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CONSOLIDATED FINANCIAL STATEMENTS





AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)



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INDEPENDENT AUDITORS' REPORT



To the Shareholders of

Miranda Gold Corp.



We have audited the consolidated balance sheets of Miranda Gold Corp. as at August 31, 2006 and 2005, and the consolidated statements of operations and deficit, and cash flows for the years ended August 31, 2006, 2005 and 2004.  These financial statements are the responsibility of the Company's management.  Our responsibility is to express an opinion on these financial statements based on our audits.



We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.



In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at August 31, 2006 and 2005, and the results of its operations and its cash flows for the years ended August 31, 2006, 2005 and 2004, in accordance with Canadian generally accepted accounting principles.



Vancouver, Canada

Morgan & Company



December 12, 2006

Chartered Accountants









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MIRANDA GOLD CORP.



CONSOLIDATED BALANCE SHEETS

(Stated in Canadian Dollars)



|                                              |   | AUGUST 31  |   |  
|--------------------------------------------- | - | ---------- | - | -
|                                              |   | 2006       |   |  
|ASSETS                                        |   |            |   |  
|Current                                       |   |            |   |  
|Cash and cash equivalents                     | $ | 6,449,367  |   | $
|Accounts receivable                           |   | 30,118     |   |  
|Advances and prepaid expenses                 |   | 64,629     |   |  
|                                              |   | 6,544,114  |   |  
|Investment(Note 3)                            |   | -          |   |  
|Equipment(Note 4)                             |   | 107,280    |   |  
|Mineral Properties(Note 5 and Schedule 1)     |   | 324,694    |   |  
|Deferred Exploration Expenditures(Schedule 1) |   | 450,965    |   |  
|                                              | $ | 7,427,053  |   | $
|LIABILITIES                                   |   |            |   |  
|Current                                       |   |            |   |  
|Accounts payable and accrued liabilities      | $ | 89,157     |   | $
|SHAREHOLDERS' EQUITY                          |   |            |   |  
|Share Capital(Note 6)                         |   | 15,528,015 |   |  
|Contributed Surplus(Note 6)                   |   | 1,687,785  |   |  
|Deficit                                       |   | (9,877,904 | ) |  
|                                              |   | 7,337,896  |   |  
|                                              | $ | 7,427,053  |   | $







Approved by the Board of Directors:





|                     |  |                   
|-------------------- |  | ------------------
|Kenneth Cunningham |  | G. Ross McDonald
|Director             |  | Director          



See notes to consolidated financial statements



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MIRANDA GOLD CORP.



CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT

(Stated in Canadian Dollars)



|                                            |   | YEARS ENDED AUGUST 31 |   |  
|------------------------------------------- | - | --------------------- | - | -
|                                            |   | 2006                  |   |  
|Expenses                                    |   |                       |   |  
|Amortization                                | $ | 34,937                |   | $
|Consulting                                  |   | 107,473               |   |  
|Corporate finance services                  |   | -                     |   |  
|Interest and foreign exchange               |   | 16,052                |   |  
|Insurance                                   |   | 40,122                |   |  
|Investor relations                          |   | 104,836               |   |  
|Office rent, telephone, secretarial, sundry |   | 237,555               |   |  
|Professional fees                           |   | 102,758               |   |  
|Management fees                             |   | 94,494                |   |  
|Property examination costs                  |   | 109,641               |   |  
|Stock based compensation                    |   | 715,415               |   |  
|Travel and business promotion               |   | 139,921               |   |  
|Transfer agent and regulatory fees          |   | 34,622                |   |  
|Wages and benefits                          |   | 349,013               |   |  
|                                            |   | 2,086,839             |   |  
|Less: Interest income                       |   | (166,448              | ) |  
|Loss before the following                   |   | 1,920,391             |   |  
|Loss on sale of mineral properties          |   | -                     |   |  
|Management fees earned                      |   | (2,092                | ) |  
|Mineral property option payments            |   |                       |   |  
|received in excess of cost                  |   | (66,847               | ) |  
|Gain on sale of investment (Note 3)         |   | (241,938              | ) |  
|Loss on disposal of equipment               |   | 420                   |   |  
|Write off of equipment                      |   | 4,693                 |   |  
|Write off of abandoned mineral              |   |                       |   |  
|properties and related exploration          |   | 110,997               |   |  
|Net loss for the year                       |   | 1,725,624             |   |  
|Deficit, beginning of year                  |   | 8,152,280             |   |  
|Deficit, end of year                        | $ | 9,877,904             |   | $
|Basic and diluted loss per share            | $ | (0.05                 | ) | $
|Weighted average number of shares           |   |                       |   |  
|outstanding                                 |   | 33,991,092            |   |  







See notes to consolidated financial statements



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MIRANDA GOLD CORP.



CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in Canadian Dollars)



|                                          |   | YEARS ENDED AUGUST 31 |   |  
|----------------------------------------- | - | --------------------- | - | -
|                                          |   | 2006                  |   |  
|Cash flows from operating activities      |   |                       |   |  
|Net loss for year                         | $ | (1,725,624            | ) | $
|Amortization                              |   | 34,937                |   |  
|Stock based compensation                  |   | 715,415               |   |  
|Loss on sale equipment                    |   | 420                   |   |  
|Loss on sale of mineral properties        |   | -                     |   |  
|Mineral property option payments          |   |                       |   |  
|received in excess of cost                |   | (66,847               | ) |  
|Write-off of abandoned mineral            |   |                       |   |  
|properties and related exploration        |   |                       |   |  
|expenditures                              |   | 110,997               |   |  
|Write-off of equipment                    |   | 4,693                 |   |  
|Gain on sale of investment                |   | (241,938              | ) |  
|Change in non-cash working capital items: |   |                       |   |  
|Accounts receivable                       |   | 1,765                 |   |  
|Prepaid expenses                          |   | 32,199                |   |  
|Accounts payable and accrued liabilities  |   | (11,549               | ) |  
|                                          |   | (1,145,532            | ) |  
|Cash flows from investing activities      |   |                       |   |  
|Proceeds on sale of investment            |   | 329,938               |   |  
|Mineral property option payments received |   | 226,663               |   |  
|Proceeds on sale of equipment             |   | 350                   |   |  
|Proceeds on sale of mineral properties    |   | -                     |   |  
|Equipment purchases                       |   | (27,475               | ) |  
|Mineral property acquisitions             |   | (56,771               | ) |  
|Exploration expenditures                  |   | (191,089              | ) |  
|                                          |   | 281,616               |   |  
|Cash flows from financing activities      |   |                       |   |  
|Issue of share capital                    |   | 4,258,494             |   |  
|Share issue costs                         |   | (48,060               | ) |  
|                                          |   | 4,210,434             |   |  
|Increase in cash and cash equivalents     |   | 3,346,518             |   |  
|Cash and cash equivalents,                |   |                       |   |  
|beginning of year                         |   | 3,102,849             |   |  
|Cash and cash equivalents, end of year    | $ | 6,449,367             |   | $









See notes to consolidated financial statements





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MIRANDA GOLD CORP.



CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Stated in Canadian Dollars)





SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES:



During the year ended August 31, 2006, the Company issued 11,250 share purchase warrants with a fair value of $15,378 pursuant to the mineral property option agreement described in note 5 (c).



During the year ended August 31, 2006, the Company issued 60,000 share purchase warrants as finders fees with a value of $54,000 pursuant to a private placement described in note 6 (b)(2).



During the year ended August 31, 2005, the Company issued 40,000 share purchase warrants with a fair value of $18,300 pursuant to the mineral property option agreements described in Notes 5(b), 5(c) and 5(k).



During the year ended August 31, 2004, the Company issued 215,000 share purchase warrants with a fair value of $70,020 pursuant to mineral property option agreements.



During the year ended August 31, 2004, the Company received 2,750,000 common shares with a fair value of $88,000 pursuant to a mineral property sale and option agreement.  During the year ended August 31, 2005, the shares were split three for one, increasing the Companys shares held to 8,250,000.







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MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





1.

NATURE OF OPERATIONS



Miranda Gold Corp. (the Company) is incorporated in British Columbia, Canada, and is in the business of acquiring and exploring mineral properties in the state of Nevada, U.S.A. and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts spent for mineral properties is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its properties, and upon future profitable production or proceeds from the disposition of the properties. The Company will periodically have to raise additional funds to continue operations and while it has been successful in doing so in the past, there can be no assurance it will be able to do so in the future. To date the Company has not earned significant revenues and is considered a company in the development stage. Although the Company has taken steps to verify title to mineral properties in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Companys title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements.



As at August 31, 2006, the Company had an accumulated deficit of $9,877,904 and working capital of $6,454,957.



2.

SIGNIFICANT ACCOUNTING POLICIES



a)

Consolidation



These financial statements include the accounts of the Company and its wholly owned U.S. subsidiary, Miranda U.S.A., Inc. Its wholly owned Mexican subsidiary, Minas Miranda S.A. de C.V. is dormant.



b)

Use of Estimates



The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses for the periods reported.  Actual results could differ from these estimates.  Significant estimates and assumptions include those related to the recoverability of mineral properties and deferred exploration expenditures, estimated useful lives of capital assets, determination as to whether costs are expensed or deferred, asset retirement obligations and stock based compensation valuations.



c)

Cash and Cash Equivalents



Cash and cash equivalents consist of cash and short term deposits with maturities of no more than ninety days when acquired.



1



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MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)



d)

Equipment



Equipment is recorded at cost and is amortized over the economic lives using the declining balance method using the following rates:



|                       |    
|---------------------- | ---
|Computer equipment     | 30%
|Field equipment        | 25%
|Furniture and fixtures | 20%



e)

Financial Instruments



The Companys financial instruments consist of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities.



Unless otherwise noted, it is managements opinion that this Company is not exposed to significant interest or credit risks arising from these financial instruments.  The fair values of these financial instruments approximate their carrying values, unless otherwise noted.



f)

Mineral Properties and Related Deferred Exploration Expenditures



Mineral property acquisition costs and related exploration and development costs are deferred until the property to which they relate is placed into production, sold, allowed to lapse or abandoned.  These costs will be amortized over the estimated life of the property following commencement of commercial production or will be written off if the property is sold, allowed to lapse or abandoned.



Mineral property acquisition costs include the cash consideration and the fair market value of common shares, based on the trading price of the shares, issued for mineral property interests pursuant to the terms of the agreement.  Payments relating to a property acquired under an option or joint venture agreement, where payments are made at the sole discretion of the Company, are recorded upon payment.



Option payments received are treated as a reduction of the carrying value of the related deferred costs until the Companys costs are recovered.  Option payments received in excess of costs incurred are credited to revenue.



The amount shown for mineral property interests represents costs incurred to date and the fair market value of common shares issued and does not necessarily reflect present or future value.  Administrative expenditures are expensed in the year incurred.  Where a property interest is not acquired, property investigation costs are expensed as incurred.



On an annual basis or when impairment indicators arise, the Company evaluates the future recoverability of its mineral property costs.  Impairment losses or write downs are recorded in the event the net book value of such assets exceeds the estimated indicated future cash flows attributable to such assets.



2



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MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)



g)

Income Taxes



Income taxes are calculated using the asset and liability method of accounting.  Under this method current income taxes are recognized for the estimated income taxes payable for the current period.  Future income tax assets and liabilities are determined based on temporary differences between the tax basis of an asset or liability and its carrying amount on the balance sheet and on unclaimed losses carried forward.  Future income tax liabilities or assets are calculated using the tax rates anticipated to apply in the periods that the temporary differences are expected to reverse.  Future tax assets are recognized to the extent that they are considered more likely than not to be realized.  A valuation allowance is recognized to the extent that the recoverability of future income tax assets is not considered more likely than not.



h)

Loss Per Share



Basic loss per share is calculated by dividing the loss for the year by the weighted average number of common shares issued and outstanding during the year.  Diluted loss per share is calculated using the treasury stock method.  Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive stock options and warrants are used to repurchase common shares at the average market price during the period.  Basic and diluted loss per share are equal for the years ended August 31, 2006, 2005 and 2004 as outstanding stock options and warrants were all anti-dilutive.



i)

Investments



The Company records portfolio investments at cost.  The cost of portfolio investments is written down to market value when a decline in value is other than temporary.



j)

Foreign Currency Translation



Transactions recorded in United States dollars and Mexican new pesos have been translated into Canadian dollars using the Temporal Method as follows:



i)

monetary items at the rate prevailing at the balance sheet date;

ii)

non-monetary items at the historical exchange rate;

iii)

revenue and expense at the average rate in effect during the applicable accounting period.



Gains or losses arising on translation are included in the results of operations.



k)

Asset Retirement Obligations



The Company recognizes the fair value of a liability for an asset retirement obligation in the year in which it is incurred when a reasonable estimate of fair value can be made.  The carrying amount of the related long-lived asset is increased by the same amount as the liability.



3



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MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





2.

SIGNIFICANT ACCOUNTING POLICIES (Continued)



l)

Stock Based Compensation



The Companys Stock Option Plan provides for granting of stock options to directors, officers and employees.  The Companys stock compensation expense is based on the fair value of the options on the date of grant, determined using the Black-Scholes option-pricing model.  Compensation costs are expensed over vesting periods with a corresponding increase to contributed surplus.  Upon exercise of the stock options consideration paid by the option holder together with the amount previously recognized in contributed surplus is recorded as an increase to share capital.



m)

Variable Interest Entities



The Canadian Institute of Chartered Accountants issued Accounting Guideline 15, Consolidation of Variable Interest Entities, to provide accounting guidance related to variable interest entities (VIEs) and indicates that they are required to be consolidated by the Company (primary beneficiary).  The Company adopted the Guideline effective September 1, 2005 and has determined that it has no VIEs.



3.

INVESTMENT



|                                                                                                                                                                                                                                                                |                 |                 |   |       
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------- | --------------- | - | ------
|                                                                                                                                                                                                                                                                | August 31, 2006 | August 31, 2005
|The Company sold all of its common shares (August 31, 2005 - 8,250,000) of Gulf Coast Oil & Gas (formerly Otish Mountain Diamond Company).                                                                                                                      | $               | -               | $ | 88,000
|250,000 common shares (August 31, 2005  250,000) of Golden Aria Corp. (a reporting U.S. company) (Note 5 (f)).  No value was ascribed to these shares on receipt as there was no basis for determining fair value at that time.  (Market value not available.) |                 | -               |   | -     
|                                                                                                                                                                                                                                                                | $               | -               | $ | 88,000



4.

EQUIPMENT



|                       |                 |                          |                |                |   |         |   |        
|---------------------- | --------------- | ------------------------ | -------------- | -------------- | - | ------- | - | -------
|                       | August 31, 2006 | August 31, 2005         
|                       | Cost            | Accumulated Amortization | Net
Book Value | Net
Book Value
|                       |                 |                          |                |                |   |         |   |        
|                       |                 |                          |                |                |   |         |   |        
|Computer equipment     | $               | 44,662                   | $              | 22,605         | $ | 22,057  | $ | 27,495 
|Furniture and fixtures |                 | 10,845                   |                | 3,544          |   | 7,301   |   | 8,299  
|Field equipment        |                 | 124,035                  |                | 46,113         |   | 77,922  |   | 84,411 
|                       |                 |                          |                |                |   |         |   |        
|                       | $               | 179,542                  | $              | 72,262         | $ | 107,280 | $ | 120,205



4



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MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)







5.

MINERAL PROPERTIES



a)

Sampson Property, Lyon County, Nevada



The Sampson property, consisting of two lode mining claims, was acquired by the Company on May 13, 2004 under a mining lease and option to purchase agreement. The Company has not conducted any exploration work on the claims and on May 8, 2006 the Company terminated the option agreement and wrote off $1,730 in acquisition and exploration costs in the current fiscal year.



b)

Troy Property, Nye Country, Nevada



On January 23, 2003 (amended May 28, 2003) the Company entered into an option agreement to earn a 100% in the Troy mineral property for consideration payable in stages.  The Company was unsuccessful in finding a partner to joint venture the project and terminated the option agreement and wrote off $65,953 in acquisition and exploration costs in the current fiscal year.



c)

Redlich Property, Esmeralda County, Nevada



On January 23, 2003 (amended April 9, 2003, May 28, 2003 and December 9, 2003) the Company entered into an option agreement to acquire the Redlich property on completion of the following payment schedule.  The owner retained a 3% Net Smelter Return (NSR) royalty. Upon completion of a bankable feasibility study, the Company has the option to buy two percentage points of the NSR for USD$1,000,000 per percentage point.





|                                                     |                                               |                                                           |                             
|---------------------------------------------------- | --------------------------------------------- | --------------------------------------------------------- | ----------------------------
|Option Due Dates                                     | Cash consideration to be paid to Optionor
USD | Two year share purchase warrants to be issued to Optionor | Exploration Expenditures
USD
|Prior to August 31, 2005 (paid, issued and incurred) | 9,750                                         | 30,000 @ Cdn$0.40                                         | 22,500                      
|January 23, 2006 (paid and issued and incurred)      | 4,500                                         | 11,250 @ Cdn$0.45                                         | 22,500                      
|January 23, 2007                                     | 7,500                                         | 11,250 @ Cdn$0.50                                         | 22,500                      
|January 23, 2008                                     | 11,250                                        | 15,000 @ Cdn$0.55                                         | 30,000                      
|Total consideration                                  | 33,000                                        | 67,500                                                    | 97,500                      





5



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MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





5.

MINERAL PROPERTIES(continued)



c)

Redlich Property, Esmeralda County, Nevada(continued)



On March 4, 2004 the Company entered into an exploration agreement with an option to form a joint venture with Newcrest Resources Inc. (Newcrest).  Newcrest will earn a 65% interest in the Redlich Property by paying the Company USD$165,000 and completing work commitments of USD$575,000, payable in stages to January 23, 2008, with a minimum work commitment of USD$200,000 per year thereafter until USD$1.8 million has been expended by 2012.  A joint venture will be formed upon completion of the earn-in commitments and on completion of a pre-feasibility study.  An additional 10% interest can be earned by completing a positive feasibility study, and up to an 80% interest, at the Companys election, by providing half of the Companys portion of the development costs.  Newcrest expenditures include payment of the underlying option payments as they become due.



|                                                 |                                                  |                             
|------------------------------------------------ | ------------------------------------------------ | ----------------------------
|Option Due Dates                                 | Cash consideration to be paid to the Company
USD | Exploration Expenditures
USD
|Prior to August 31, 2005 (received and incurred) | 75,000                                           | 75,000                      
|January 23, 2006 (incurred)                      | -                                                | 150,000                     
|March 4, 2006 (received)                         | 30,000                                           | -                           
|January 23, 2007                                 | -                                                | 150,000                     
|March 4, 2007                                    | 30,000                                           | -                           
|January 23, 2008                                 | -                                                | 200,000                     
|March 4, 2008                                    | 30,000                                           | -                           
|Total                                            | 165,000                                          | 575,000                     



d)

Red Canyon Property, Eureka County, Nevada



On November 18, 2003 the Company entered into a 20-year mining lease for the Red Canyon property with a $1,000 purchase option on completion of the following payments and share purchase warrant issues.  The owner retains a Net Smelter Return (NSR) royalty of 3% if the price of gold is below USD$300 per ounce; 4% if the price of gold is between USD$300 and USD$400 per ounce; and 5% if the price of gold is over USD$400 per ounce. Upon completion of a bankable feasibility study the Company has the option to buy two percentage points of the NSR for USD$1,000,000 per percentage point.



6



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MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





5.

MINERAL PROPERTIES(continued)



d)

Red Canyon Property, Eureka County, Nevada(continued)





|                                                                                                   |                                               |                                                          
|-------------------------------------------------------------------------------------------------- | --------------------------------------------- | ---------------------------------------------------------
|Mining Lease Due Dates                                                                             | Cash consideration to be paid to Optionor
USD | Two year share purchase warrants to be issued to Optionor
|Prior to August 31, 2005 (paid and issued)                                                         | 25,000                                        | 75,000 @Cdn$0.37                                         
|November 18, 2005 (paid)                                                                           | 35,000                                        |                                                          
|November 18, 2006 (paid)                                                                           | 40,000                                        | -                                                        
|November 18, 2007                                                                                  | 50,000                                        | -                                                        
|November 18, 2008                                                                                  | 50,000                                        | -                                                        
|November 18, 2009 to 2012 at $75,000 per year                                                      | 300,000                                       | -                                                        
|November 18, 2013 to 2023 at $100,000 per year (subject to inflation adjustment beginning in 2019) | 1,100,000                                     | -                                                        
|Total consideration                                                                                | 1,600,000                                     | 75,000                                                   



On October 13, 2004, the Company entered into an exploration agreement with an option to form a joint venture with Newmont Mining Corporation (Newmont). Newmont paid the Company USD$30,000 at the time of signing the agreement and Newmont incurred USD$454,603 in exploration expenditures prior to terminating the option on April 10, 2006.



On July 12, 2006 the Company entered into a letter agreement with Romarco Minerals Inc. (Romarco).  A definitive agreement was signed October 12, 2006. Romarco may earn a 60% joint venture interest by completing the following project work and underlying property lease and maintenance expenditures and delivering 250,000 common shares of Romarco, subject to regulatory approval.



Romarco may earn an additional 10% interest in the project (for a total of 70% interest) by the completion of a bankable feasibility study within 5 years from its initial earn-in on the Red Canyon project, subject to minimum expenditures of USD$1 million per year for the first two years and USD$2 million or more for the remaining three years.  If Romarco does not elect to complete a feasibility study, then to retain its interest and earn an additional 10% interest, Romarco shall expend a minimum of USD$1 million each year until it has incurred additional expenditures in the cumulative amount of USD$20 million upon completion of which Romarcos interest will be 70% and the Companys 30%.  If Romarco does not expend the required USD$1 million annually it shall be deemed to have elected to withdraw from the joint venture, the joint venture will be terminated and the property shall revert to the Company without Romarco retaining any interest.  Romarcos expenditures include payment of the underlying option payments as they become due.



7



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MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





5.

MINERAL PROPERTIES(continued)



d)

Red Canyon Property, Eureka County, Nevada (continued)



|                                                                                           |                                                    |                             
|------------------------------------------------------------------------------------------ | -------------------------------------------------- | ----------------------------
|Option Due Dates                                                                           | Stock consideration to be delivered to the Company | Exploration Expenditures
USD
|July 12, 2007  obligation  timing subject to drill permitting and drill rig availability | 250,000 shares of Romarco                          | 400,000                     
|July 12, 2008                                                                              |                                                    | 500,000                     
|July 12, 2009                                                                              |                                                    | 600,000                     
|July 12, 2010                                                                              |                                                    | 750,000                     
|July 12, 2011                                                                              |                                                    | 750,000                     
|Total                                                                                      |                                                    | 3,000,000                   





e)

BPV & CONO Properties, Eureka Country, Nevada



On May 27, 2004, the Company entered into two 20-year mining leases for the BPV and CONO properties, with a sliding production royalty between 2.5% to 5% depending on the price of gold and subject to buy down provisions to 2%, for the following consideration.



|                                                                           |                                                           |                                                           
|-------------------------------------------------------------------------- | --------------------------------------------------------- | ----------------------------------------------------------
|Mining Lease Due Dates                                                     | Cash consideration to be paid to Lessor for
BPV Lease
USD | Cash consideration to be paid to Lessor for
CONO lease
USD
|Prior to August 31, 2005 (paid)                                            | 12,500                                                    | 12,500                                                    
|May 27, 2006 (paid)                                                        | 6,250                                                     | 6,250                                                     
|May 27, 2007 and 2008 - $10,000 each year                                  | 20,000                                                    | 20,000                                                    
|May 27, 2009                                                               | 12,500                                                    | 12,500                                                    
|May 27, 2010                                                               | 15,000                                                    | 15,000                                                    
|May 27, 2011 and 2012 - $30,000 each year                                  | 60,000                                                    | 60,000                                                    
|May 27, 2013 and 2014 - $40,000 each year                                  | 80,000                                                    | 80,000                                                    
|May 27, 2015 $50,000 and each year thereafter to be adjusted for inflation | 500,000                                                   | 500,000                                                   
|Total                                                                      | 706,250                                                   | 706,250                                                   



On February 4, 2005 the Company entered into an exploration agreement with an option to form a joint venture with Agnico-Eagle (USA) Ltd (Agnico).  Agnico could have earned a 60% interest in its BPV and CONO properties on paying the Company a total of USD$355,000 (USD$55,000 received) and on expending USD$1,500,000 (incurred at least USD$50,000) within five years. Agnico terminated the option effective November 30, 2006 and the Company may seek a new funding partner or terminate the lease prior to May 27, 2007.



8



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





5.

MINERAL PROPERTIES(continued)



f)

Coal Canyon Property, Eureka County, Nevada



On May 27, 2004, the Company entered into a 20-year mining lease for the Coal Canyon property, with a sliding production royalty between 2.5% to 5% depending on the price of gold and subject to buy down provisions to 2%, for the following consideration.



|                                                                           |  |                                              
|-------------------------------------------------------------------------- |  | ---------------------------------------------
|Mining Lease Due Dates                                                     |  | Cash consideration to be paid to Optionor
USD
|Prior to August 31, 2005 (paid)                                            |  | 12,500                                       
|May 27, 2006 (paid)                                                        |  | 6,250                                        
|May 27, 2007 and 2008 - $10,000 each year                                  |  | 20,000                                       
|May 27, 2009                                                               |  | 12,500                                       
|May 27, 2010                                                               |  | 15,000                                       
|May 27, 2011 and 2012 - $30,000 each year                                  |  | 60,000                                       
|May 27, 2013 and 2014 - $40,000 each year                                  |  | 80,000                                       
|May 27, 2015 $50,000 and each year thereafter to be adjusted for inflation |  | 500,000                                      
|Total                                                                      |  | 706,250                                      



On April 6, 2005 (amended April 8, 2005) the Company entered into an exploration agreement with an option to form a joint venture with Golden Aria Corp. (Golden Aria). Golden Aria will earn a 60% interest in the Coal Canyon Property by making the following payments and assumption of the mining lease payments.  Golden Aria can earn an additional 10% interest by completing a bankable feasibility study.  A joint venture will be formed upon completion of the earn-in period.



|                                    |                                                  |                                                    |                             
|----------------------------------- | ------------------------------------------------ | -------------------------------------------------- | ----------------------------
|Option  Due Dates                   | Cash consideration to be paid to the Company
USD | Common Shares of Golden Aria issued to the Company | Exploration Expenditures
USD
|Prior to August 31, 2005 (received) | 15,000                                           | -                                                  | -                           
|December 31, 2005 (incurred)        | -                                                | -                                                  | 50,000                      
|March 25, 2006 (received)           | 25,000                                           | 250,000                                            | -                           
|December 31, 2006                   | -                                                | -                                                  | 100,000                     
|March 25, 2007                      | 25,000                                           | -                                                  | -                           
|December 31, 2007                   | -                                                | -                                                  | 300,000                     
|March 25, 2008                      | 35,000                                           | -                                                  | -                           
|December 31, 2008                   | -                                                | -                                                  | 550,000                     
|March 25, 2009                      | 100,000                                          | -                                                  | -                           
|Total consideration                 | 200,000                                          | 250,000                                            | 1,000,000                   



5.

MINERAL PROPERTIES(continued)



9



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)







g)

Red Hill Property, Eureka County, Nevada



On May 27, 2004, the Company entered into a 20-year mining lease for the Red Hill property, with a sliding production royalty between 2.5% to 5% depending on the price of gold and subject to buy down provisions to 2%, for the following consideration.



|                                                                           |  |                                            
|-------------------------------------------------------------------------- |  | -------------------------------------------
|Mining Lease Due Dates                                                     |  | Cash consideration to be paid to Lessor
USD
|Prior to August 31, 2005 (paid)                                            |  | 18,750                                     
|May 27, 2006 (paid)                                                        |  | 12,500                                     
|May 27, 2007 and 2008 - $20,000 each year                                  |  | 40,000                                     
|May 27, 2009                                                               |  | 25,000                                     
|May 27, 2010                                                               |  | 30,000                                     
|May 27, 2011 and 2012 - $40,000 each year                                  |  | 80,000                                     
|May 27, 2013 and 2014 - $50,000 each year                                  |  | 100,000                                    
|May 27, 2015 $60,000 and each year thereafter to be adjusted for inflation |  | 600,000                                    
|Total                                                                      |  | 906,250                                    



On October 27, 2004 (amended November 17, 2005 and April 25, 2006) the Company entered into an exploration agreement with an option to form a joint venture with Barrick Gold Corporation (formerly Placer Dome US Inc) (Barrick).  Barrick will earn a 60% joint venture interest in its Red Hill Property on completion of the following payments to the Company and expenditures on the property. Thereafter, Barrick can earn an additional 10% interest by completing a bankable feasibility study within five years.  A joint venture will be formed upon completion of the earn-in period.  After completion of the feasibility study, the Company can request that Barrick arrange the Companys share of project financing, in which case Barrick will earn an additional 5% interest (for a total 75% interest) in the project, and will recover the Companys share of this financing from 60% of the Companys share of net cash flow from operations on the property.  Barricks expenditures include payment of half of the underlying lease payments as they become due.

|                                       |                                                  |                             
|-------------------------------------- | ------------------------------------------------ | ----------------------------
|Option Due Dates                       | Cash consideration to be paid to the Company
USD | Exploration Expenditures
USD
|Prior to August 31, 2005 (received)    | 40,000                                           | -                           
|October 27, 2005 (received)/(incurred) | 25,000                                           | 100,000                     
|October 27, 2006 (received)/(incurred) | 25,000                                           | 87,500                      
|October 27, 2007                       | 100,000                                          | 250,000                     
|October 27, 2008                       | 150,000                                          | 325,000                     
|October 27, 2009                       | 200,000                                          | 1,237,500                   
|Total                                  | 540,000                                          | 2,000,000                   



5.

MINERAL PROPERTIES(continued)



h)

Fuse Property, Eureka County, Nevada





10



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





During the year ended August 31, 2004 the Company staked the Fuse East and West claim group. On September 28 and November 15, 2005 (amended April 25, 2006), the Company entered into exploration agreements with an option to form a joint venture with Barrick.



Barrick can earn a 60% interest in its Fuse East and Fuse West Properties on completion of the following payments to the Company and expenditures on the properties.  An additional 10% interest can be earned by completing a feasibility study within three years of earning the 60% interest and incurring work expenditures of USD$247,500 and USD$22,500 respectively for each property annually.  An additional 5% can be earned by arranging financing for the Companys share of mine development.  The joint venture will be formed upon completion of the earn-in period.  The option agreement has a minimum duration of two years and a minimum expenditure level within the two years.



|                                |                                                  |                              |                                                  |                             
|------------------------------- | ------------------------------------------------ | ---------------------------- | ------------------------------------------------ | ----------------------------
|Option Due Dates                | Cash consideration to be paid to the Company
USD | Exploration Expenditures
USD | Cash consideration to be paid to the Company
USD | Exploration Expenditures
USD
|                                | Fuse East                                        | Fuse West                   
|Prior to August 31, 2005        | 30,000                                           | -                            | 3,000                                            | -                           
|September 28, 2006 (received)   | 27,000                                           | -                            | -                                                | -                           
|November 15, 2006 (received)    | -                                                | -                            | 3,000                                            | -                           
|September 28, 2007 (obligation) | 36,000                                           | 175,000                      | -                                                | -                           
|November 15, 2007               | -                                                | -                            | 4,000                                            | -                           
|September 28, 2008              | 45,000                                           | 200,000                      | -                                                | -                           
|November 15, 2008               | -                                                | -                            | 5,000                                            | -                           
|September 28, 2009              | 45,000                                           | 402,500                      | -                                                | -                           
|November 15, 2009               | -                                                | -                            | 5,000                                            | -                           
|September 28, 2010              | 67,500                                           | 1,000,000                    | -                                                | -                           
|November 15, 2010               | -                                                | -                            | 7,500                                            | 197,500                     
|Total consideration             | 250,500                                          | 1,777,500                    | 27,500                                           | 197,500                     



i)

JDW Property, Eureka County, Nevada



During the year ended August 31, 2004, the Company staked certain mining claims in Nevada.

The Company allowed the claims to lapse and wrote off $43,314 in acquisition and exploration   costs in the current fiscal year.



11



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)







5.

MINERAL PROPERTIES(continued)



j)

ETTU Property, Eureka County, Nevada



In June, 2004, the Company staked claims in Kobeh Valley called the ETTU claims on the south end of the Eureka  Battle Mountain (Cortez) Gold Trend.



k)

Horse Mountain Property, Lander County, Nevada



On November 23, 2004, the Company entered into a 20-year mining lease for the Horse Mountain claims for the following consideration.  The Lessor retained a production royalty of 3.5%.





|                                                                |                                                  |                                                         |                                
|--------------------------------------------------------------- | ------------------------------------------------ | ------------------------------------------------------- | -------------------------------
|Mining Lease Due Dates                                          | Minimum Advance Royalties payable to  Lessor
USD | Two year share purchase warrants to be issued to Lessor | Minimum linear feet of drilling
|Prior to August 31, 2005 (paid and issued)                      | 30,000                                           | 25,000 @ Cdn$0.70                                       |                                
|November 23, 2005 (paid)                                        | 30,000                                           | -                                                       |                                
|November 23, 2006 (paid and met)                                | 30,000                                           | -                                                       | 3,000 feet                     
|November 23, 2007 and 2008 $40,000                              | 80,000                                           | -                                                       | 1,500 feet per year            
|November 23, 2009 and 2010 $50,000 each year                    | 100,000                                          | -                                                       | 1,500 feet                     
|November 23, 2011                                               | 70,000                                           | -                                                       |                                
|November 23, 2012                                               | 80,000                                           | -                                                       |                                
|November 23, 2013 + each year thereafter adjusted for inflation | 1,200,000                                        | -                                                       |                                
|                                                                |                                                  |                                                         |                                
|Total consideration                                             | 1,620,000                                        | 25,000                                                  |                                



On September 2, 2005 the Company entered into an exploration agreement with an option to form a joint venture with Barrick Gold Exploration Inc. (Barrick).  Barrick will earn a 60% joint venture interest in the Companys Horse Mountain property by completing the following expenditures. Barrick can earn an additional 10% interest by incurring minimum annual expenditures of no less than USD$1 million per year, with an additional 1% earned for each USD$600,000 expended up to 2015 (70% interest earned for a total of USD$8,000,000 spent).  Barrick can earn an additional 5% by arranging or providing post-feasibility financing for the Companys share of development of the project.  A joint venture will be formed upon completion of the earn-in period.  Barricks expenditures include payment of the underlying lease payments as they become due.



12



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





5.

MINERAL PROPERTIES(continued)



k)

Horse Mountain Property, Lander County, Nevada(continued)



|                                                               |                                                  |                             
|-------------------------------------------------------------- | ------------------------------------------------ | ----------------------------
|Option Due Dates                                               | Cash consideration to be paid to the Company
USD | Exploration Expenditures
USD
|September 2, 2005 (received)                                   | 30,000                                           | -                           
|December 31, 2006 (obligation)  including 3,000 feet drilling | -                                                | 300,000                     
|January 1, 2007                                                | 30,000                                           | -                           
|December 31, 2007                                              | -                                                | 400,000                     
|January 1, 2008                                                | 30,000                                           | -                           
|December 31, 2008                                              | -                                                | 600,000                     
|January 1, 2009                                                | 20,000                                           | -                           
|December 31, 2009                                              | -                                                | 700,000                     
|Total                                                          | 110,000                                          | 2,000,000                   



l)

Dame Property, Eureka County, Nevada



In February 2005, the Company staked claims (9.7 square miles) in Kobeh Valley on the south end of the Battle Mountain-Eureka Trend.



m)

Iron Point Property, Humboldt Country, Nevada



In February 2005, the Company staked the "AB OVO" claims in the Iron Point District. During September and October 2005 the Company staked the JTK claims and IP claims to expand the Iron Point project area.



On June 3, 2005, the Company entered into a 20-year mining lease and option to purchase for 28 mining claims, with a sliding production royalty between 2.5% to 3.5% depending on the price of gold, for advance minimum royalty payments to be completed on the following schedule. These claims can be purchased outright for cash consideration between USD$1 million to USD$2 million depending on the price of gold anytime up to June 3, 2015.



|                                              |  |                                               
|--------------------------------------------- |  | ----------------------------------------------
|Mining Lease Due dates                        |  | Advance minimum royalty payments to Lessor
USD
|Prior to August 31, 2005 (paid)               |  | 7,000                                         
|June 3, 2006 (paid)                           |  | 10,000                                        
|June 3, 2007                                  |  | 10,000                                        
|June 3, 2008                                  |  | 15,000                                        
|June 3, 2009                                  |  | 20,000                                        
|June 3, 2010 $25,000 and each year thereafter |  | 400,000                                       
|Total                                         |  | 462,000                                       





13



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





5.

MINERAL PROPERTIES(continued)



m)

Iron Point Property, Humboldt Country, Nevada(continued)



On November 22, 2006 the Company signed a binding Letter of Intent with White Bear Resources, Inc. (White Bear) whereby White Bear may earn a 60% interest by paying the Company USD$20,000 (received) and by expending USD$2,500,000 over five years.  White Bear may then elect to earn an additional 10% interest by funding a Bankable Feasibility Study or by expending an additional USD$10,000,000.  A work expenditure of USD$100,000 in the first year and USD$200,000 in the second year are obligations with following year work expenditures optional and escalating in the following three years.  Upon receipt of regulatory approval and execution of definitive documentation White Bear shall issue the Company 100,000 common shares in the capital of White Bear with a second issue of 100,000 common shares due upon the first anniversary date of the agreement.

n)

Angel Wing Property, Elko County, Nevada



In September 2005, the Company staked claims on northern projections of the veins system at Angel Wing.



On October 27, 2005 the Company entered into a 20 year mining lease for 30 mining claims from a private party with a sliding production royalty between 2% to 4% depending on the price of gold, for advance minimum royalty payments to be completed on the following schedule.



|                                                  |  |                                               
|------------------------------------------------- |  | ----------------------------------------------
|Mining Lease Due dates                            |  | Advance minimum royalty payments to Lessor
USD
|Prior to August 31, 2005 (paid)                   |  | 35,000                                        
|October 27, 2006 (paid)                           |  | 35,000                                        
|October 27, 2007                                  |  | 40,000                                        
|October 27, 2008                                  |  | 45,000                                        
|October 27, 2009                                  |  | 55,000                                        
|October 27, 2010                                  |  | 65,000                                        
|October 27, 2011                                  |  | 75,000                                        
|October 27, 2012 $85,000 and each year thereafter |  | 1,190,000                                     
|Total                                             |  | 1,540,000                                     





o)

PPM, Humboldt County, Nevada



In September 2005 the Company staked mining claims known as the PPM Property located on the north end of the Battle Mountain-Eureka Trend.



14



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)







6.

SHARE CAPITAL



a)

Authorized:  An unlimited number of common shares without par value.



b)

Issued and Outstanding



|                                                              |                  |               |                     |   |          
|------------------------------------------------------------- | ---------------- | ------------- | ------------------- | - | ---------
|                                                              | Number of Shares | Share Capital | Contributed Surplus
|Outstanding, August 31, 2004                                  | 22,169,260       | $             | 7,429,182           | $ | 939,323  
|Private placement of shares (net of $80,142  issue costs) (1) | 2,900,000        |               | 1,949,858           |   | -        
|Exercise of options  cash                                    | 164,000          |               | 39,660              |   | -        
|Exercise of options  stock option valuation                  | -                |               | 71,674              |   | (71,674) 
|Exercise of warrants  cash                                   | 3,535,500        |               | 1,003,450           |   | -        
|Fair value vested stock options granted                       | -                |               | -                   |   | 894,800  
|Fair value share purchase warrants issued for properties      | -                |               | -                   |   | 18,300   
|Outstanding, August 31, 2005                                  | 28,768,760       |               | 10,493,824          |   | 1,780,749
|Private placement of shares (net of $102,060 issue costs) (2) | 2,060,000        |               | 1,751,940           |   | -        
|Exercise of options  cash                                    | 2,348,500        |               | 1,224,844           |   | -        
|Exercise of options  stock option valuation                  | -                |               | 788,770             |   | (788,770)
|Exercise of warrants  cash                                   | 3,089,250        |               | 1,233,650           |   | -        
|Exercise of warrants  stock option valuation                 | -                |               | 34,987              |   | (34,987) 
|Fair value vested stock options granted                       | -                |               | -                   |   | 715,415  
|Fair value share purchase warrants issued for properties      | -                |               | -                   |   | 15,378   
|Outstanding, August 31, 2006                                  | 36,266,510       | $             | 15,528,015          | $ | 1,687,785



(1)

During the year ended August 31, 2005, the Company completed a private placement of 2,900,000 units at $0.70 per unit. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase an additional common share at $0.90 per share for a two year period. In addition, a cash payment of $80,142 was paid as commission on the private placement.



(2)

On October 17, 2005 the Company completed a non-brokered private placement of 2,000,000 units at a price of $0.90 per unit, for gross proceeds of $1,800,000. Each unit consisted of one common share and one-half of one non-transferable share purchase warrant.



15



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





6.

SHARE CAPITAL(continued)



b)

Issued and Outstanding (continued)



Each whole warrant is exercisable to purchase an additional common share at $1.15 per share until October 4, 2007.  In addition a cash payment of $48,060 was made and an additional 60,000 units, valued at $54,000, were issued as finders fees pursuant to the private placement on the same terms as the private placement.



c)

Stock Options Outstanding



As at August 31, 2006, stock options were outstanding for the purchase of common shares as follows:



|                 |   |                 |  |             |  |                  
|---------------- | - | --------------- |  | ----------- |  | -----------------
|Number of shares |   | Price per share |  | Exercisable |  | Expiry Date      
|10,000           | $ | 0.14            |  | 10,000      |  | December 14, 2006
|250,000          | $ | 0.23            |  | 250,000     |  | November 7, 2008 
|55,000           | $ | 0.27            |  | 55,000      |  | June 18, 2008    
|615,000          | $ | 0.53            |  | 615,000     |  | February 9, 2009 
|1,343,750        | $ | 0.71            |  | 1,018,750   |  | February 17, 2010
|18,750           | $ | 0.71            |  | -           |  | April 20, 2010   
|80,000           | $ | 1.18            |  | 32,500      |  | October 18, 2010 
|125,000          | $ | 2.07            |  | 62,500      |  | February 1, 2011 
|50,000           | $ | 1.70            |  | 12,500      |  | May 31, 2011     
|2,025,000        | $ | 1.92            |  | 506,250     |  | April 17, 2011   
|200,000          | $ | 1.64            |  | 50,000      |  | August 8, 2011   
|4,772,500        |   |                 |  | 2,612,500   |  |                  



A summary of the changes in stock options for the previous two years ended August 31 is presented below:



|                             |             |                                   |       
|---------------------------- | ----------- | --------------------------------- | ------
|                             | Shares      | Weighted Average Exercise Price
$
|Outstanding, August 31, 2004 | 2,740,000   |                                   | 0.42  
|Granted                      | 2,050,000   |                                   | 0.71  
|Exercised                    | (164,000)   |                                   | (0.24)
|Outstanding, August 31, 2005 | 4,626,000   |                                   | 0.60  
|Granted                      | 2,495,000   |                                   | 1.87  
|Exercised                    | (2,348,500) |                                   | (0.52)
|Outstanding, August 31, 2006 | 4,772,500   |                                   | 1.26  







16



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





6.

SHARE CAPITAL(continued)



d)

Stock Based Compensation



The Company has a shareholder-approved stock option plan that provides for the reservation for issuance of not more than 7,034,302 options to acquire common shares to its directors, officers, employees and consultants.  Options granted vest as to 25% immediately and 25% each six months thereafter.  During the year ended August 31, 2006, the Company recorded $715,415 in stock based compensation for options vested during the year (2005 - $894,800).



The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:



|                                                  |         |        
|------------------------------------------------- | ------- | -------
|                                                  | 2006    | 2005   
|Risk free interest rate                           | 4.05%   | 2.9%   
|Expected life                                     | 3 years | 3 years
|Expected volatility                               | 84%     | 98%    
|Expected dividend yield                           | 0%      | 0%     
|Weighted average of fair value of options granted | $1.06   | $0.44  



e)

Warrants



As at August 31, 2006, share purchase warrants were outstanding for the purchase of common shares as follows:



|                 |                 |      |             |                  
|---------------- | --------------- | ---- | ----------- | -----------------
|Number of Shares | Price per Share |      | Expiry Date
|25,000           | $               | 0.70 |             | November 23, 2006
|2,092,000        | $               | 0.90 |             | February 10, 2007
|1,030,000        | $               | 1.15 |             | October 4, 2007  
|11,250           | $               | 0.45 |             | January 23, 2008 
|3,158,250        |                 |      |             |                  





17



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





6.

SHARE CAPITAL (continued)



e)

Warrants(continued)



A summary of the changes in share purchase warrants for the previous two years ended August 31 is presented below:



|                             |             |                                   |       
|---------------------------- | ----------- | --------------------------------- | ------
|                             | Shares      | Weighted Average Exercise Price
$
|Outstanding, August 31, 2004 | 6,136,750   |                                   |       
|Issued                       | 2,940,000   |                                   | 0.90  
|Exercised                    | (3,535,500) |                                   | (0.28)
|Expired                      | (210,000)   |                                   | (0.26)
|Outstanding, August 31, 2005 | 5,331,250   |                                   | 0.60  
|Issued                       | 1,041,250   |                                   | 1.14  
|Exercised                    | (3,089,250) |                                   | (0.40)
|Expired                      | (125,000)   |                                   | (0.82)
|Outstanding, August 31, 2006 | 3,158,250   |                                   | 0.98  



7.

COMMITMENTS

The Company has a service lease agreement for its corporate office for a one year period ending June 30, 2007 at the rate of $1,615 per month.

The Company rents its Elko office on a month to month basis at the rate of USD$1,100 per month.



8.

RELATED PARTY TRANSACTIONS



a)

During the year ended August 31, 2006, the Company paid $71,500 (2005 - $76,100; 2004 - $60,000) to a company controlled by a common director for management of the Companys affairs. During the same period the Company paid an additional $32,994 (2005 - $Nil) for services related to helping arrange for the sale of investment stock held for sale by the Company.



b)

During the year ended August 31, 2006, the Company paid $127,700 (2005 - $84,374; 2004 - $128,321) to directors or companies controlled by common directors for rent, telephone, secretarial, website, internet and office services.



c)

During the year ended August 31, 2006, the Company paid $38,500 (2005 - $nil; 2004 - $nil) to a company controlled by a common officer pursuant to a contract for professional fees.



d)

A director and officer of the Company holds a 10% interest in the properties described in Note 5(e), 5(f) and 5(g).



18



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)







9.

INCOME TAXES



The Company is subject to income taxes on its unconsolidated financial statements in Canada and the USA. The consolidated provision for income taxes varies from the amount that would be computed from applying the combined federal, provincial and US income tax rates to the net loss before income taxes as follows:



|                                               |      |           |   |          
|---------------------------------------------- | ---- | --------- | - | ---------
|                                               | 2006 | 2005     
|                                               |      |           |   |          
|Combined statutory tax rate                    |      | 34%       |   | 35%      
|                                               |      |           |   |          
|Computed tax recovery                          | $    | (590,000) | $ | (678,000)
|Changes in temporary differences               |      | 49,000    |   | (26,000) 
|Unrecognized items for tax purposes            |      | 202,000   |   | 313,000  
|Benefit resulting from reductions in tax rates |      | 30,000    |   | 62,000   
|Benefit of income tax losses not recognized    |      | 309,000   |   | 329,000  
|                                               |      |           |   |          
|                                               | $    | -         | $ | -        



The significant components of the Companys future income tax assets are as follows:



|                                       |      |             |   |            
|-------------------------------------- | ---- | ----------- | - | -----------
|                                       | 2006 | 2005       
|                                       |      |             |   |            
|Capital assets                         | $    | 24,000      | $ | 14,000     
|Exploration and development deductions |      | 283,000     |   | 244,000    
|Non-capital losses carried forward     |      | 1,336,000   |   | 1,089,000  
|Other temporary differences            |      | 30,000      |   | 25,000     
|                                       |      | 1,673,000   |   | 1,372,000  
|Valuation allowance                    |      | (1,673,000) |   | (1,372,000)
|                                       |      |             |   |            
|                                       | $    | -           | $ | -          



As at August 31, 2006, the Company has available losses for income tax purposes in Canada of approximately $2,488,000 and in the USA of approximately US$1,167,000 which may be carried forward and applied against future taxable income when earned.



19



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





9.

INCOME TAXES(continued)



These losses expire as follows:



|     |        |           |   |          
|---- | ------ | --------- | - | ---------
|     | CANADA | USA      
|     |        | CDN$      |   | US$      
|2007 | $      | 134,000   | $ | -        
|2008 |        | 168,000   |   | -        
|2009 |        | 279,000   |   | -        
|2010 |        | 414,000   |   | -        
|2014 |        | 794,000   |   | -        
|2015 |        | 199,000   |   | -        
|2016 |        | 500,000   |   |          
|2025 |        | -         |   | 743,000  
|2026 |        | -         |   | 424,000  
|     |        |           |   |          
|     | $      | 2,488,000 | $ | 1,167,000



Canadian and foreign exploration resource deductions may be used against certain taxable income without expiry provided there has been no change in the control of the Company.  As at August 31, 2006, the available resource deductions amounted to approximately $886,000.  USA exploration resource deductions are amortized over a 10 year period. As at August 31, 2006, the available resource deductions amounted to approximately $694,000.



10.

SUBSEQUENT EVENTS



From the period September 1, 2006 to December 12, 2006 the Company issued 278,750 common shares pursuant to the exercise of stock options for gross proceeds of $72,213 and 25,000 common shares pursuant to the exercise of share purchase warrants for gross proceeds of $17,500.



11. MATERIAL DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)



The Company prepares its financial statements in accordance with accounting principles generally accepted in Canada (Canadian GAAP), which differ in certain respects from those principles that the Company would have followed had its financial statements been prepared in accordance with accounting principles generally accepted in the United States (US GAAP).  The major differences between Canadian and US GAAP, which affect the Companys financial statements, are described below, and their effect on the financial statements is summarized as follows:



|                                                                               |      |             |      |             |   |            
|------------------------------------------------------------------------------ | ---- | ----------- | ---- | ----------- | - | -----------
|                                                                               | 2006 | 2005        | 2004
|Net loss in accordance with Canadian GAAP                                      | $    | (1,725,624) | $    | (1,937,922) | $ | (2,048,055)
|Deduct:                                                                        |      |             |      |             |   |            
|Mineral property costs capitalized in
the year and not written-down            |      | (70,419)    |      | (309,631)   |   | (182,211)  
|Deferred exploration expenditures
capitalized in the year and not
written-down |      | (189,308)   |      | (230,301)   |   | (196,135)  



20



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)







|                                                                                                     |   |             |   |             |   |            
|---------------------------------------------------------------------------------------------------- | - | ----------- | - | ----------- | - | -----------
|Add:                                                                                                 |   |             |   |             |   |            
|Mineral property option payments received and credited against capitalized acquisition cost          |   | 159,816     |   | 121,085     |   | 59,143     
|Mineral property costs written off in the period that would have been expensed in a prior period     |   | 44,769      |   | 24,505      |   | 280,242    
|Deferred exploration costs written off in the period that would have been expensed in a prior period |   | 62,717      |   | 7,187       |   | 335,429    
|Stock based compensation related to employee stock options vested during the year                    |   | -           |   | 629,258     |   | 700,053    
|Net loss in accordance with US GAAP                                                                  | $ | (1,718,049) | $ | (1,695,819) | $ | (1,051,534)



|                                              |      |            |      |            |   |           
|--------------------------------------------- | ---- | ---------- | ---- | ---------- | - | ----------
|                                              | 2006 | 2005       | 2004
|Net loss per share - US GAAP                  | $    | (0.05)     | $    | (0.07)     | $ | (0.06)    
|Weighted average shares outstanding - US GAAP |      | 33,991,092 |      | 25,684,831 |   | 18,082,282





21



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





11. MATERIAL DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)(continued)



Statement of Cash Flows in Accordance with US GAAP



|                                                                        |      |             |      |             |   |            
|----------------------------------------------------------------------- | ---- | ----------- | ---- | ----------- | - | -----------
|                                                                        | 2006 | 2005        | 2004
|Cash flows to operating activities                                      |      |             |      |             |   |            
|Net loss in accordance with US GAAP                                     | $    | (1,718,049) | $    | (1,695,819) | $ | (1,051,534)
|                                                                        |      |             |      |             |   |            
|Adjustments to reconcile loss to net cash used by operating activities: |      |             |      |             |   |            
|Amortization                                                            |      | 34,937      |      | 27,597      |   | 11,238     
|Warrants issued for other than cash                                     |      | 15,378      |      | 18,300      |   | 70,020     
|Stock based compensation                                                |      | 715,415     |      | 265,542     |   | 101,386    
|Acquisition of investments for non cash proceeds                        |      | -           |      | -           |   | (88,000)   
|Loss on sale of equipment                                               |      | 420         | -    | -           |   | -          
|Write-off of equipment                                                  |      | 4,693       |      | -           |   | -          
|Gain on sale of investment                                              |      | (241,938)   |      | -           |   | -          
|Change in non-cash working capital items:                               |      |             |      |             |   |            
|Accounts receivable                                                     |      | 1,765       |      | (23,106)    |   | (1,560)    
|Prepaid expenses                                                        |      | 32,199      |      | (59,851)    |   | (9,766)    
|Accounts payable                                                        |      | (11,549)    |      | 53,998      |   | 22,404     
|                                                                        |      | (1,166,729) |      | (1,413,309) |   | (945,812)  
|                                                                        |      |             |      |             |   |            
|Cash flows from (to) investing activities                               |      |             |      |             |   |            
|Proceeds on sale of investment                                          |      | 329,938     |      | -           |   | -          
|Proceeds on sale of equipment                                           |      | 350         |      | -           |   | -          
|Equipment                                                               |      | (27,475)    |      | (87,928)    |   | (61,030)   
|                                                                        |      | 302,813     |      | (87,928)    |   | (61,030)   
|                                                                        |      |             |      |             |   |            
|Cash flows from financing activities                                    |      |             |      |             |   |            
|Issue of share capital                                                  |      | 4,258,494   |      | 3,073,110   |   | 2,328,210  
|Share issue costs                                                       |      | (48,060)    |      | (80,142)    |   | -          
|                                                                        |      | 4,210,434   |      | 2,992,968   |   | 2,328,210  
|                                                                        |      |             |      |             |   |            
|Increase in cash                                                        | $    | 3,346,518   | $    | 1,491,731   | $ | 1,321,368  





22



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)





11.

MATERIAL DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) (Continued)



|                                                             |      |           |      |           |   |          
|------------------------------------------------------------ | ---- | --------- | ---- | --------- | - | ---------
|                                                             | 2006 | 2005      | 2004
|Shareholders equity - Canadian GAAP                         | $    | 7,337,896 | $    | 4,122,293 | $ | 2,154,147
|Mineral properties and deferred exploration expenditures (i) |      | (775,659) |      | (783,234) |   | (396,079)
|Unrealized gains on available for sale securities (ii)       |      | -         |      | 159,500   |   | 627,000  
|                                                             |      |           |      |           |   |          
|Shareholders equity  US GAAP                               | $    | 6,562,237 | $    | 3,498,559 | $ | 2,385,068



|                                                                              |      |           |   |          
|----------------------------------------------------------------------------- | ---- | --------- | - | ---------
|                                                                              | 2006 | 2005     
|Mineral properties and deferred exploration expenditures  Canadian GAAP      | $    | 775,659   | $ | 783,234  
|Mineral properties and deferred exploration expenditures expensed per US GAAP |      | (775,659) |   | (783,234)
|Mineral properties and deferred exploration expenditures  US GAAP            | $    | -         | $ | -        



i)

Mineral Property Interests and Exploration Expenditures



Under Canadian GAAP, companies have the option to capitalize mineral property acquisition costs and exploration expenditures until such time as it is determined that further work is not warranted, at which point deferred property costs would be written off. In accordance with Emerging Issues Task Force (EITF) No. 04-02  Whether Mineral Rights are Tangible or Intangible Assets, the Company has capitalized mineral property acquisition costs for United States GAAP.  Exploration expenditures are expensed until an independent feasibility study has determined that the property is capable of commercial production.  At the Companys current stage of exploration no economically recoverable reserves have been identified on any of its properties. Accordingly, under US GAAP, all mineral property acquisition costs have been capitalized and written down and all exploration costs are expensed as they are incurred.



ii)

Investments



The Company has no held-to-maturity debt securities or trading securities.  The Companys investments are classified as available-for-sale investments and carried at cost for Canadian GAAP purposes.  For US GAAP purposes, holding gains and losses are reported as a separate component of shareholders equity until realized.



23



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)







11.

MATERIAL DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) (Continued)



iii)

Stock Based Compensation



Effective September 1, 2002, the Company adopted the Canadian Institute of Chartered Accountants (CICA) accounting standard in respect of stock based compensation, whereby the estimated fair value of non-cash, stock based payments to non-employees and direct awards of stock to employees is recorded as an expense using the fair value based method.  For all other non-cash stock-based employee compensation awards the Company used the permitted intrinsic value based method, which recognized compensation cost for awards to employees only when the market price exceeds the exercise price at the date of grant, but pro-forma disclosure of the loss and loss per share was required as if the fair value method has been adopted.  In September 2003 the CICA issued an amendment to the accounting standard requiring companies measure all stock based payments using the fair value method of accounting and recognize the compensation expense in their financial statements.  The Company implemented this amended standard effective September 1, 2003, in accordance with the early adoption provisions of the new standard.  Under United States GAAP the Company accounts for all stock options granted to non-employees using the fair value method of accounting.  In respect of stock options granted to employees and directors the Company uses the intrinsic value-based method to measure compensation expense only when the market price exceeds the exercise price at the date of grant.  Had the Company elected to recognize stock-based compensation based on the estimated fair value of stock options granted, results would have been as follows:



|                            |   |            
|--------------------------- | - | -----------
|August 31, 2006             |   |            
|Loss for the year  US GAAP | $ | (1,718,409)
|Loss per share              |   | (0.05)     
|                            |   |            
|August 31, 2005             |   |            
|Loss for the year  US GAAP | $ | (2,325,077)
|Loss per share              |   | (0.09)     
|                            |   |            
|August 31, 2004             |   |            
|Loss for the year  US GAAP |   | (1,751,587)
|Loss per share              |   | (0.10)     



iv)

Cumulative Since Inception Disclosure



The Company has opted to not report such information for Canadian reporting and for US GAAP purposes; the Company is considered an exploration stage company.  Statement of Financial Accounting Standards No. 7  Accounting and Reporting by Development Stage Enterprises requires the disclosure of cumulative-to-date information for each line item on the statements of operations and cash flow plus annual summaries of each component of shareholders equity since inception.  Under Canadian GAAP, Accounting Guideline AcG 11  Enterprises in the Development Stage, issued by the Canadian Institute of Chartered Accountants, does not require reporting of this information.  Had the consolidated financial statements been prepared in accordance with US GAAP such information would have been disclosed.



24



---

MIRANDA GOLD CORP.

(An Exploration Stage Company)



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



AUGUST 31, 2006 AND 2005

(Stated in Canadian Dollars)







11.

MATERIAL DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) (Continued)



v)   Recent United States Accounting Pronouncements



September 2006  Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements.  SAB No. 108 addresses how the effects of prior year uncorrected misstatements should be considered when quantifying misstatements in current year financial statements.  SAB No. 108 requires companies to quantify misstatements using a balance sheet and income statement approach and to evaluate whether either approach results in quantifying an error that is material in light of relevant quantitative and qualitative factors.  SAB No. 108 is effective for periods ending after November 15, 2006. The Company is currently evaluating the impact of adopting SAB No. 108 but does not expect that it will have a material effect on the consolidated financial statements.



September 2006 - FASB issued Statement No. 157, Fair Value Measures.  This Statement defines fair value, establishes a framework for measuring fair value in GAAP, expands disclosures about fair value measurements, and applies under other accounting pronouncements that require or permit fair value measurements. Statement No. 157 does not require any new fair value measurements. However, the FASB anticipates that for some entities, the application of Statement No. 157 will change current practice. Statement No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007.  The Company is currently evaluating the impact of Statement No. 157 but does not expect that it will have a material impact on the consolidated financial statements.



June 2006 - FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes-an Interpretation of FASB Statement No. 109.  This Interpretation clarifies the accounting for uncertainty in income taxes recognized in an enterprises financial statements in accordance with FASB No. 109, Accounting for Income Taxes.  This Interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  This Interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. This Interpretation is effective for fiscal years beginning after December 15, 2006.  The Company does not expect that the implementation of Statement No. 158 will have any material impact on its financial position and results of operations.



November 2005 - FASB issued Staff Position No. FSP (FASB Staff Position) FAS (Financial Accounting Standard) 115-1  The Meeting of Other-Than-Temporary Impairment and Its Application to Certain Investments.  FAS FSP 115-1 provides accounting guidance for identifying and recognizing other-than-temporary impairments of debt and equity securities, as well as cost method investments in addition to disclosure requirements.  FAS FSP 115-1 is effective for reporting periods beginning after December 15, 2005, and earlier application is permitted.  The Company has determined that the adoption of FAS FSP 115-1 does not have an impact on its results of operations or financial position.





25



---





Schedule 1

MIRANDA GOLD CORP.



CONSOLIDATED SCHEDULE OF MINERAL PROPERTIES

AND DEFERRED EXPLORATION EXPENDITURES



YEAR ENDED AUGUST 31, 2006

(Stated in Canadian Dollars)



|               |                        |                   |                          |                        |                        |           |                        |                            |                         |                          |                        |                        |         |   |         |   |          |   |          |   |          |   |        
|-------------- | ---------------------- | ----------------- | ------------------------ | ---------------------- | ---------------------- | --------- | ---------------------- | -------------------------- | ----------------------- | ------------------------ | ---------------------- | ---------------------- | ------- | - | ------- | - | -------- | - | -------- | - | -------- | - | -------
|               | MINERAL PROPERTIES     |                   | EXPLORATION EXPENDITURES
|Property       | Balance
August 31
2005 | Acquisition
Costs | Option
Payments
Received | Write
Off Of
Interests | Balance
August 31
2006 |           | Balance
August 31
2005 | Additions/
Reimburse-ments | Expense
Reimburse-ments | Option
Payments
Received | Write
Off Of
Interests | Balance
August 31
2006
|               |                        |                   |                          |                        |                        |           |                        |                            |                         |                          |                        |                        |         |   |         |   |          |   |          |   |          |   |        
|Sampson        | $                      | -                 | $                        | 1,730                  | $                      | -         | $                      | (1,730)                    | $                       | -                        |                        | $                      | -       | $ | -       | $ | -        | $ | -        | $ | -        | $ | -      
|Troy           |                        | 23,052            |                          | -                      |                        | -         |                        | (23,052)                   |                         | -                        |                        |                        | 42,117  |   | 784     |   | -        |   | -        |   | (42,901) |   | -      
|Redlich        |                        | -                 |                          | 20,617                 |                        | (20,617)  |                        | -                          |                         | -                        |                        |                        | 5,397   |   | 2,926   |   | -        |   | (6,865)  |   | -        |   | 1,458  
|Red Canyon     |                        | 33,488            |                          | -                      |                        | -         |                        | -                          |                         | 33,488                   |                        |                        | 17,785  |   | 15,061  |   | -        |   | -        |   | -        |   | 32,846 
|BPV            |                        | 8,611             |                          | -                      |                        | (8,611)   |                        | -                          |                         | -                        |                        |                        | 7,883   |   | 3,660   |   | -        |   | (11,543) |   | -        |   | -      
|CONO           |                        | 8,611             |                          | -                      |                        | (8,611)   |                        | -                          |                         | -                        |                        |                        | 12,747  |   | 7,331   |   | -        |   | (15,565) |   | -        |   | 4,513  
|Coal Canyon    |                        | -                 |                          | -                      |                        | -         |                        | -                          |                         | -                        |                        |                        | 33,093  |   | 30,835  |   | (34,107) |   | (1,247)  |   | -        |   | 28,574 
|Red Hill       |                        | 7,526             |                          | 6,921                  |                        | (14,447)  |                        | -                          |                         | -                        |                        |                        | -       |   | 3,210   |   | -        |   | (1,655)  |   | -        |   | 1,555  
|Fuse           |                        | 63,342            |                          | -                      |                        | (35,328)  |                        | -                          |                         | 28,015                   |                        |                        | 55,950  |   | 252     |   | (37,107) |   | -        |   | -        |   | 19,095 
|JDW            |                        | 21,717            |                          | -                      |                        | -         |                        | (21,717)                   |                         | -                        |                        |                        | 20,600  |   | 997     |   | -        |   | -        |   | (21,597) |   | -      
|ETTU           |                        | 25,925            |                          | -                      |                        | -         |                        | -                          |                         | 25,925                   |                        |                        | 18,818  |   | 12,594  |   | -        |   | -        |   | -        |   | 31,412 
|Horse Mountain |                        | 48,183            |                          | -                      |                        | (35,328)  |                        | -                          |                         | 12,855                   |                        |                        | 74,981  |   | 9,314   |   | (20,461) |   | -        |   | -        |   | 63,834 
|Dame           |                        | 72,584            |                          | -                      |                        | -         |                        | -                          |                         | 72,584                   |                        |                        | 51,366  |   | 51,139  |   | -        |   | -        |   | -        |   | 102,505
|Iron Point     |                        | 66,806            |                          | 19,289                 |                        | -         |                        | -                          |                         | 86,095                   |                        |                        | 19,771  |   | 77,517  |   | -        |   | -        |   | -        |   | 97,288 
|Angel Wing     |                        | 42,140            |                          | 13,124                 |                        | -         |                        | -                          |                         | 55,264                   |                        |                        | 741     |   | 34,256  |   | -        |   | -        |   | -        |   | 34,997 
|PPM            |                        | -                 |                          | 10,468                 |                        | -         |                        | -                          |                         | 10,468                   |                        |                        | -       |   | 28,840  |   | -        |   | -        |   | -        |   | 28,840 
|Lookout        |                        | -                 |                          | -                      |                        | -         |                        | -                          |                         | -                        |                        |                        | -       |   | 4,048   |   | -        |   | -        |   | -        |   | 4,048  
|               |                        |                   |                          |                        |                        |           |                        |                            |                         |                          |                        |                        |         |   |         |   |          |   |          |   |          |   |        
|Total          | $                      | 421,985           | $                        | 72,149                 | $                      | (122,941) | $                      | (46,499)                   | $                       | 324,694                  |                        | $                      | 361,249 | $ | 282,764 | $ | (91,675) | $ | (36,875) | $ | (64,498) | $ | 450,965





26



---









MIRANDA GOLD CORP.



CONSOLIDATED SCHEDULE OF MINERAL PROPERTIES

AND DEFERRED EXPLORATION EXPENDITURES (Continued)



YEAR ENDED AUGUST 31, 2005

(Stated in Canadian Dollars)



|                          |                    |             |                          |           |           |          |           |           |                |          |           |           |         |   |         |   |         |   |          |   |          |   |        
|------------------------- | ------------------ | ----------- | ------------------------ | --------- | --------- | -------- | --------- | --------- | -------------- | -------- | --------- | --------- | ------- | - | ------- | - | ------- | - | -------- | - | -------- | - | -------
|                          | MINERAL PROPERTIES |             | EXPLORATION EXPENDITURES
|                          | Balance            |             | Option                   | Write     | Balance   |          | Balance   |           |                | Option   | Write     | Balance  
|                          | August 31          | Acquisition | Payments                 | Down Of   | August 31 |          | August 31 |           | Expense        | Payments | Down Of   | August 31
|Property                  | 2004               | Costs       | Received                 | Interests | 2005      |          | 2004      | Additions | Reimbursements | Received | Interests | 2005     
|                          |                    |             |                          |           |           |          |           |           |                |          |           |           |         |   |         |   |         |   |          |   |          |   |        
|Imperial Mines & Hercules | $                  | -           | $                        | -         | $         | -        | $         | -         | $              | -        |           | $         | -       | $ | 4,678   | $ | -       | $ | -        | $ | (4,678)  | $ | -      
|Troy                      |                    | 15,403      |                          | 7,649     |           | -        |           | -         |                | 23,052   |           |           | 27,305  |   | 14,812  |   | -       |   | -        |   | -        |   | 42,117 
|Redlich                   |                    | -           |                          | 7,649     |           | (7,649)  |           | -         |                | -        |           |           | -       |   | 6,928   |   | -       |   | (1,531)  |   | -        |   | 5,397  
|Bald Peak                 |                    | 24,505      |                          | -         |           | -        |           | (24,505)  |                | -        |           |           | 7,187   |   | 201     |   | -       |   | -        |   | (7,388)  |   | -      
|Red Canyon                |                    | 69,371      |                          | -         |           | (35,883) |           | -         |                | 33,488   |           |           | 44,968  |   | 14,753  |   | (6,502) |   | (35,434) |   | -        |   | 17,785 
|BPV                       |                    | 8,611       |                          | -         |           | -        |           | -         |                | 8,611    |           |           | 7,050   |   | 833     |   | -       |   | -        |   | -        |   | 7,883  
|CONO                      |                    | 8,611       |                          | -         |           | -        |           | -         |                | 8,611    |           |           | 11,968  |   | 779     |   | -       |   | -        |   | -        |   | 12,747 
|Coal Canyon               |                    | 8,611       |                          | -         |           | (8,611)  |           | -         |                | -        |           |           | 10,493  |   | 32,529  |   | -       |   | (9,929)  |   | -        |   | 33,093 
|Red Hill                  |                    | 8,612       |                          | 7,525     |           | (8,611)  |           | -         |                | 7,526    |           |           | 14,952  |   | 1,124   |   | (2,639) |   | (13,437) |   | -        |   | -      
|Fuse                      |                    | 33,549      |                          | 29,793    |           | -        |           | -         |                | 63,342   |           |           | 46,500  |   | 9,450   |   | -       |   | -        |   | -        |   | 55,950 
|JDW                       |                    | 13,826      |                          | 7,891     |           | -        |           | -         |                | 21,717   |           |           | 16,331  |   | 4,269   |   | -       |   | -        |   | -        |   | 20,600 
|ETTU                      |                    | 6,514       |                          | 19,411    |           | -        |           | -         |                | 25,925   |           |           | 11,712  |   | 7,106   |   | -       |   | -        |   | -        |   | 18,818 
|Horse Mountain            |                    | -           |                          | 48,183    |           | -        |           | -         |                | 48,183   |           |           | -       |   | 74,981  |   | -       |   | -        |   | -        |   | 74,981 
|Dame                      |                    | -           |                          | 72,584    |           | -        |           | -         |                | 72,584   |           |           | -       |   | 51,366  |   | -       |   | -        |   | -        |   | 51,366 
|Iron Point                |                    | -           |                          | 66,806    |           | -        |           | -         |                | 66,806   |           |           | -       |   | 19,771  |   | -       |   | -        |   | -        |   | 19,771 
|Angel Wing                |                    | -           |                          | 42,140    |           | -        |           | -         |                | 42,140   |           |           | -       |   | 741     |   | -       |   | -        |   | -        |   | 741    
|                          |                    |             |                          |           |           |          |           |           |                |          |           |           |         |   |         |   |         |   |          |   |          |   |        
|Total                     | $                  | 197,613     | $                        | 309,631   | $         | (60,754) | $         | (24,505)  | $              | 421,985  |           | $         | 198,466 | $ | 244,321 | $ | (9,141) | $ | (60,331) | $ | (12,066) | $ | 361,249









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