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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      10-QSB**

**MARCH      31, 2006 **

**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                                           |    Page |
|-----------------------------------------------|----------------------------------------------------------------------------|------------------------|
| PART                I - FINANCIAL INFORMATION |
|                                          |
| Item                1:                        | Financial                Statements                                        | 3                      |
|                                          |                                                                       |                   |
| Item                2:                        | Plan                of Operation                                           | 11                     |
|                                          |                                                                       |                   |
| Item                3:                        | Controls                and Procedures                                     | 14                     |
|                                          |
| PART                II - OTHER INFORMATION    |
|                                          |
| Item                1:                        | Legal                Proceedings                                           | 15                     |
|                                          |                                                                       |                   |
| Item                2:                        | Unregistered                Sales of Equity Securities and Use of Proceeds | 15                     |
|                                          |                                                                       |                   |
| Item                3:                        | Defaults                Upon Senior Securities                             | 15                     |
|                                          |                                                                       |                   |
| Item                4:                        | Submission                of Matters to a Vote of Security Holders         | 15                     |
|                                          |                                                                       |                   |
| Item                5:                        | Other                Information                                           | 15                     |
|                                          |                                                                       |                   |
| Item                6:                        | Exhibits                                                                   | 15                     |

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**PART      I - FINANCIAL INFORMATION**

**Item      1. FINANCIAL STATEMENTS**

|   | (a) | Interim                balance sheets as at March 31, 2006 and December 31, 2005; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (b) | Interim                statements of operations for the three months ended March 31, 2006                and                2005 and for the period from August 25, 2003 (inception) to March                31, 2006                (cumulative); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Interim                statements of cash flows for the three months ended March 31, 2006                and                2005 and for the period from August 25, 2003 (inception) to March                31, 2006                (cumulative); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Interim                statements of stockholders’ equity (deficiency) for the period from August                25, 2003 (inception) to March 31, 2006 (cumulative); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Notes                to the financial statements. |
|--------|-----|---------------------------------------------------|

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**MONGOLIAN      EXPLORATIONS LTD.**

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**MONGOLIAN      EXPLORATIONS LTD.**

|                                                                    |   | March                  31, |     | December                  31, |   |
|-------------------------------------------------------------------------|--------|----------------------------|----------|-------------------------------|--------|
|                                                                    |   | 2006                       |     | 2005                          |   |
| **ASSETS**                                                              |   |
| Current                                                                 |   |                       |     |                          |   |
| Cash                                                                    |   | $                          | 260,443  |                          | $      | 273,841 |   |
|                                                                    |   |                       |     |                          |   |   |   |
| **LIABILITIES**                                                         |
|                                                                    |   |                       |     |                          |   |   |   |
| Current                                                                 |   |                       |     |                          |   |   |   |
| Accounts                  payable and accrued liabilities - Note 4      |   | $                          | 32,103   |                          | $      | 24,942 |   |
| Promissory                  notes payable - Notes 3 and 4               |   |                       | 213,260  |                          |   | 212,410 |   |
|                                                                    |   |                       |     |                          |   |   |   |
|                                                                    |   |                       | 245,363  |                          |   | 237,352 |   |
|                                                                    |   |                       |     |                          |   |   |   |
| **STOCKHOLDERS’                  EQUITY**                         |
|                                                                    |   |                       |     |                          |   |   |   |
| Capital                  stock                                          |   |                       |     |                          |   |   |   |
| Authorized:                                                             |   |                       |     |                          |   |   |   |
| 25,000,000                  common shares with par value of $0.001      |   |                       |     |                          |   |   |   |
| Issued:                                                                 |   |                       |     |                          |   |   |   |
| 9,350,000                  common shares (December 31, 2005: 9,350,000) |   |                       | 9,350    |                          |   | 9,350 |   |
| Additional                  paid-in capital                             |   |                       | 325,850  |                          |   | 325,850 |   |
| Deficit                  accumulated during the pre-exploration stage   |   |                       | (320,120 | )                             |   | (298,711 | ) |
|                                                                    |   |                       |     |                          |   |   |   |
|                                                                    |   |                       | 15,080   |                          |   | 36,489 |   |
|                                                                    |   |                       |     |                          |   |   |   |
|                                                                    |   | $                          | 260,443  |                          | $      | 273,841 |   |
|                                                                    |   |                       |     |                          |   |   |   |

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**MONGOLIAN      EXPLORATIONS LTD.**

|                                                                |   |                              |      |                                                      |   |      |   |
|---------------------------------------------------------------------|--------|-----------------------------------|-----------|-----------------------------------------------------------|--------|-----------|--------|
|                                                                |   |                              |      |                                                      |   |      |   |
|                                                                |   |                              |      |                                                      |   |      |   |
|                                                                |   | Three                months ended |      | August                      25, 2003(Date of Inception)to |   |
|                                                                |   | March                31,          |      |  March                31,                            |   |
|                                                                |   | 2006                              |      | 2005                                                      |   | 2006      |   |
| Expenses                                                            |   |                              |      |                                                      |   |      |   |
| Audit                and accounting                                 |   | $                                 | 4,547     |                                                      | $      | 4,360     |   | $ | 38,595 |   |
| Bank                charges                                         |   |                              | 164       |                                                      |   | 82        |   |   | 1,209 |   |
| Consulting                fees - Note 4                             |   |                              | 1,500     |                                                      |   | 1,543     |   |   | 33,873 |   |
| Filing                and registration fees                         |   |                              | -         |                                                      |   | 1,190     |   |   | 13,140 |   |
| Interest                - Note 4                                    |   |                              | 2,500     |                                                      |   | -         |   |   | 7,500 |   |
| Legal                fees                                           |   |                              | 11,198    |                                                      |   | 5,267     |   |   | 55,415 |   |
| Mineral                property costs - Notes 4 and 5               |   |                              | 1,500     |                                                      |   | -         |   |   | 156,196 |   |
| Office                and miscellaneous - Note 4                    |   |                              | -         |                                                      |   | 375       |   |   | 2,419 |   |
| Travel                                                              |   |                              | -         |                                                      |   | -         |   |   | 13,082 |   |
|                                                                |   |                              |      |                                                      |   |      |   |   |   |   |
| Loss                before other item                               |   |                              | (21,409   | )                                                         |   | (12,817   | )      |   | (321,429 | ) |
|                                                                |   |                              |      |                                                      |   |      |   |   |   |   |
| Other                item:                                          |   |                              |      |                                                      |   |      |   |   |   |   |
| Foreign                exchange gain                                |   |                              | -         |                                                      |   | -         |   |   | 1,309 |   |
|                                                                |   |                              |      |                                                      |   |      |   |   |   |   |
| Net                loss for the period                              |   | $                                 | (21,409   | )                                                         | $      | (12,817   | )      | $ | (320,120 | ) |
|                                                                |   |                              |      |                                                      |   |      |   |   |   |   |
| Basic                loss per share                                 |   | $                                 | (0.00     | )                                                         | $      | (0.00     | )      |   |   |   |
|                                                                |   |                              |      |                                                      |   |      |   |   |   |   |
| Weighted                average number of common shares outstanding |   |                              | 9,350,000 |                                                      |   | 3,350,000 |   |   |   |   |
|                                                                |   |                              |      |                                                      |   |      |   |   |   |   |

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**MONGOLIAN      EXPLORATIONS LTD.**

|                                                                            |   | Three                months ended |    | August                      25, 2003(Date                      of Inception) to |   |
|---------------------------------------------------------------------------------|--------|-----------------------------------|---------|---------------------------------------------------------------------------------|--------|
|                                                                            |   | March                31,          |    | March                31,                                                        |   |
|                                                                            |   | 2006                              |    | 2005                                                                            |   | 2006 |   |
|                                                                            |   |                              |    |                                                                            |   |   |   |
| Operating                Activities                                             |   |                              |    |                                                                            |   |   |   |
| Net                loss for the period                                          |   | $                                 | (21,409 | )                                                                               | $      | (12,817 | ) | $ | (320,120 | ) |
| Adjustment                for non-cash item:                                    |   |                              |    |                                                                            |   |   |   |   |   |   |
| Capital                stock issued for mineral property costs                  |   |                              | -       |                                                                            |   | - |   |   | 32,500 |   |
| Change                in non-cash working capital balance related to operations |   |                              |    |                                                                            |   |   |   |   |   |   |
| Accounts                payable and accrued liabilities                         |   |                              | 7,161   |                                                                            |   | (3,320 | ) |   | 32,103 |   |
|                                                                            |   |                              |    |                                                                            |   |   |   |   |   |   |
| Net                cash used in operations                                      |   |                              | (14,248 | )                                                                               |   | (16,137 | ) |   | (255,517 | ) |
|                                                                            |   |                              |    |                                                                            |   |   |   |   |   |   |
| Financing                Activities                                             |   |                              |    |                                                                            |   |   |   |   |   |   |
| Capital                stock issued                                             |   |                              | -       |                                                                            |   | - |   |   | 302,700 |   |
| Promissory                notes                                                 |   |                              | 850     |                                                                            |   | - |   |   | 213,260 |   |
|                                                                            |   |                              |    |                                                                            |   |   |   |   |   |   |
| Net                cash provided by financing activities                        |   |                              | 850     |                                                                            |   | - |   |   | 515,960 |   |
|                                                                            |   |                              |    |                                                                            |   |   |   |   |   |   |
| Increase                (decrease) in cash during the period                    |   |                              | (13,398 | )                                                                               |   | (16,137 | ) |   | 260,443 |   |
|                                                                            |   |                              |    |                                                                            |   |   |   |   |   |   |
| Cash,                beginning of period                                        |   |                              | 273,841 |                                                                            |   | 59,382 |   |   | - |   |
|                                                                            |   |                              |    |                                                                            |   |   |   |   |   |   |
| Cash,                end of period                                              |   | $                                 | 260,443 |                                                                            | $      | 43,245 |   | $ | 260,443 |   |

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**MONGOLIAN      EXPLORATIONS LTD.**

|                                                                                               |   |                        |      |                     |   |        |   | Deficit                              |    |   |   |
|----------------------------------------------------------------------------------------------------|--------|-----------------------------|-----------|--------------------------|--------|-------------|--------|--------------------------------------|---------|--------|--------|
|                                                                                               |   |                        |      |                     |   |        |   | AccumulatedDuring                the |    |   |   |
|                                                                                               |   |                        |      |                     |   | Additional  |   | Pre-                                 |    |   |   |
|                                                                                               |   | Common                Stock |      | Paid-in                  |   | exploration |   |                                 |    |
|                                                                                               |   | Shares                      |      | Par                Value |   | 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 period                                                             |   |                        | -         |                     |   | -           |   |                                 | -       |   |   | (84,812 | ) |   | (84,812 | ) |
|                                                                                               |   |                        |      |                     |   |        |   |                                 |    |   |   |   |   |   |   |   |
| Balance,                December 31, 2004                                                          |   |                        | 3,350,000 |                     |   | 3,350       |   |                                 | 31,850  |   |   | (212,789 | ) |   | (177,589 | ) |
| Common                stock issued for cash pursuant to a public offering - at                $.05 |   |                        | 6,000,000 |                     |   | 6,000       |   |                                 | 294,000 |   |   | - |   |   | 300,000 |   |
| Net                loss for the period                                                             |   |                        | -         |                     |   | -           |   |                                 | -       |   |   | (85,922 | ) |   | (85,922 | ) |
|                                                                                               |   |                        |      |                     |   |        |   |                                 |    |   |   |   |   |   |   |   |
| Balance,                December 31, 2005                                                          |   |                        | 9,350,000 |                     |   | 9,350       |   |                                 | 325,850 |   |   | (298,711 | ) |   | 36,489 |   |
| Net                loss for the period                                                             |   |                        | -         |                     |   | -           |   |                                 | -       |   |   | (21,409 | ) |   | (21,409 | ) |
|                                                                                               |   |                        |      |                     |   |        |   |                                 |    |   |   |   |   |   |   |   |
| Balance,                March 31, 2006                                                             |   |                        | 9,350,000 |                     | $      | 9,350       |   | $                                    | 325,850 |   | $      | (320,120 | ) | $ | 15,080 |   |
|                                                                                               |   |                        |      |                     |   |        |   |                                 |    |   |   |   |   |   |   |   |

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**MONGOLIAN      EXPLORATIONS LTD.**

| Note                1 | Interim                Reporting |
|-----------------------|----------------------------------|

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

| Note                3 | Promissory                Notes Payable                -                Note 4 |
|-----------------------|--------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | March                31, |    | December                31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2006                     |    | 2005                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |    |                        |   |
| Promissory                notes payable, unsecured, non-interest bearing and due on                demand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                        | 105,760 |                        | $      | 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. Management believes that the termination of the                option                agreements constitutes an event of default under the terms of these                promissory notes; the holders, however, have not given notice to                this                effect. Should the holders of the promissory notes give the Company                notice                of default, these notes would become payable on demand. |   |                     | 107,500 |                        |   | 105,000 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |    |                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                        | 213,260 |                        | $      | 212,410 |   |

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|                                    |   | Three                months ended |   | August                25, 2003 (Date of Inception) to |   |
|-----------------------------------------|--------|-----------------------------------|--------|-------------------------------------------------------|--------|
|                                    |   | March                31,          |   | March                31,                              |   |
|                                    |   | 2006                              |   | 2005                                                  |   | 2006 |   |
|                                    |   |                              |   |                                                  |   |   |   |
| Consulting                fees          |   | $                                 | 1,500  |                                                  | $      | 1,500 |   | $ | 33,805 |   |
| Interest                                |   |                              | 2,500  |                                                  |   | - |   |   | 7,500 |   |
| Mineral                property costs   |   |                              | -      |                                                  |   | - |   |   | 2,000 |   |
| Office                and miscellaneous |   |                              | -      |                                                  |   | - |   |   | 1,000 |   |
|                                    |   |                              |   |                                                  |   |   |   |   |   |   |
|                                    |   | $                                 | 4,000  |                                                  | $      | 1,500 |   | $ | 44,305 |   |

| Note                5 | Commitments |
|-----------------------|-------------|

|   | a) | Option                Agreements |
|--------|----|----------------------------------|

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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**

**Financial      Condition and Liquidity**

Overview

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Liquidity      and Capital Resources

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**Plan      of Operation**

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 our      exploration and eventual commencement of a new business in a field of technology      not yet determined. Since we do not know what our eventual business will be,      there is no way to know what we might wish to spend on such a venture, if      finances permitted. 

| **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.                                                                                                                                                                      |
| 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. |

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**SIGNATURES**

|                                        | **MONGOLIAN                EXPLORATIONS LTD.**                                                                                                                 |
|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |                                                                                                                                                                |
|                                        |                                                                                                                                                                |
|                                        |                                                                                                                                                                |
|                                        |                                                                                                                                                                |
| **DATE:                May 15, 2006**  | */s/                Ivan Bebek*                       |
|                                        | Ivan                Bebek                                                                                                                                           |
|                                        | President ,                Director                                                                                                                            |

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