**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**FORM        10-QSB/A**

**SEPTEMBER        30, 2005 **

**333-112830**

**MONGOLIAN        EXPLORATIONS LTD. **

| **NEVADA**                                                              | **Nil**                                             |
|------------------------------------------------------------------------------|----------------------------------------------------------|
| (State                  or other jurisdiction of                        | (IRS                  Employer Identification No.)  |
| incorporation                  or organization)                         |                                                     |
|                                                                         |                                                     |
| **750                  West Pender Street, Suite 1605**                 |                                                     |
| **Vancouver,                  British Columbia, Canada**                | **V6C                  2T8**                        |
| (Address                  of principal executive offices)               | (Zip                  Code)                         |
|                                                                         |                                                     |
| Issuer’s                  telephone number, including area code:  | **604-351-1694**                                    |

**None**

** **
** **

** **

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Table            of Contents

|                                               | TABLE                  OF CONTENTS                                                            |   Page |
|----------------------------------------------------|-----------------------------------------------------------------------------------------------|------------------|
| PART                  I - FINANCIAL INFORMATION    |
| Item                  1:                           | Financial                  Statements                                                         | 3                |
| Item                  2:                           | Plan                  of Operation                                                            | 13               |
| Item                  3:                           | Controls                  and Procedures                                                      | 17               |
|  PART                  II - OTHER INFORMATION |
| Item                  1:                           | Legal                  Proceedings                                                            | 18               |
| Item                  2:                           | Unregistered                  Sales of Equity Securities and Use of                  Proceeds | 18               |
| Item                  3:                           | Defaults                  Upon Senior Securities                                              | 18               |
| Item                  4:                           | Submission                  of Matters to a Vote of Security                  Holders         | 18               |
| Item                  5:                           | Other                  Information                                                            | 18               |
| Item                  6:                           | Exhibits                                                                                      | 18               |

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Table            of Contents

**PART        I - FINANCIAL INFORMATION**

**Item        1. FINANCIAL STATEMENTS **

|   | (a)                       | Interim                  balance sheets as at September 30, 2005 and December 31, 2004;                                                                                                                                                                                       |
|--------|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                     |                                                                                                                                                                                                                                                                          |
|   | (b)                       | Interim                  statements of operations for the three and nine months ended September                  30,                  2005 and 2004 and for the period from August 25, 2003 (inception)                  to                  September 30, 2005 (cumulative); |
|   |                                     |                                                                                                                                                                                                                                                                          |
|   | (c)                       | Interim                  statements of cash flows for the nine months ended September 30,                  2005 and                  2004 and for the period from August 25, 2003 (inception) to September                  30,                  2005 (cumulative);           |
|   |                                     |                                                                                                                                                                                                                                                                          |
|   | (d)                       | Interim                  statements of stockholders’ equity (deficiency) for the period from August                  25, 2003 (inception) to September 30, 2005 (cumulative); and                                                                                       |
|   |                                     |                                                                                                                                                                                                                                                                          |
|   | (e)                       | Notes                  to the financial statements.                                                                                                                                                                                                                           |

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**MONGOLIAN        EXPLORATIONS LTD.**

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**MONGOLIAN        EXPLORATIONS LTD.**

|                                                                                                                                                                                                                     |    | September                  30,  |   |    | December                  31, |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--------------------------------------|--------|---------|-------------------------------|
| **ASSETS**                                                                                                                                                                                                               |    | 2005                                 |   |    | 2004                          |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
| Current                                                                                                                                                                                                                  |    |                                 |   |    |                          |
| Cash                                                                                                                                                                                                                     |  $ | 55,693                               |   |  $ | 59,382                        |
| Share                  subscriptions receivable - Note 5                                                                                                                                                                 |    | 216,075                              |   |    | -                             |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
|                                                                                                                                                                                                                     |  $ | 271,768                              |   | $       | 59,382                        |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
| **                                LIABILITIES**          |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
| Current                                                                                                                                                                                                                  |    |                                 |   |    |                          |
| Accounts                  payable and accrued liabilities - Note 4                                                                                                                                                       |  $ | 21,805                               |   |  $ | 29,561                        |
| Promissory                  notes payable - Note 3 and 4                                                                                                                                                                 |    | 107,410                              |   |    | 107,410                       |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
|                                                                                                                                                                                                                     |    | 129,215                              |   |    | 136,971                       |
| Promissory                  notes payable - Note 3 and 4                                                                                                                                                                 |    | 102,500                              |   |    | 100,000                       |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
|                                                                                                                                                                                                                     |    | 231,715                              |   |    | 236,971                       |
|                                                                                                                                                                                                                     |
| **                          STOCKHOLDERS’                  EQUITY (DEFICIENCY)** |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
| Capital                  stock                                                                                                                                                                                           |    |                                 |   |    |                          |
| Authorized:                                                                                                                                                                                                              |    |                                 |   |    |                          |
|     25,000,000                  common                  shares with par value of $0.001                                                                                                              |    |                                 |   |    |                          |   |
| Issued:                                                                                                                                                                                                                  |    |                                 |   |    |                          |
|     3,350,000                  common                  shares (December 31, 2004: 3,350,000)                                                                                                         |    | 3,350                                |   |    | 3,350                         |
| Share                  subscriptions - Note 5                                                                                                                                                                            |    | 261,075                              |   |    | -                             |
| Additional                  paid-in capital                                                                                                                                                                              |    | 31,850                               |   |    | 31,850                        |
| Deficit                  accumulated during the pre-exploration stage                                                                                                                                                    |    | (256,222)                            |   |    | (212,789)                     |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
|                                                                                                                                                                                                                     |    | 40,053                               |   |    | (177,589)                     |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |
|                                                                                                                                                                                                                     |  $ | 271,768                              |   |  $ | 59,382                        |
|                                                                                                                                                                                                                     |    |                                 |   |    |                          |

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Table            of Contents

**MONGOLIAN        EXPLORATIONS LTD.**

|                                                                                        |   |    |                                 |   |    |                           |   |    |                           |   |    |                           |   |    | August                  25,   |
|---------------------------------------------------------------------------------------------|--------|---------|--------------------------------------|--------|---------|--------------------------------|--------|---------|--------------------------------|--------|---------|--------------------------------|--------|---------|-----------------------------------------|
|                                                                                        |   |    |                                 |   |    |                           |   |    |                           |   |    |                           |   |    | 2003                                    |
|                                                                                        |   |    | Three                  months   |   |    | Three                  months  |   |    | Nine                  months   |   |    | Nine                  months   |   |    | (Date                  of               |
|                                                                                        |   |    | Ended                           |   |    | ended                          |   |    | ended                          |   |    | ended                          |   |    | Incorporation                  to       |
|                                                                                        |   |    | September                  30,  |   |    | September                  30, |   |    | September                  30, |   |    | September                  30, |   |    | September                  30,          |
|                                                                                        |   |    | 2005                                 |   |    | 2004                           |   |    | 2005                           |   |    | 2004                           |   |    | 2005                                    |
|                                                                                        |   |    |                                 |   |    |                           |   |    |                           |   |    |                           |   |    |                                    |
| Expenses                                                                                    |   |    |                                 |   |    |                           |   |    |                           |   |    |                           |   |    |                                    |
| Audit                  and accounting                                                       |   |  $ | 3,393                                |   |  $ | 2,250                          |   |  $ | 10,418                         |   |  $ | 7,982                          |   |  $ | 26,400                                  |
| Bank                  charges                                                               |   |    | 77                                   |   |    | 70                             |   |    | 245                            |   |    | 290                            |   |    | 798                                     |
| Consulting                  fees - Note 4                                                   |   |    | 1,500                                |   |    | 3,000                          |   |    | 5,568                          |   |    | 11,000                         |   |    | 25,568                                  |
| Filing                  and registration fees                                               |   |    | -                                    |   |    | 1,671                          |   |    | 5,883                          |   |    | 4,311                          |   |    | 12,015                                  |
| Interest                  - Note 4                                                          |   |    | 2,500                                |   |    | -                              |   |    | 2,500                          |   |    | -                              |   |    | 2,500                                   |
| Legal                  fees                                                                 |   |    | 5,425                                |   |    | -                              |   |    | 16,744                         |   |    | 11,000                         |   |    | 31,744                                  |
| Mineral                  property costs-Note 4                                              |   |    | 1,600                                |   |    | 2,100                          |   |    | 1,600                          |   |    | 30,780                         |   |    | 142,696                                 |
| Office                  and miscellaneous                                                   |   |    | -                                    |   |    | -                              |   |    | 475                            |   |    | -                              |   |    | 1,419                                   |
| Travel                                                                                      |   |    | -                                    |   |    | -                              |   |    | -                              |   |    | -                              |   |    | 13,082                                  |
|                                                                                        |   |    |                                 |   |    |                           |   |    |                           |   |    |                           |   |    |                                    |
| Net                  loss for the period                                                    |   |  $ | (14,495)                             |   |  $ | (9,091)                        |   |  $ | (43,433)                       |   |  $ | (65,363)                       |   |  $ | (256,222)                               |
|                                                                                        |   |    |                                 |   |    |                           |   |    |                           |   |    |                           |   |    |                                    |
| Basic                  loss per share                                                       |   |  $ | (0.00)                               |   |  $ | (0.00)                         |   |  $ | (0.01)                         |   |  $ | (0.02)                         |   |    |                                    |
|                                                                                        |   |    |                                 |   |    |                           |   |    |                           |   |    |                           |   |    |                                    |
| Weighted                  average number of common                  shares outstanding |   |    | 3,350,000                            |   |    | 3,350,000                      |   |    | 3,350,000                      |   |    | 3,350,000                      |   |    |                                    |
|                                                                                        |   |    |                                 |   |    |                           |   |    |                           |   |    |                           |   |    |                                    |

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**MONGOLIAN        EXPLORATIONS LTD.**

|                                                                                                     |   |   |                                 |   |   |                           |   |   | August                  25, 2003  |
|----------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------|--------|--------|--------------------------------|--------|--------|----------------------------------------|
|                                                                                                     |   |   | Nine                  months    |   |   | Nine                  months   |   |   | (Date                  of              |
|                                                                                                     |   |   | Ended                           |   |   | Ended                          |   |   | Incorporation)                  to     |
|                                                                                                     |   |   | September                  30,  |   |   | September                  30, |   |   | September                  30,         |
|                                                                                                     |   |   | 2005                                 |   |   | 2004                           |   |   | 2005                                   |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Operating                  Activities                                                                    |   |   |                                 |   |   |                           |   |   |                                   |
| Net                  loss for the period                                                                 |   | $      | (43,433)                             |   | $      | (65,363)                       |   | $      | (256,222)                              |
| Adjustment                  for non-cash items:                                                          |   |   |                                 |   |   |                           |   |   |                                   |
| Capital                  stock issued for mineral property costs                                         |   |   | -                                    |   |   | -                              |   |   | 32,500                                 |
| Change                  in non-cash working capital balances related                  to operations |   |   |                                 |   |   |                           |   |   |                                   |
| Accounts                  payable and accrued liabilities                                                |   |   | (7,756)                              |   |   | 18,174                         |   |   | 21,805                                 |
| Advances                  receivable                                                                     |   |   | -                                    |   |   | (2,300)                        |   |   | -                                      |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Net                  cash used in operations                                                             |   |   | (51,189)                             |   |   | (49,489)                       |   |   | (201,917)                              |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Financing                  Activities                                                                    |   |   |                                 |   |   |                           |   |   |                                   |
| Capital                  stock issued                                                                    |   |   | -                                    |   |   | -                              |   |   | 2,700                                  |
| Share                  subscriptions                                                                     |   |   | 45,000                               |   |   | -                              |   |   | 45,000                                 |
| Promissory                  notes                                                                        |   |   | 2,500                                |   |   | -                              |   |   | 209,910                                |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Net                  cash provided by financing activities                                               |   |   | 47,500                               |   |   | -                              |   |   | 257,610                                |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Increase                  (decrease) in cash during the period                                           |   |   | (3,689)                              |   |   | (49,489)                       |   |   | 55,693                                 |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Cash,                  beginning of period                                                               |   |   | 59,382                               |   |   | 75,989                         |   |   | -                                      |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Cash,                  end of period                                                                     |   | $      | 55,693                               |   | $      | 26,500                         |   | $      | 55,693                                 |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Supplemental                  disclosure of cash flow information:                                       |   |   |                                 |   |   |                           |   |   |                                   |
| Cash                  paid for:                                                                          |   |   |                                 |   |   |                           |   |   |                                   |
| Interest                                                                                                 |   | $      | -                                    |   | $      | -                              |   | $      | -                                      |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |
| Income                  taxes                                                                            |   | $      | -                                    |   | $      | -                              |   | $      | -                                      |
|                                                                                                     |   |   |                                 |   |   |                           |   |   |                                   |

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**MONGOLIAN        EXPLORATIONS LTD.**

|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    |             |   |    | Deficit                |   |    |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------------|--------|---------------------------|----------------------------|---------|---------|---------------|-----------------|---------|------------------|--------|---------|-----------------------------|--------|---------|-----------|
|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    |             |   |    | Accumulated            |   |    |      |
|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    | Additional  |   |    | During                  the |   |    |      |
|                                                                                                                                                                                                                                                   |   | Common                  Stock  |         | Share  |                      |                       | Paid-In |    |          | Pre-exploration |    |             |   |
|                                                                                                                                                                                                                                                   |   |                                | Shares  |   |                      | Par                  Value |    |    | Subscriptions |            |    | Capital          |   |    | Stage                       |   |    | Total     |
|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    |             |   |    |                        |   |    |      |
| Common                  stock issued for cash                          -                  at                  $0.001 |   |                                | 2,700,000    |   |                    $ | 2,700                      |    |  $ | -             |            |  $ | -                |   |  $ | -                           |   |  $ | 2,700     |
|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    |             |   |    |                        |   |    |      |
| Common                  stock issued for mineral                  property costs             -                  at $0.05                                                         |   |                                | 650,000      |   |                      | 650                        |    |    | -             |            |    | 31,850           |   |    | -                           |   |    | 32,500    |
|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    |             |   |    |                        |   |    |      |
| Net                  loss for the period                                                                                                                                                                                                               |   |                                | -            |   |                      | -                          |    |    | -             |            |    | -                |   |    | (127,977)                   |   |    | (127,977) |
|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    |             |   |    |                        |   |    |      |
| Balance,                  December 31, 2003                                                                                                                                                                                                            |   |                                | 3,350,000    |   |                      | 3,350                      |    |    | -             |            |    | 31,850           |   |    | (127,977)                   |   |    | (92,777)  |
| Net                  loss for the year                                                                                                                                                                                                                 |   |                                | -            |   |                      | -                          |    |    | -             |            |    | -                |   |    | (84,812)                    |   |    | (84,812)  |
|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    |             |   |    |                        |   |    |      |
| Balance,                  December 31, 2004                                                                                                                                                                                                            |   |                                | 3,350,000    |   |                      | 3,350                      |    |    | -             |            |    | 31,850           |   |    | (212,789)                   |   |    | (177,589) |
| Share                  subscriptions                                                                                                                                                                                                                   |   |                                | -            |   |                      | -                          |    |    | 261,075       |            |    | -                |   |    | -                           |   |    | 261,075   |
| Net                  loss for the period                                                                                                                                                                                                               |   |                                | -            |   |                      | -                          |    |    | -             |            |    | -                |   |    | (43,433)                    |   |    | (43,433)  |
|                                                                                                                                                                                                                                                   |   |                                |         |   |                      |                       |    |    |          |            |    |             |   |    |                        |   |    |      |
| Balance,                  September 30, 2005                                                                                                                                                                                                           |   |                                | 3,350,000    |   |   $             | 3,350                      |    |  $ | 261,075       |            | $       | 31,850           |   |  $ | (256,222)                   |   |  $ | 40,053    |

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**MONGOLIAN        EXPLORATIONS LTD.**

|   | The                  accompanying unaudited interim financial statements have been prepared                  by                  Mongolian Exploration Ltd. (the “Company”) pursuant to the rules and                  regulations of the United States Securities and Exchange Commission.                  Certain information and disclosures normally included in annual                  financial                  statements prepared in accordance with accounting principles generally                  accepted in the United States of America have been condensed or                  omitted                  pursuant to such rules and regulations. In the opinion of management,                  all                  adjustments and disclosures necessary for a fair presentation of                  these                  financial statements have been included. Such adjustments consist                  of                  normal recurring adjustments. These interim financial statements                  should be                  read in conjunction with the audited financial statements of the                  Company                  for the fiscal year ended December 31,                  2004. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note                  2 | Continuance                  of Operations |
|-------------------------|--------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |    | September                  30,  |   |    | December                  31, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|--------------------------------------|--------|---------|-------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |    | 2005                                 |   |    | 2004                          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |    |                                 |   |    |                          |   |
| Promissory                  notes payable, unsecured, non-interest bearing and due on                  demand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |  $ | 107,410                              |   |  $ | 107,410                       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |    |                                 |   |    |                          |   |
| Promissory                  notes payable, unsecured, bearing interest at 10% per annum effective                  July                  1, 2005, Repayment of principle and interest is deferred until                  December                  31, 2006, at which time $50,000 plus interest shall become payable                  on that                  date and the remaining $50,000 plus interest shall become payable                  on                  demand. As a result, should the issuer of the notes so choose,                  full                  payment of all $100,000 of the loan, plus interest, could be demanded                  on                  December 31, 2006. |   |    | 102,500                              |   |    | 100,000                       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |    |                                 |   |    |                          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |    | 209,910                              |   |    | 207,410                       |   |
| Less:                  current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |    | (107,410                             | )      |    | (107,410                      | )      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |    |                                 |   |    |                          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |  $ | 102,500                              |   |  $ | 100,000                       |   |

|                                    |   |                               |   |                           |    | August                  25, |
|-----------------------------------------|--------|------------------------------------|--------|--------------------------------|---------|-----------------------------|
|                                    |   |                               |   |                           |    | 2003                        |
|                                    |   |                               |   |                           |    | (Date                  of   |
|                                    |   |                               |   |                           |    | Incorporation)              |
|                                    |   | Nine                  months ended |   | To                             |
|                                    |   | September                  30,     |   | September                  30, |
|                                    |   | 2005                               |   | 2004                           |    | 2005                        |
|                                    |   |                               |   |                           |    |                        |
| Consulting                  fees        |   | $5,500                             |   | $11,000                        |    | $25,500                     |
| Interest                                |   | 2,500                              |   | -                              |    | 2,500                       |
| Mineral                  property costs |   |                               | -      |                           |    | 2,000                       |   |   | 2,000 |
|                                    |   |  $                            | 8,000  |                           |  $ | 13,000                      |   |  $ | 30,000 |

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|   | i) | Undurshil                  Aimag |
|--------|----|----------------------------------|

| 1)   | $8,556                  (incurred); |
|----------------|-------------------------------------|

| 2)   | a                  further $26,444 on or before March 31,                  2006; |
|----------------|----------------------------------------------------------------------------------|

| 3)   | a                  further $50,000 on or before December 31, 2006;                  and |
|----------------|-----------------------------------------------------------------------------------------|

| 4)   | a                  further $100,000 on or before December 31,                  2007. |
|----------------|--------------------------------------------------------------------------------------|

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| 1)   | $10,000                  on or before February 28, 2004                  (incurred); |
|----------------|--------------------------------------------------------------------------------------|

| 2)   | an                  additional $35,000 on or before March 31,                  2006; |
|----------------|--------------------------------------------------------------------------------------|

| 3)   | an                  additional $75,000 on or before March 31, 2007;                  and |
|----------------|------------------------------------------------------------------------------------------|

| 4)   | an                  additional $180,000 on or before October 31,                  2008. |
|----------------|-----------------------------------------------------------------------------------------|

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**Item        2.** **MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION**

**Cautionary        Statement Regarding Forward-Looking Statements**

**Overview        **

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**Results        of Operations**

If        we are        unable to complete any phase of exploration because we do not have sufficient        capital, we will cease exploration activities until we raise more money or        try        to find a joint venture partner to complete the exploration work. If we cannot        find a joint venture partner and are unable to raise additional capital,        we will        cease exploration activities. If we cease exploration activities, we will        seek        other opportunities. 

**Financial        Condition and Liquidity**

Overview

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Liquidity        and Capital Resources

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**Plan        of Operation**

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We        believe our cash reserves are sufficient to meet our obligations for the        next        twelve month period and to pay for administrative expenses of complying with        our        obligations as a reporting issuer under the Securities Exchange Act of 1934.        These expenses will be in addition to the cost of completing certain phases        of        the exploration work. 

**ITEM        3. CONTROLS AND PROCEDURES**

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**PART        II - OTHER INFORMATION **

**Item        1.  LEGAL PROCEEDINGS **

**Item        2.  CHANGES IN SECURITIES AND USE OF        PROCEEDS**

**Item        3.  DEFAULT UPON SENIOR SECURITIES**

**Item        4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY        HOLDERS**

**Item        5.  OTHER INFORMATION **

**Item        6.  EXHIBITS**

| **Exhibits** | **Document                    Description**                                                                                                                                                                                                                                                                                                                              |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1          | Articles                    of Incorporation, incorporated by reference from our Prospectus                    on Form                    SB-2 filed February 13, 2004. File Number 333-112830.                                                                                                                                                                          |
| 3.2          | Bylaws,                    incorporated by reference from our Prospectus on Form SB-2 filed                    February                    13, 2004. File Number 333-112830.                                                                                                                                                                                             |
| 10.1         | Letter                    Agreement (Undurshil Aimag “Altan” Option Agreement) between the Company                    and Ton Fei Fred Tham & Associates, Dated September 1, 2003,                    incorporated by reference from our Prospectus on Form SB-2 filed                    February                    13, 2004. File Number 333-112830.  |
| 10.2         | Letter                    Agreement (Ovorkhangai Aimag Option Agreement) between the Company                    and Ton                    Fei Fred Tham & Associates, Dated November 25, 2003, incorporated by                    reference from our Prospectus on Form SB-2 filed February 13,                    2004. File                    Number 333-112830. |
| 10.3         | Management                    Agreement between the Company and Timursukh Oidov, incorporated                    by                    reference from our Prospectus on Form SB-2 filed February 13,                    2004. File                    Number 333-112830.                                                                                                 |
| 10.4         | Promissory                    Note between the Company and Khulan Choilon dated August 25,                    2003,                    incorporated by reference from our Prospectus on Form SB-2/A-1                    filed April                    30, 2004. File Number 333-112830.                                                                                |
| 10.5         | Promissory                    Note between the Company and Timursukh Oidov dated August 25,                    2003,                    incorporated by reference from our Prospectus on Form SB-2/A-1                    filed April                    30, 2004. File Number 333-112830.                                                                               |
| 10.6         | Promissory                    Note between the Company and Ivan Bebek dated October 15, 2003,                    incorporated by reference from our Prospectus on Form SB-2/A-1                    filed April                    30, 2004. File Number 333-112830.                                                                                                      |
| 10.7         | Promissory                    Note between the Company and Ivan Bebek dated November 21, 2003,                    incorporated by                                                                                                                                                                                                                                        |

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|   |  reference                  from our Prospectus on Form SB-2/A-1 filed April 30, 2004. File                  Number                  333-112830.                                                                                                                                                                                                                                                                          |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.9   | Promissory                    Note between the Company and Ivan Bebek dated December 12, 2003,                    incorporated by reference                    from our Prospectus on Form SB-2/A-1 filed April 30, 2004. File                    Number                    333-112830.                                                                                                                                        |
| 10.10  | Addendum                    dated June 15, 2004, to the Letter Agreement (Undurshil Aimag“Altan”                    Option Agreement) between the Company and Ton Fei Fred Tham &                    Associates, Dated September 1, 2003, incorporated by reference                    from our                    Prospectus on Form SB-2/A-2 filed July 13, 2004. File Number                    333-112830. |
| 10.11  | Deferment                    of Promissory Note Payment from Ivan Bebek dated August 23, 2004,                    incorporated by reference from our Prospectus on Form SB-2/A-3                    filed                    September 10, 2004. File Number 333-112830.                                                                                                                                                       |
| 10.12  | Memo                    from Rio Minerals Ltd. to the Company Regarding Downsizing of                    Undershil                    Aimag “Altan” Property dated August 23, 2004, incorporated by reference                    from our Prospectus on Form SB-2/A-3 filed September 10, 2004.                    File Number                    333-112830.                                                      |
| 10.13  | Addendum                    to Option Agreement Undershil Aimag (“Altan”) Property between the Company                    and Ton Fei Fred Tham & Associates, Dated November 4, 2004,                    incorporated by reference from our Prospectus on Form SB-2/A-4                    filed on                    December 20, 2004. File Number 333-112830.                                              |
| 10.14  | Addendum                    to Option Agreement Ovorkhangai Aimag Property between the Company                    and Ton                    Fei Fred Tham & Associates, Dated November 5, 2004, incorporated by                    reference from our Prospectus on Form SB-2/A-4 filed on December                    20, 2004.                    File Number 333-112830.                                               |
| 10.15  | Promissory                    Note between the Company and Ivan Bebek dated October 1, 2004,                    incorporated by reference from our Prospectus on Form SB-2/A-5                    filed on                    April 28, 2005. File Number 333-112830.                                                                                                                                                          |
| 10.16  | Addendum                    dated June 25, 2005, to the Letter Agreement (Undurshil Aimag“Altan”                    Option Agreement) between the Company and Ton Fei Fred Tham &                    Associates, Dated September 1, 2003. Filed August 29, 2005. File                    Number                    333-112830                                                                                  |
| 23.1   | Consent                    of Amisano Hanson as Auditor for Amendment No. 8 to SB-2 Prospectus.                    Filed                    August 29, 2005. File Number 333-112830                                                                                                                                                                                                                                            |
| 23.2   | Consent                    of Cane Clark, LLP for Amendment No. 8 to SB-2 Prospectus. Filed                    August                    29, 2005. File Number 333-112830                                                                                                                                                                                                                                                      |
| 31.1   | Certification                    of Chief Executive Officer and Chief                    Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted                    pursuant                    to Section 302 of the Sarbanes-Oxley Act of 2002. Filed as an                    Exhibit to                    this Quarterly Report on Form 10-QSB.                                                                  |
| 32.1   | Certification                    of Chief Executive Officer and Chief                    Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted                    pursuant                    to Section 906 of the Sarbanes-Oxley Act of 2002. Filed as an                    Exhibit to                    this Quarterly Report on Form 10-QSB.                                                                  |
| 99.1   | Undurshil                    Aimag (Altan) Property - Geologist Exploration Report, incorporated                    by                    reference from our Prospectus on Form SB-2 filed February 13,                    2004. File                    Number 333-112830.                                                                                                                                                    |
| 99.2   | Ovorkhangai                    Aimag Property -- Summary Description Report, incorporated by                    reference                    from our Prospectus on Form SB-2 filed February 13, 2004. File                    Number                    333-112830.                                                                                                                                                           |
| 99.3   | Glossary,                    incorporated by reference from our Prospectus on Form SB-2 filed                    February                    13, 2004. File Number 333-112830.                                                                                                                                                                                                                                                 |
| 99.4   | Sample                    Subscription Agreement, incorporated by reference from our Prospectus                    on                    Form SB-2/A-2 filed July 13, 2004. File Number 333-112830.                                                                                                                                                                                                                            |

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Table            of Contents

**SIGNATURES**

|                                              | **MONGOLIAN                  EXPLORATIONS LTD.**  |
|---------------------------------------------------|--------------------------------------------------------|
|                                              |                                                   |
|                                              |                                                   |
|                                              |                                                   |
|                                              |                                                   |
| **DATE:                  November 9, 2005**  | */s/                  Ivan Bebek*                 |
|                                              | Ivan                  Bebek                            |
|                                              | President ,                  Director             |