**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      10-QSB**

**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                                                          |   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               |

----

*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.**

----

**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:                                                                                                 |   |                               |   |   |                        |
|     3,350,000common                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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**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                    |   |   |                                  |
|                                                                                    |   |   |                           |   |   |                         |   |   |                         |   |   |                         |   |   |                                  |

----

**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                                                                          |   | $      | -                                  |   | $      | -                              |   | $ | - |
|                                                                                                 |   |   |                               |   |   |                           |   |   |   |

----

**MONGOLIAN      EXPLORATIONS LTD.**

|                                                                                                                                                                                                         |                        |        |   |                     |   |                  |          |                                |             |                                | Deficit              |                                |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|-------------|--------|--------------------------|--------|-----------------------|---------------|-------------------------------------|------------------|-------------------------------------|---------------------------|-------------------------------------|-----------|
|                                                                                                                                                                                                         |                        |        |   |                     |   |                  |          |                                |             |                                | Accumulated          |                                |      |
|                                                                                                                                                                                                         |                        |        |   |                     |   |                  |          |                                | Additional  |                                | During                the |                                |      |
|                                                                                                                                                                                                         | Common                Stock |  Share |   |                     |   |  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 |
|-----------------------|------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 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 |   |

----

|   | 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. |
|----------------|----------------------------------------------------------------------------------|

----

| 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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*table of contents*

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

**Cautionary      Statement Regarding Forward-Looking Statements**

**Overview      **

----

**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

----

Liquidity      and Capital Resources

----

**Plan      of Operation**

----

*table      of contents*

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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*table      of contents*

**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                                                                                                                                                                                                                                 |

----

|   |  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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**SIGNATURES**

|                                            | **MONGOLIAN                EXPLORATIONS LTD.**  |
|-------------------------------------------------|------------------------------------------------------|
|                                            |                                                 |
|                                            |                                                 |
|                                            |                                                 |
|                                            |                                                 |
| **DATE:                November 7, 2005**  | */s/                Ivan Bebek*                 |
|                                            | Ivan                Bebek                            |
|                                            | President ,                Director             |