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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC
20549

FORM 10-QSB

x Quarterly Report
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

FOR THE QUARTERLY PERIOD ENDED******MARCH
31, 2006**

OR

 ̈ Transition Report
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to _______

COMMISSION FILE NUMBER 333-120788

ELECTRUM MINING LIMITED(Exact name of registrant as specified in its charter)

|NEVADA                                           | 98-0434381                          
|------------------------------------------------ | ------------------------------------
|(State of other jurisdiction of incorporation or | (IRS Employer Identification Number)
|organization)                                    |                                     

808 Nelson Street Suite 2103 Vancouver, British
ColumbiaCanada V6Z 2H2(Address of principal
executive offices)

(604) 684-7619(Registrant's telephone
number, including area code)

Indicate by check mark whether the registrant (1) has filed all
  reports required to be filed by Section 13 or 
  15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
  (or for such shorter period 
  that the Registrant was required to file such reports), and (2) has been subject
  to such filing requirements 
  for the past 90 days. Yes x No  ̈

Indicate by check mark whether the registrant is a shell company
  (as defined in Rule 12b-2 of the Exchange 
  Act). Yes  ̈ No x

State the number of shares outstanding of each of the issuers
classes of common equity, as of the latest practicable date: As at April
30, 2006 there were 3,250,000 common shares.

Transitional Small Business Disclosure Format (Check one): Yes
   ̈ No x

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PART I. FINANCIAL INFORMATION

ITEM 1. INTERIM FINANCIAL STATEMENTS

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ELECTRUM MINING LIMITED

(An Exploration Stage Company)

INTERIM FINANCIAL STATEMENTS

MARCH 31, 2006

Expressed in US Funds

Unaudited



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|Electrum Mining Limited        | Statement 1
|------------------------------ | -----------
|(An Exploration Stage Company) |            
|Interim Balance Sheet          |            
|Expressed in US Funds          |            

|                                                                     |   |                |   |   | As at         |  
|-------------------------------------------------------------------- | - | -------------- | - | - | ------------- | -
|                                                                     |   | As at          |   |   | September 30, |  
|                                                                     |   | March 31, 2006 |   |   | 2005          |  
|ASSETS                                                               |   | (Unaudited)    |   |   | (Audited)     |  
|Current                                                              |   |                |   |   |               |  
|Cash and cash equivalents                                            | $ | 13,808         |   | $ | 26,728        |  
|Prepaid expenses                                                     |   | -              |   |   | 1,708         |  
|                                                                     | $ | 13,808         |   | $ | 28,436        |  
|                                                                     |   |                |   |   |               |  
|                                                                     |   |                |   |   |               |  
|                                                                     |   |                |   |   |               |  
|                                                                     |   |                |   |   |               |  
|LIABILITIES                                                          |   |                |   |   |               |  
|                                                                     |   |                |   |   |               |  
|Current                                                              |   |                |   |   |               |  
|Accounts payable                                                     | $ | -              |   | $ | 2,573         |  
|Accrued liabilities                                                  |   | 2,500          |   |   | 5,000         |  
|Due to related party (Note 5)                                        |   | 27,000         |   |   | 27,000        |  
|                                                                     |   | 29,500         |   |   | 34,573        |  
|                                                                     |   |                |   |   |               |  
|                                                                     |   |                |   |   |               |  
|Going Concern(Note 1)                                                |   |                |   |   |               |  
|                                                                     |   |                |   |   |               |  
|                                                                     |   |                |   |   |               |  
|STOCKHOLDERS DEFICIENCY                                             |   |                |   |   |               |  
|                                                                     |   |                |   |   |               |  
|Capital Stock(Note 4)                                                |   |                |   |   |               |  
|Authorized:                                                          |   |                |   |   |               |  
|100,000,000 common shares, $0.00001 par value                        |   |                |   |   |               |  
|Issued and outstanding shares:                                       |   |                |   |   |               |  
|3,250,000 common shares  Statement 3                                |   | 33             |   |   | 33            |  
|                                                                     |   |                |   |   |               |  
|Capital in excess
      of par value  Statement 3                   |   | 64,967         |   |   | 64,967        |  
|Comprehensive income  Statement
      3                             |   | 1,433          |   |   | 1,466         |  
|Deficit accumulated
      during the exploration stage  Statement 3 |   | (82,125        | ) |   | (72,603       | )
|Deficit Statement 3                                                 |   | (15,692        | ) |   | (6,137        | )
|                                                                     | $ | 13,808         |   | $ | 28,436        |  

- See Accompanying Notes -

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|Electrum Mining Limited          | Statement 2
|-------------------------------- | -----------
|(An Exploration Stage Company)   |            
|Interim Statements of Operations |            
|Expressed in US Funds            |            
|Unaudited                        |            

CumulativefromThree-month
      
      
      Six-month
      
      
      Inceptionperiods ended
      
      
      periods ended
      
      
      (August 4,March 31
      
      
      March 31
      
      
      2004) toMarch 31,2006
      
      
      2005
      
      
      2006
      
      
      2005
      
      
      2006ExpensesMineral property costs
      $
      -
      
      $
      -
      
      $
      1,364
      
      $
      -
      
      $
      29,555Professional fees
      
      5,296
      
      
      2,786
      
      
      8,115
      
      
      30,969
      
      
      49,710Interest and bank charges
      
      (16
      )
      
      20
      
      
      (42
      )
      
      316
      
      
      254Office and supplies
      
      -
      
      
      59
      
      
      -
      
      
      181
      
      
      426Transfer agent fees
      
      25
      
      
      1,210
      
      
      85
      
      
      1,210
      
      
      2,180Foreign exchange loss (gain)
      
      -
      
      
      106
      
      
      -
      
      
      (49
      )
      
      -Loss for the period
      $
      (5,305
      )
      $
      (4,181
      )
      $
      (9,522
      )
      $
      (32,627
      )
      $
      (82,125
      )Basic and diluted loss pershare
      $
      (0.00
      )
      $
      (0.01
      )
      $
      (0.00
      )
      $
      (0.04
      )Weighted Average Number ofShares Outstanding
      
      3,250,000
      
      
      750,000
      
      
      3,250,000
      
      
      744,444


- See Accompanying Notes -

---

|Electrum Mining Limited                            | Statement 3
|-------------------------------------------------- | -----------
|(An Exploration Stage Company)                     |            
|Interim Statements of Stockholders **Deficiency** |            
|Expressed in US Funds                              |            
|Unaudited                                          |            

DeficitCapital in
      
      
      AccumulatedExcess of
      
      
      During theCommon Shares
      
      
      Par
      
      
      Exploration
      
      
      ComprehensiveShares
      
      
      Amount
      
      
      Value
      
      
      Stage
      
      
      Income
      
      
      TotalInception  August 4, 2004
      
      -
      
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -Common shares issuedfor cash at $0.02 pershare
      
      500,000
      
      
      5
      
      
      9,995
      
      
      -
      
      
      -
      
      
      10,000Loss for the period
      
      -
      
      
      -
      
      
      -
      
      
      (6,462
      )
      
      -
      
      
      (6,462
      )Balance September 30, 2004
      
      500,000
      
      
      5
      
      
      9,995
      
      
      (6,462
      )
      
      -
      
      
      3,538Common shares issuedfor cash at $0.02 pershare
      
      2,750,000
      
      
      28
      
      
      54,972
      
      
      -
      
      
      -
      
      
      55,000Loss for the year
      
      -
      
      
      -
      
      
      -
      
      
      (66,141
      )
      
      -
      
      
      (66,141
      )Foreign currencytranslationadjustment
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      1,466
      
      
      1,466Balance September 30, 2005(audited)
      
      3,250,000
      
      $
      33
      
      $
      64,967
      
      $
      (72,603
      )
      $
      1,466
      
      $
      (6,137
      )Loss for the period
      
      -
      
      
      -
      
      
      -
      
      
      (4,218
      )
      
      -
      
      
      (4,218
      )Foreign currencytranslationadjustment
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      17
      
      
      17Balance December 31, 2005(unaudited)
      
      3,250,000
      
      $
      33
      
      $
      64,967
      
      $
      (76,821
      )
      $
      1,483
      
      $
      (10,338
      )Loss for the period
      
      -
      
      
      -
      
      
      -
      
      
      (5,304
      )
      
      -
      
      
      (5,304
      )Foreign currencytranslationadjustment
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      (50
      )
      
      (50
      )Balance March 31, 2006(unaudited)
      
      3,250,000
      
      $
      33
      
      $
      64,967
      
      $
      (82,125
      )
      $
      1,433
      
      $
      (15,692
      )


- See Accompanying Notes -

---

|Electrum Mining Limited          | Statement 4
|-------------------------------- | -----------
|(An Exploration Stage Company)   |            
|Interim Statements of Cash Flows |            
|Expressed in US Funds            |            
|Unaudited                        |            

|                                                               |   | Cumulative     |   |   |             |   |   |             |  
|-------------------------------------------------------------- | - | -------------- | - | - | ----------- | - | - | ----------- | -
|                                                               |   | from Inception |   |   |             |   |   |             |  
|                                                               |   | (August 4,     |   |   | Six Months  |   |   | Six Months  |  
|                                                               |   | 2004) to March |   |   | Ended March |   |   | Ended March |  
|Cash Resources Provided By (Used In)                           |   | 31, 2006       |   |   | 31, 2005    |   |   | 31, 2006    |  
|Operating Activities                                           |   |                |   |   |             |   |   |             |  
|Loss for the period                                            | $ | (82,125        | ) | $ | (32,627     | ) | $ | (9,522      | )
|Changes in operating assets and liabilities:                   |   |                |   |   |             |   |   |             |  
|Prepaid expenses                                               |   | -              |   |   | -           |   |   | 1,708       |  
|Funds held in trust                                            |   | -              |   |   | 15,000      |   |   | -           |  
|Accounts payable                                               |   | -              |   |   | 270         |   |   | (2,573      | )
|Accrued liabilities                                            |   | 2,500          |   |   | (1,000      | ) |   | (2,500      | )
|                                                               |   | (79,625        | ) |   | (18,357     | ) |   | (12,887     | )
|                                                               |   |                |   |   |             |   |   |             |  
|Financing Activities                                           |   |                |   |   |             |   |   |             |  
|Advances from related
      party                              |   | 27,000         |   |   | -           |   |   | -           |  
|Issuance of capital stock                                      |   | 65,000         |   |   | 55,000      |   |   | -           |  
|                                                               |   | 92,000         |   |   | 55,000      |   |   | -           |  
|                                                               |   |                |   |   |             |   |   |             |  
|Foreign Currency Translation Adjustment                        |   | 1,433          |   |   | -           |   |   | (33         | )
|Net Increase in Cash and Cash Equivalents                      |   | 13,808         |   |   | 36,643      |   |   | (12,920     | )
|Cash and cash equivalents
      position  Beginning of period |   | -              |   |   | 18,038      |   |   | 26,728      |  
|Cash and Cash Equivalents Position  End of Period             | $ | 13,808         |   | $ | 54,681      |   | $ | 13,808      |  
|                                                               |   |                |   |   |             |   |   |             |  
|                                                               |   |                |   |   |             |   |   |             |  
|Supplemental Cash Flow Disclosure                              |   |                |   |   |             |   |   |             |  
|Cash paid for interest                                         | $ | -              |   | $ | -           |   | $ | -           |  
|Cash paid for income taxes                                     | $ | -              |   | $ | -           |   | $ | -           |  

- See Accompanying Notes -

---

|Electrum Mining Limited              
|-------------------------------------
|(An Exploration Stage Company)       
|Notes to Interim Financial Statements
|March 31, 2006                       
|Expressed in US Funds                
|Unaudited                            
|                                     
|                                     
|                                     

|1. | Organization and Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The Company is a Nevada corporation incorporated
        on August 4, 2004 and is based in Vancouver, British Columbia, Canada.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The Company is an exploration stage company
        that engages principally in the acquisition, exploration and development
        of mineral properties. During the prior fiscal period, the Company acquired
        a 100% interest in 20 mineral mining claims in the Dawson Mining Division
        of the Yukon Territories, Canada and has not yet determined whether this
        property contains reserves that are economically recoverable. To date,
        the Companys activities have been limited to its formation and the
        raising of equity capital and exploration activities.                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Going Concern and Liquidity Considerations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The accompanying unaudited interim financial
        statements have been prepared assuming that the Company will continue
        as a going concern, which contemplates, among other things, the realization
        of assets and satisfaction of liabilities in the normal course of business.
        For the six month period ended March 31, 2006, the Company had a loss
        of $9,522, a working capital deficit of $15,692, and an accumulated deficit
        of $82,125. The Company intends to fund operations through equity financing
        arrangements, which may be insufficient to fund its capital expenditures,
        working capital and other cash requirements for the year ending September
        30, 2006.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The ability of the Company to emerge from
        the exploration stage is dependent upon, among other things, obtaining
        additional financing to continue operations, explore and develop the mineral
        properties and the discovery, development and sale of ore reserves.                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | In response to these issues, management intends
        to raise additional funds through public or private placement offerings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | These factors, among others, raise substantial
        doubt about the Companys ability to continue as a going concern.
        The accompanying unaudited interim financial statements do not include
        any adjustments that might result from the outcome of this uncertainty.                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2. | Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

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|Electrum Mining Limited              
|-------------------------------------
|(An Exploration Stage Company)       
|Notes to Interim Financial Statements
|March 31, 2006                       
|Expressed in US Funds                
|Unaudited                            
|                                     
|                                     
|                                     

|2. | Significant Accounting Policies- Continued
|-- | ------------------------------------------
|   |                                           
|   | c)                                        
|   |                                           
|   |                                           
|   |                                           
|   | d)                                        
|   |                                           
|   |                                           
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|   | e)                                        
|   |                                           
|   |                                           
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|   | f)                                        
|   |                                           
|   |                                           
|   |                                           
|   |                                           

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|Electrum Mining Limited              
|-------------------------------------
|(An Exploration Stage Company)       
|Notes to Interim Financial Statements
|March 31, 2006                       
|Expressed in US Funds                
|Unaudited                            
|                                     
|                                     
|                                     

|2. | Significant Accounting Policies
        Continued
|-- | --------------------------------------------------
|   |                                                   
|   | g)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | h)                                                
|   |                                                   
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|   | i)                                                
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|   |                                                   
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|   | j)                                                
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|   |                                                   

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|Electrum Mining Limited              
|-------------------------------------
|(An Exploration Stage Company)       
|Notes to Interim Financial Statements
|March 31, 2006                       
|Expressed in US Funds                
|Unaudited                            
|                                     
|                                     
|                                     

|2. | Significant Accounting Policies
        Continued
|-- | --------------------------------------------------
|   |                                                   
|   | k)                                                
|   |                                                   
|   |                                                   
|   |                                                   
|   | l)                                                
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|   | m)                                                
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|   |                                                   
|   | n)                                                
|   |                                                   
|   |                                                   

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|Electrum Mining Limited              
|-------------------------------------
|(An Exploration Stage Company)       
|Notes to Interim Financial Statements
|March 31, 2006                       
|Expressed in US Funds                
|Unaudited                            
|                                     
|                                     
|                                     

|2. | Significant Accounting Policies Continued
|-- | ------------------------------------------

| | o) | Stock-Based Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | Effective January 1, 2006, the Company adopted the provisions
        of Statement of Financial Accounting Standards (SFAS) No.
        123(R), Share-Based Payment, which establishes accounting
        for equity instruments exchanged for employee services. Under the provisions
        of SFAS 123(R), stock-based compensation cost is measured at the grant
        date, based on the calculated fair value of the award, and is recognized
        as an expense over the employees requisite service period (generally
        the vesting period of the equity grant). Before January 1, 2006, the Company
        accounted for stock-based compensation to employees in accordance with
        Accounting Principles Board Opinion No. 25, Accounting for Stock
        Issued to Employees,and complied with the disclosure requirements
        of SFAS No. 123, Accounting for Stock-Based Compensation.
        The Company adopted FAS 123(R) using the modified prospective method,
        which requires the Company to record compensation expense over the vesting
        period for all awards granted after the date of adoption, and for the
        unvested portion of previously granted awards that remain outstanding
        at the date of adoption. Accordingly, financial statements for the periods
        prior to January 1, 2006 have not been restated to reflect the fair value
        method of expensing share-based compensation. Adoption of SFAS No. 123(R)
        does not change the way the Company accounts for share-based payments
        to non-employees, with guidance provided by SFAS 123 (as originally issued)
        and Emerging Issues Task Force Issue No. 96-18, Accounting for
        Equity Instruments That Are Issued to Other Than Employees for Acquiring,
        or in Conjunction with Selling, Goods or Services.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | p) | Comprehensive Income (Loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | SFAS No. 130, Reporting Comprehensive Income,
        establishes standards for reporting and display of comprehensive income
        and its components in a full set of general-purpose financial statements.
        For the six month period ended March 31, 2006, the only item included
        in comprehensive income is the foreign currency translation adjustment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

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|Electrum Mining Limited              
|-------------------------------------
|(An Exploration Stage Company)       
|Notes to Interim Financial Statements
|March 31, 2006                       
|Expressed in US Funds                
|Unaudited                            
|                                     
|                                     
|                                     

|3. | Mineral Property Costs                                                                                                                                                                                                                                                                                                                                                     
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                            
|   | By agreement dated September 30, 2004 with Xennex Development
        Corporation (Xennex), the Company acquired an option to earn
        a 100% interest in certain properties consisting of 20 unpatented mineral
        claims, known as the Blue and Bell property (the Property)
        located in the Dawson Mining Division of the Yukon Territories, Canada.
|   |                                                                                                                                                                                                                                                                                                                                                                            
|   | Upon execution of the agreement, Xennex transferred
        100% interest in the mineral claims to a director and officer of the Company
        in trust for the Company for CDN$50,000 to be paid, at the Companys
        option, as follows:                                                                                                                          

| |                                                                  |   | Cash Payments | 
| | ---------------------------------------------------------------- | - | ------------- | 
| |                                                                  |   | (Canadian     | 
| |                                                                  |   | dollars)      | 
| | Upon signing of the agreement and transfer
      of title (paid) | $ | 5,000         | 
| | On or before September 30, 2005 (paid)                           |   | 5,000         | 
| | On or before September 30, 2006                                  |   | 10,000        | 
| | On or before September 30, 2007                                  |   | 10,000        | 
| | On or before September 30, 2008                                  |   | 20,000        | 
| |                                                                  | $ | 50,000        | 

All cash payments shall be made within
  30 days of the due date, otherwise the mineral property rights will revert back
  to Xennex.

In addition, the Company must incur exploration
  expenditures in the amount of CDN$50,000 over five years after the execution
  of the agreement. Failure to fulfill the exploration expenditure requirement
  will result to the properties reverting back to Xennex. An equivalent cash payment
  may be made to Xennex instead of the work commitment.

During the six month period ended March
  31, 2006, the Company has spent $1,364 ($24,253 spent during the year ended
  September 30, 2005) in exploration costs consisting of a grid installation,
  conducting a magnetic survey, prospecting, and a selective soil-sampling program.

The Company is also responsible to maintain
  the mineral claims in good standing by paying all the necessary rents, taxes
  and filing fees associated with the Property. As of this period ended, the Company
  has currently met these obligations.

The Property is subject to a 3% Net Smelter
  Return (NSR). The NSR can be reduced to 1.5% upon payment to Xennex
  of CDN$1,000,000 at any time.

|   |              
|-- | -------------
|4. | Capital Stock
|   |              
|   | a)           
|   |              
|   |              
|   |              
|   | b)           
|   |              
|   |              
|   |              

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|Electrum Mining Limited              
|-------------------------------------
|(An Exploration Stage Company)       
|Notes to Interim Financial Statements
|March 31, 2006                       
|Expressed in US Funds                
|Unaudited                            
|                                     
|                                     
|                                     

|5. | Due to Related Party                                                                                                                                                                                                                                                                                             
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                  
|   | As of March 31, 2006, the Company was obligated to a
        director and a stockholder, for a non-interest bearing demand loan with
        a balance of $27,000 (2005 - $27,000).                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                  
|6. | New Accounting Pronouncements                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                  
|   | Recent accounting pronouncements that are listed below
        did and/or are not currently expected to have a material effect on the
        Companys financial statements.                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                  
|   | FASB Statements:
      Number 151, Inventory Costs  an amendment of ARB No. 43, Chapter
        4;FAS 153, Exchanges of Nonmonetary Assets;FAS 154, Accounting Changes and Error Corrections.FAS 155, Accounting for Certain Hybrid Financial Instruments.FAS 156, Accounting for Servicing of Financial Assets.
|   |                                                                                                                                                                                                                                                                                                                  

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ITEM 2. PLAN OF OPERATION

This report includes a number of
forward looking statements that reflect our current views with respect to future
events and financial performance. Forward looking statements are often
identified by words like: believe, expect, estimate, anticipate, intend, project
and similar expressions, or words which, by their nature, refer to future
events. You should not place undue certainty on these forward looking
statements, which apply only as of the date of this prospectus. These forward
looking statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from historical results or our
predictions.

The following discussion and
analysis should be read in conjunction with our financial statements and notes
thereto included elsewhere in this Form 10-QSB. Except for the historical
information contained herein, the discussion in this Form 10-QSB contains
certain forward-looking statements that involve risks and uncertainties, such as
statements of our plans, objectives, expectations and intentions. The cautionary
statements made in this Form 10-QSB should be read as being applicable to all
related forward-looking statements wherever they appear in this Form 10-QSB. The
Company's actual results could differ materially from those discussed here.

Plan of Operation

We are a start-up, exploration
stage corporation and have not yet generated or realized any revenues from our
business operations.

Our auditors have issued a going
concern opinion. This means that there is substantial doubt that we can continue
as an on-going business for the next twelve months unless we obtain additional
capital to pay for our expenses. This is because we have not generated any
revenues and no revenues are anticipated until we begin exploiting our mineral
properties. There is no assurance we will ever reach this point. Accordingly, we
must raise sufficient capital from sources other than the sale of minerals found
on the property. Our only other source for cash at this time is investments by
others. We must raise cash to implement our project and stay in business. We
raised $50,000 from our public offering. Under this offering we sold 2,500,000
shares at $0.02 per share to 44 shareholders, thus we have a total of 3,250,000
shares issued and outstanding to 47 shareholders (includes the 3 directors of
the company). We believe this, together with the loan from a director of
$27,000, will enable us to fund our activities for the next twelve months
providing the company does not do any further exploration work on its property.
As of March 31, 2006 we have cash on hand of $13,808.

We have used the above-mentioned
funds to explore our resource property located at Squaw Creek, a tributary of
Clear Creek, in the central Yukon Territories, Canada. We do not intend to
acquire or dispose of any plant or significant equipment during the next twelve
months.

Our exploration target is to find
an ore body containing gold. Our success depends upon finding mineralized
material. This includes a determination by our geological consultant if the
property contains reserves.

Electrum retained Aurora
Geosciences Ltd., of Whitehorse, Yukon to perform exploration work on the
property in 2005. Aurora has done work in the immediate area in previous years
and is knowledgeable about local conditions.

Mineralized material is a
mineralized body, which has been delineated by appropriate spaced drilling or
underground sampling to support sufficient tonnage and average grade of metals
to justify removal. If we cannot find or remove mineralized material, either
because of financial limitations or because of economic infeasibility of the
minerals, we will cease operations and you may lose your investment.

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The initial offering produced
sufficient funds to pay for the 2005 exploration program and administration
costs for the next 12 months. However, if the Company requires additional funds,
we will try to raise additional funds from a second public offering, a private
placement, and/or loans.

We must conduct exploration to
determine what amount of minerals, if any, exist on our property and if any
minerals, which are found, can be economically extracted and profitably
processed.

The property is undeveloped raw
land.

The work program started July 9,
2005 and was finished on July 23, 2005. The crew did not find any visible
mineralization worthy of an early report. The geochemical samples were sent to
ACME labs in Vancouver B.C. A technical report has been received and is being
evaluated. The work program ended up costing $24,932 CDN (approx. $20,018 USD).

To our knowledge, the property
has never been mined. The only event previous to our exploration program that
has occurred is the staking of the property at the direction of Mr. Robert S.
Adamson and a property examination and report by Professional Engineer Robert F.
McIntyre.

Before minerals retrieval can
begin, we must explore for and find mineralized material. After that has
occurred we have to determine if it is economically feasible to remove the
mineralized material. Economically feasible means that the costs associated with
the removal of the mineralized material will not exceed the price at which we
can sell the mineralized material. We cant predict what that will be until we
find mineralized material.

We do not know if we will find
mineralized material. We believe that activities occurring on adjoining
properties do not have any effect on our activities. The reason is that what
ever is located under adjoining property may or may not be located under our
property.

We do not claim to have any
minerals or reserves at this time on any of the properties.

The exploration program for 2005
consists of establishing a grid and taking soil samples at regular intervals. A
magnetic survey was done to try and locate mineralization, which is not evident
on surface. Geochemical sampling will be concentrated in the areas of
mineralization identified by the magnetic survey. The soil samples will be
analyzed to determine if elevated amounts of minerals are present. The results
will be plotted on a map to determine where the elevated areas of mineralization
occur. Competent professionals will do rock samples and geological mapping and
prospecting. Based upon the results of the exploration Mr. Scheving, president
will determine, in consultation with our consultants, if the property is to be
dropped or further exploration work is to be done. Mr. Scheving will not receive
fees for his services.

The proceeds from our public
offering were designed only to fund the costs of an exploration program
recommended by Professional Engineer Mr. Robert McIntyre. Additional funding
will be required to take the property to a more advanced stage of exploration.
We intend to take our samples to analytical chemists, geochemists, and
registered assayers in Vancouver, British Columbia.

We do not intend to interest
other companies in the property if we find mineralized materials. We intend to
explore the reserves ourselves through the use of consultants.

If we are unable to complete any
phase of exploration because of financial difficulty, we will cease operations
until we raise more money.

We do not intend to hire
additional employees at this time. Unaffiliated independent consultants that we
will hire will conduct all of the work on the property. The independent
consultants will be responsible for surveying, geology, engineering,
exploration, and excavation. The geologists will evaluate the information

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derived from the exploration and excavation and the engineers
will advise us on the economic feasibility of removing the mineralized
material.

Limited Operating History; Need for Additional Capital

There is no historical financial
information about us upon which to base an evaluation of our performance. We are
an exploration stage corporation and have not generated any revenues from
operations. We cannot guarantee we will be successful in our business
operations. Our business is subject to risks inherent in the establishment of a
new business enterprise, including limited capital resources, possible delays in
the exploration of our properties, and possible cost overruns due to price and
cost increases in services.

To become profitable and
competitive, we will conduct into the research and exploration of our properties
before we start production of any minerals we may find. We believe that the
funds raised from our public offering will allow us to operate for at least one
year.

We have no assurance that future
financing will be available to us on acceptable terms. If financing is not
available on satisfactory terms, we may be unable to continue, develop or expand
our operations. Equity financing could result in additional dilution to existing
shareholders.

Liquidity and Capital Resources

To meet our need for cash we
raised $50,000 from our public offering. We cannot guarantee that we have raised
enough money through the public offering to stay in business. The money we have
raised will be applied to the items set forth in the Use of Proceeds section of
the SB-2 filed with the SEC. If we find mineralized material and it is
economically feasible to remove the mineralized material, we will attempt to
raise additional money through a subsequent private placement, public offering,
and/or through debt financing.

We have discussed this matter
with our officers and directors and Mr. Dedemus has agreed to advance funds as
needed and has agreed to pay the cost of reclamation of the property should
mineralized material not be found thereon. Mr. Dedemus has advanced $27,000 to
date. At the present time, we have not made any arrangements to raise additional
cash, other than through our public offering. If we need additional cash and
cannot raise it, we will either have to suspend operations until we do raise the
cash, or cease operations entirely. The funds raised in our public offering,
together with the loans advanced, will allow the company to operate for a
minimum of one year. Other than as described in this paragraph, we have no other
financing plans.

We acquired one property
containing 20 mineral claims on September 30, 2004. The exploration work program
began on July 9, 2005 and was finished on July 23, 2005. No visible
mineralization worthy of comment was discovered. Approximately 200 geochemical
samples have been sent to ACME Laboratories in Vancouver for analysis.

Since inception, we have issued
3,250,000 shares of our common stock and received $65,000.

We received a $27,000 loan from
Mr. Dedemus, one of our directors.

As of the date of this filing, we
have yet to begin operations and therefore have not generated any revenues.

Since inception of the Company on
August 4, 2004 to March 31, 2006, the Company has issued 3,250,000 common shares
at $0.02 per share for total proceeds of $65,000. This was accounted for as an
acquisition of shares. Lloyd Dedemus covered our initial expenses of $15,000 for
incorporation and legal

---

fees and $12,000 for a payment on the mineral property and
working capital. The amount owed to Mr. Dedemus is non-interest bearing,
unsecured and due on demand. Further the agreement with Mr. Dedemus is oral and
there is no written document evidencing the agreement.

As of March 31, 2006, our total
assets were $13,808 and our total liabilities were $29,500.

Application of Critical Accounting Policies

Our financial statements have
been prepared on a going concern basis. We have accumulated a deficit of $82,125
from inception (August 4, 2004) to March 31, 2006. Our ability to continue as a
going concern is dependent upon our ability to generate profitable operations in
the future and/or to obtain the necessary financing to meet our obligations and
repay our liabilities arising from normal business operations when they come
due. The outcome of these matters cannot be predicted with any certainty at this
time. We have historically satisfied our working capital needs primarily by
sales of securities and a loans payable from an officer of the company. At March
31, 2006, we had a working capital deficit of $15,692. These financial
statements do not include any adjustments to the amount and classification of
assets and liabilities that may be necessary should we be unable to continue as
a going concern.

ITEM 3. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Douglas W. Scheving, our Chief
Executive Officer and Chief Financial Officer has evaluated the effectiveness of
our disclosure controls and procedures (as such term is defined in Rules 13a-15
and 15d-15 under the Securities Exchange Act of 1934, as amended (the Exchange
Act)) as of the end of the period covered by this quarterly report (the
Evaluation Date). Based on such evaluation, he has concluded that, as of the
Evaluation Date, our disclosure controls and procedures are effective in
alerting us on a timely basis to material information required to be included in
our reports filed or submitted under the Exchange Act.

Changes in Internal Controls

There were no significant changes
in our internal controls or, to the Company's knowledge, in other factors that
could significantly affect the Company's disclosure controls and procedures
subsequent to the date the Company carried out this evaluation.

PART II - OTHER INFORMATION

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.

On December 13, 2004, our public
offering was declared effective by the SEC (SEC file no. 333-120788). We have
raised $50,000 by selling 2,500,000 shares of our common stock at $0.02 per
share, to 44 shareholders. This offering was closed by the Company on March 16,
2005. There was no underwriter involved in our public offering.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

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|(a) | The following Exhibits are attached
  hereto:
|--- | ---------------------------------------------

|Exhibit | Document Description                                                                                                                                                                                                  
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|No.     |                                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                       
|31.1    | Certification
        of Principal Executive Officer and Principal Financial Officer pursuant
        to Rule 13a-15(a) and Rule 15d-15(a), promulgated under the Securities
        Exchange Act of 1934, as amended.
|        |                                                                                                                                                                                                                       
|32.1    | 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.                

|(b) | Reports on Form 8-K                                                                             
|--- | ------------------------------------------------------------------------------------------------
|    |                                                                                                 
|    | The Company filed no reports on Form 8-K during the
      six-month period ended March 31, 2006.

SIGNATURES

In accordance with the
requirements of the Exchange Act, the registrant caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized on this _____th day
of May, 2006.

| |     | **ELECTRUM MINING
      LIMITED**              
| | --- | -----------------------------------------------
| |     | (Registrant)                                   
| |     |                                                
| | BY: | /s/
      Douglas W. Scheving                  
| |     | Douglas W. Scheving                            
| |     | President, Chief Executive
      Officer, Chief
| |     | Financial Officer, and member of the Board of  
| |     | Directors                                      

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