***TWIN
      MINING CORPORATION****(a
      development stage company)*
   ***CONSOLIDATED
      STATEMENTS OF MINERAL PROPERTIES*****For
      the years ended December 31, 2004, 2003 and
      2002***(in
      Canadian dollars)*
    
    ***Cumulative,
      since
      inception (March 6, 1985 to******December
      30, 2004)***
    
    **2004**
    
    **2003**
    
    **2002****$**
    
    $
    
    $
    
    $**TORNGAT
      Diamond Property***(note
      4(a))*Balance,
      beginning of year
    
    
    ***-***
    
    
    3,343,247
    
    
    3,303,216
    
    
    3,305,437Drilling,
      assays and related field work
    
    
    ***3,511,669***
    
    
    -
    
    
    5,275
    
    
    39,125Project
      administration and general
    
    
    ***54,896***
    
    
    78
    
    
    421
    
    
    954Property
      acquisition and holding costs
    
    
    ***229,155***
    
    
    34,335
    
    
    34,335
    
    
    32,700Costs
      recovered during the year
    
    
    ***(203,196***
    ***)***
    
    (3,196
    )
    
    -
    
    
    (75,000
    )Property
      costs written off
    
    
    ***(218,060***
    ***)***
    
    -
    
    
    -
    
    
    -Total
      expenditures during the year
    
    
    ***3,374,464***
    
    
    31,217
    
    
    40,031
    
    
    (2,221
    )Balance, end
      of year
    
    
    ***3,374,464***
    
    
    3,374,464
    
    
    3,343,247
    
    
    3,303,216**Jackson
      Inlet Diamond Property***(note
      4(b))*Balance,
      beginning of year
    
    
    ***-***
    
    
    8,113,587
    
    
    6,702,778
    
    
    4,464,490Drilling,
      assays and related field work
    
    
    ***8,503,853***
    
    
    1,033,195
    
    
    1,273,296
    
    
    2,011,282Project
      administration and general
    
    
    ***173,030***
    
    
    54,186
    
    
    10,058
    
    
    37,704Property
      acquisition and holding costs
    
    
    ***1,087,563***
    
    
    532,259
    
    
    158,674
    
    
    189,302Property
      costs written off
    
    
    ***(31,219***
    ***)***
    
    -
    
    
    (31,219
    )
    
    -Total
      expenditures during the year
    
    
    ***9,733,227***
    
    
    1,619,640
    
    
    1,410,809
    
    
    2,238,288Balance, end
      of year
    
    
    ***9,733,227***
    
    
    9,733,227
    
    
    8,113,587
    
    
    6,702,778**Atlanta
      Gold Property***(note
      4(c))*Balance,
      beginning of year
    
    
    ***-***
    
    
    15,938,888
    
    
    14,237,752
    
    
    13,545,351Drilling,
      assays and related field work
    
    
    ***15,367,794***
    
    
    4,385,293
    
    
    1,535,142
    
    
    475,900Project
      administration and general
    
    
    ***2,864,404***
    
    
    78,673
    
    
    52,800
    
    
    90,923Property
      acquisition and holding costs
    
    
    ***2,992,067***
    
    
    107,897
    
    
    113,194
    
    
    125,578Costs
      recovered during the year
    
    
    ***(713,514***
    ***)***
    
    -
    
    
    -
    
    
    -Total
      expenditures during the year
    
    
    ***20,510,751***
    
    
    4,571,863
    
    
    1,701,136
    
    
    692,401Balance, end
      of year
    
    
    ***20,510,751***
    
    
    20,510,751
    
    
    15,938,888
    
    
    14,237,752**Indonesia
      Properties***(note
      4(d))*Balance,
      beginning of year
    
    
    ***-***
    
    
    1,450,626
    
    
    1,444,738
    
    
    1,432,298Drilling,
      assays and related field work
    
    
    ***1,613,072***
    
    
    -
    
    
    -
    
    
    -Project
      administration and general
    
    
    ***518,614***
    
    
    -
    
    
    5,888
    
    
    12,440Property
      acquisition and holding costs
    
    
    ***5,592,602***
    
    
    -
    
    
    -
    
    
    -Property
      costs written off
    
    
    ***(7,724,288***
    ***)***
    
    (1,450,626
    )
    
    -
    
    
    -Total
      expenditures during the year
    
    
    ***-***
    
    
    (1,450,626
    )
    
    5,888
    
    
    12,440Balance, end
      of year
    
    
    ***-***
    
    
    -
    
    
    1,450,626
    
    
    1,444,738**Abitibi
      Gold Property***(note
      4(e))*Balance,
      beginning of year
    
    
    ***-***
    
    
    1,619,665
    
    
    -
    
    
    -Drilling,
      assays and related field work
    
    
    ***1,690,891***
    
    
    75,932
    
    
    1,614,959
    
    
    -Project
      administration and general
    
    
    ***4,836***
    
    
    3,337
    
    
    1,499
    
    
    -Property
      acquisition and holding costs
    
    
    ***29,777***
    
    
    26,570
    
    
    3,207
    
    
    -Costs
      recovered during the year*(note
      3)*
    
    
    ***(752,394***
    ***)***
    
    (752,394
    )
    
    -
    
    
    -Total
      expenditures during the year
    
    
    ***973,110***
    
    
    (646,555
    )
    
    1,619,665
    
    
    -Balance, end
      of year
    
    
    ***973,110***
    
    
    973,110
    
    
    1,619,665
    
    
    -***34,591,552***
    
    
    34,591,552
    
    
    30,466,013
    
    
    25,688,484*The
      accompanying notes are an integral part of these consolidated financial
      statements*