             |   | (4,666 | ) |   |   | (82,626 | ) |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Increase in cash                                                                       |   |                 | 1,301,989 |   |             |   | 116,957 |   |   |   | 1,310,644 |   |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Cash, beginning                                                                        |   |                 | 8,655     |   |             |   | 7,951 |   |   |   | - |   |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Cash, ending                                                                           |   | $                    | 1,310,644 |   |             | $      | 124,908 |   |   | $ | 1,310,644 |   |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| Supplemental disclosures:                                                              |   |                 |      |   |             |   |   |   |   |   |   |   |
| Cash paid for:                                                                         |   |                 |      |   |             |   |   |   |   |   |   |   |
| Income tax                                                                             |   | $                    | -         |   |             | $      | - |   |   | $ | - |   |
| Interest                                                                               |   | $                    | -         |   |             | $      | - |   |   | $ | - |   |
|                                                                                   |   |                 |      |   |             |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements |

----

|                                                               |   | April 30, 2011 |    |   | January 31, 2011 |   |
|--------------------------------------------------------------------|--------|----------------|---------|--------|------------------|--------|
|                                                               |   |           |    |   |             |   |
| Due to a company owned by an officer                               |   | $              | 98,063  |   |             | $      | 228,330 |   |
| Due to a company controlled by directors                           |   |           | 191,447 |   |             |   | 207,742 |   |
| Due to a company controlled by a relative of the president         |   |           | 79,304  |   |             |   | 63,692 |   |
| Due to a shareholder                                               |   |           | 2,172   |   |             |   | 10,347 |   |
| Total due to related parties (a)                                   |   | $              | 370,986 |   |             | $      | 510,111 |   |
|                                                               |   |           |    |   |             |   |   |   |
| Note payable to a company owned by a relative of the president (b) |   | $              | 53,679  |   |             | $      | 52,902 |   |
| Note payable to a director (c)                                     |   |           | -       |   |             |   | 60,746 |   |
| Note payable to a relative of the president (d)               |   |           | 11,145  |   |             |   | - |   |
| Total notes payable to related parties                             |   | $              | 64,824  |   |             | $      | 113,648 |   |

----

|   | • | $66,492 and $34,975, respectively, in consulting and other business expenses with a company owned by the chief financial officer of the Company |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $79,208 and $51,483, respectively, in administration, advertising and promotion, mineral exploration, travel and other business expenses with a company controlled by two directors |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $16,525 and $16,290, respectively, in administration, automobile, rental, and other business expenses with a company owned by a major shareholder and a relative of the president |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $7,018 and $6,346, respectively, in administration expenses with a shareholder |
|--------|---------|--------------------------------------------------------------------------------|

|                                     |   | April 30, 2011 |    |   | January 31, 2011 |   |
|------------------------------------------|--------|----------------|---------|--------|------------------|--------|
|                                     |   |           |    |   |             |   |
| Unproved mineral properties, beginning   |   | $              | 662,029 |   |             | $      | 643,481 |   |
| Acquisition                              |   |           | 52,839  |   |             |   | 18,548 |   |
| Unproved mineral properties written down |   |           | (2,909  | )      |             |   | - |   |
| Unproved mineral properties, ending      |   | $              | 711,959 |   |             | $      | 662,029 |   |

----

----

|                                                                 |   | April 30, 2011 |    |   | April 30, 2010 |   |   | From January 10, 2005 (Inception) to April 30, 2011 |   |
|----------------------------------------------------------------------|--------|----------------|---------|--------|----------------|--------|--------|-----------------------------------------------------|--------|
| Conversion of debt owed to related parties to shares of common stock |   | $              | -       |   |           | $      | -      |                                                |   | $ | 338,026 |   |
| Conversion of notes payable to shares of common stock                |   |           | 130,000 |   |           |   | -      |                                                |   |   | 874,500 |   |
| Conversion of accrued interest to shares of common stock             |   |           | -       |   |           |   | -      |                                                |   |   | 69,992 |   |
| Total non-cash financing transactions                                |   | $              | 130,000 |   |           | $      | -      |                                                |   | $ | 1,282,518 |   |

----

|                |   | April 30, 2011 |      |   | January 31, 2011 |   |
|---------------------|--------|----------------|-----------|--------|------------------|--------|
| Warrants, beginning |   |           | 790,000   |   |             |   | 607,147 |   |
| Granted             |   |           | 6,919,666 |   |             |   | 540,000 |   |
| Expired             |   |           | -         |   |             |   | (357,147 | ) |
| Warrants, ending    |   |           | 7,709,666 |   |             |   | 790,000 |   |

|   | • | 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 |
|--------|---------|-----------------------------------------------------------------------------------------------------|

----

----

| Table 1: Comparison of financial condition  |   |           |         |   |             |   |
|---------------------------------------------|--------|----------------|--------------|--------|------------------|--------|
|                                        |   | April 30, 2011 |         |   | January 31, 2011 |   |
| Working capital (deficit)                   |   |           | $744,936     |   |             |   | $(866,179) |   |
| Current assets                              |   |           | $1,413,798   |   |             |   | $46,227 |   |
| Unproved mineral properties                 |   |           | $711,959     |   |             |   | $662,029 |   |
| Total liabilities                           |   |           | $668,862     |   |             |   | $912,406 |   |
| Common stock and additional paid in capital |   |           | $4,881,616   |   |             |   | $2,923,517 |   |
| Deficit                                     |   |           | $(3,342,095) |   |             |   | $(3,056,819) |   |

| Table 2.1: Summary of quarterly results (July 31, 2010 – April 30, 2011) |   |
|--------------------------------------------------------------------------------|--------|
|                                                                           |   | July 31,2010 |   |   | October 31,2010 |   |   | January 31,2011 |   |   | April 30,2011 |   |
| Revenue                                                                        |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Net loss                                                                       |   |   | $(118,279) |   |   |   | $(154,436) |   |   |   | $(203,052) |   |   |   | $(285,276) |   |
| Basic and diluted loss per share                                               |   |   | $(0.01) |   |   |   | $(0.02) |   |   |   | $(0.02) |   |   |   | $(0.02) |   |

| Table 2.2: Summary of quarterly results (July 31, 2009 – April 30, 2010) |   |
|--------------------------------------------------------------------------------|--------|
|                                                                           |   | July 31,2009 |   |   | October 31,2009 |   |   | January 31,2010 |   |   | April 30,2010 |   |
| Revenue                                                                        |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Net loss                                                                       |   |   | $(111,162) |   |   |   | $(105,334) |   |   |   | $(204,061) |   |   |   | $(196,851) |   |
| Basic and diluted loss per share                                               |   |   | $(0.03) |   |   |   | $(0.02) |   |   |   | $(0.03) |   |   |   | $(0.02) |   |

----

| Table 3: Changes in operating results     |   |                        |    |   |                                  |   |
|-------------------------------------------|--------|-----------------------------|---------|--------|---------------------------------------|--------|
|                                      |   | Three monthsended April 30, |    |   | Changes between thethree months ended |   |
|                                      |   | 2011                        |    |   | 2010                                  |   |   | April 30, 2011 and 2010 |   |
|                                      |   |                        |    |   |                                  |   |   |   |   |
| Operating Expenses:                       |   |                        |    |   |                                  |   |   |   |   |
| Administration                            |   | $                           | 20,686  |   |                                  | $      | 27,707 |   |   | $ | (7,021 | ) |
| Advertising and promotion                 |   |                        | 40,527  |   |                                  |   | 40,271 |   |   |   | 256 |   |
| Automobile                                |   |                        | 5,975   |   |                                  |   | 7,452 |   |   |   | (1,477 | ) |
| Bank charges                              |   |                        | 2,636   |   |                                  |   | 1,814 |   |   |   | 822 |   |
| Consulting fees                           |   |                        | 66,220  |   |                                  |   | 32,923 |   |   |   | 33,297 |   |
| Interest on current debt                  |   |                        | 18,606  |   |                                  |   | 4,902 |   |   |   | 13,704 |   |
| Mineral exploration costs                 |   |                        | 29,947  |   |                                  |   | 555 |   |   |   | 29,392 |   |
| Office                                    |   |                        | 3,337   |   |                                  |   | 2,329 |   |   |   | 1,008 |   |
| Professional development                  |   |                        | – |   |                                  |   | 4,008 |   |   |   | (4,008 | ) |
| Professional fees                         |   |                        | 47,905  |   |                                  |   | 37,130 |   |   |   | 10,775 |   |
| Rent                                      |   |                        | 3,456   |   |                                  |   | 3,126 |   |   |   | 330 |   |
| Regulatory                                |   |                        | 7,998   |   |                                  |   | 4,515 |   |   |   | 3,483 |   |
| Travel and entertainment                  |   |                        | 19,215  |   |                                  |   | 28,553 |   |   |   | (9,338 | ) |
| Salaries, wages and benefits              |   |                        | 5,020   |   |                                  |   | 1,015 |   |   |   | 4,005 |   |
| Foreign exchange loss                     |   |                        | 10,839  |   |                                  |   | 551 |   |   |   | 10,288 |   |
| Write-down of unproved mineral properties |   |                        | 2,909   |   |                                  |   | – |   |   |   | 2,909 |   |
| Net loss                                  |   | $                           | 285,276 |   |                                  | $      | 196,851 |   |   | $ | 88,425 |   |

|   | • | Due to higher accounting and financial advisory requirements we incurred $66,220 in consulting fees during the three months ended April 30, 2011, an increase of $33,297 compared to $32,923 for the three months ended April 30, 2010. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | During the three months ended April 30, 2011, we expensed $18,606 in interest on current debt, an increase of $13,704 compared to interest expensed during the three months ended April 30, 2010. This increase was mainly associated with the debt-to-equity conversion that occurred on January 7, 2010, which led to a decrease in outstanding payables and loans subject to interest calculations during the period ended April 30, 2010. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | During the three months ended April 30, 2011, we increased our mineral exploration activities on our Farellon and Mateo properties, which resulted in a $29,392 increase from $555 for the three months ended April 30, 2010 to $29,947 during the three months ended April 30, 2011. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | During the three months ended April 30, 2011, we wrote down $2,909 in mineral property acquisition costs after we abandoned some of our Mateo exploration claims. During the three months ended April 30, 2010, we did not write down any of our properties. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Table 4:  Summary of sources and uses of cash |   |
|---------------------------------------------------------|--------|
|                                                    |   | April 30, |   |
|                                                    |   | 2011 |   |   | 2010 |   |
| Net cash provided by financing activities               |   | $ | 1,907,000 |   |   | $ | 185,000 |   |
| Net cash used in operating activities                   |   |   | (540,394 | ) |   |   | (51,079 | ) |
| Net cash used in investing activities                   |   |   | (52,839 | ) |   |   | (12,298 | ) |
| Effect of foreign currency exchange                     |   |   | (11,778 | ) |   |   | (4,666 | ) |
| Net increase in cash                                    |   | $ | 1,301,989 |   |   | $ | 116,957 |   |

----

----

| Table 5: 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%, 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                                                                                                                               |                      |   |     | (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 A 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 II A 1 al 5 claim                                                                                                                                          | 100%, manifestacion       |   |     | 15        |   |   |   |   |   |
| Camelot claim                                                                                                                                                      | 100%, pedimento           |   |     | 300       |   |   |   |   |   |
|                                                                                                                                                               |                      |   |     | 2,404     |   |   |   |   |   |
|     Overlapped claims                                                                                                                               |                      |   |     | (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). |                      |

----

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

----

|   | • | 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. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Table 6: Due to related parties                    |   |
|----------------------------------------------------|--------|
|                                               |   | April 30, 2011 |   |   | January 31, 2011 |   |
| Due to Da Costa Management Corp.                   |   |   | $98,063 |   |   |   | $228,330 |   |
| Due to Fladgate Exploration Consulting Corporation |   |   | $191,447 |   |   |   | $207,742 |   |
| Due to Minera Farellon Limitada                    |   |   | $79,304 |   |   |   | $63,692 |   |
| Due to Kevin Mitchell                              |   |   | $2,172 |   |   |   | $10,347 |   |

|   | • | $66,492 and $34,975, respectively, in consulting and other business expenses for services provided by Da Costa Management Corp., a company owned by our CFO and treasurer |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $79,208 and $51,483 respectively, in administration, advertising and promotion, mineral exploration, travel and other business expenses for services provided by or paid on our behalf by Fladgate Exploration Consulting Corporation, a company controlled by our directors |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $16,525 and $16,290, respectively, in administration, automobile, rental, and other business expenses for services provided by Minera Farellon Limitada, a company owned by Richard Jeffs, the father of our president |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $7,018 and $6,346, respectively, in administration expenses for services provided by Kevin Mitchell |
|--------|---------|-----------------------------------------------------------------------------------------------------|

----

| Table 7: Note payable to related parties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | April 30,2011 |   |   | January 31,2011 |   |
| Note payable to the company owned by Richard Jeffs a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $ | 53,679 |   |   | $ | 52,902 |   |
| Note payable to Richard Jeffs b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 11,145 |   |   |   | – |   |
| Notes payable to Caitlin Jeffs c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | – |   |   |   | 60,746 |   |
| Total notes payable to related parties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 64,824 |   |   | $ | 113,648 |   |
| aThe principle amount is $50,000. It is payable on demand, unsecured and bears interest at 6% per annum compounded monthly. Interest of $3,679 had accrued as at April 30, 2011.b The principle amount is $11,000. It is payable on demand, unsecured and bears interest at 8% per annum compounded monthly. Interest of $145 had accrued as at April 30, 2011.c 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 bore interest at 8% per annum compounded monthly. Interest of $1,837 had accrued as at April 8, 2011 when the notes were paid in full. |   |

----

----

| Exhibit | Description                                                                   |
|---------|-------------------------------------------------------------------------------|
| 3.1.1   | Articles of Incorporation1                                                    |
| 3.1.2   | Certificate of Amendment to Articles of Incorporation2                        |
| 3.2     | By-laws1                                                                      |
| 31.1    | Certification pursuant to Rule 13a-14(a) and 15d-14(a)3                       |
| 31.2    | Certification pursuant to Rule 13a-14(a) and 15d-14(a)3                       |
| 32      | Certification pursuant to Section 1350 of Title 18 of the United States Code3 |
| 1 | Incorporated 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 333-134-363                                |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2 | Incorporated by reference from the registrant’s Quarterly report on Form 10-Q for the period ended October 31, 2010 and filed with the Securities and Exchange Commission on December 13, 2010. |
| 3 | Filed herewith                                                                                                                                                                                        |

----

|   |   | RED METAL RESOURCES LTD. |                                                 |
|--------|--------|--------------------------|------------------------------------------------------|
|   |   |                     |                                                 |   |
|   |   | By:                 | /s/Caitlin Jeffs                                     |   |
|   |   |                     | Caitlin Jeffs, Chief Executive Officer and President |   |
|   |   |                     |                                                 |   |
|   |   | By:                 | /s/ John Da Costa                                    |   |
|   |   |                     | John DaCosta, Chief Financial Officer                |   |