FORM 6-K


                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                            Report of Foreign Issuer
                      Pursuant to Rule 13a-16 or 15d-16 of
                      the Securities Exchange Act of 1934



For the month of: May, 2005

                        Commission File Number: 0-25672


                           MIRAMAR MINING CORPORATION
                 (Translation of registrant's name into English)

                          #300 - 889 Harbourside Drive
                       North Vancouver, British Columbia
                                Canada V7P 3S1(
                    Address of principal executive offices)


Indicate by check mark whether the registrant  files or will file annual reports
under cover Form 20-F or Form 40-F

             Form 20-F [_]                    Form 40-F  [X]


Indicate by check mark if the  registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ___

Indicate by check mark if the  registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ___

Indicate by check mark whether by furnishing the  information  contained in this
Form,  the  registrant  is  also  thereby  furnishing  the  information  to  the
Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.

                    Yes  ___              No   ___





                                   SIGNATURE


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                        MIRAMAR MINING CORPORATION
                                        (Registrant)


                                        By:  /s/ A. David Long
                                             A. David Long, Corporate Secretary

Dated:  June 14, 2005






[LOGO]                   MIRAMAR MINING CORPORATION

         300-889 Harbourside Drive, North Vancouver, B.C. V7P 3S1 Canada
        Tel: (604) 985-2572 Fax: (604) 980-0731 Toll Free: 1-800-663-8780

--------------------------------------------------------------------------------

May 12, 2006               NEWS RELEASE 06-07                        MAE - TSE
--------------------------------------------------------------------------------
                                                                     MNG-AMEX


            MIRAMAR REPORTS FINANCIAL RESULTS FOR FIRST QUARTER 2006
     STRONG WORKING CAPITAL AT THE END OF THE FIRST QUARTER OF $61.1 MILLION


VANCOUVER -- Miramar Mining  Corporation  today announced its financial  results
for the first quarter ended March 31, 2006. For the three months ended March 31,
2006, the Company reported a consolidated net loss of $2.1 million and ended the
quarter with consolidated working capital of $61.1 million.

During the  quarter  Miramar  continued  towards  its  objective  of building an
intermediate gold production  profile through the sequential  development of the
Hope Bay  greenstone  belt in Nunavut.  During the quarter,  the Nunavut  Impact
Review Board announced their positive recommendation of the Doris North project.
Miramar also  announced  plans to spend $30 million on Hope Bay over the year to
complete feasibility and preliminary  assessments to determine the next phase of
production after the proposed Doris North Mine. During the quarter, Miramar also
announced an increase in 2005  resources over 2004 of 2.67 million  ounces.  The
Hope Bay project now contains an estimated 3.5 million  ounces of indicated gold
resources and a further 5.5 million ounces of inferred gold resources.

FINANCIAL RESULTS

A consolidated net loss of $2.1 million or $0.01 per share compared to a loss of
$1.1 million or $0.01 per share for the same period in 2005.  The increased loss
in  the  first  quarter  of  2006  resulted  from  an  increase  in  stock-based
compensation  which was  partially  offset by increased  income from the sale of
other  assets.  Stock-based  compensation  increased  primarily  due to a higher
estimated  fair value of the options  granted or vested in the period.  At March
31, 2006 Miramar had  consolidated  working capital of $61.1 million compared to
$64.3 million at December 31, 2005. In addition to working  capital at March 31,
2006,  Miramar had $15.0  million in cash  collateral  deposits for  reclamation
bonds. Please see the attached financials and Managements  Discussion & Analysis
for details or retrieve them from the Miramar website at www.miramarmining.com.

2006 WORK PROGRAM

Miramar plans to spend approximately $30 million at Hope Bay in 2006. The
objectives being pursued this year are:

     a)   to complete a feasibility study that defines development of operations
          that could produce 250,000 - 300,000 ounces per year by  incorporating
          material  from  Doris  Central  and the upper  portions  of Madrid and
          Boston (Phase Two); and

     b)   to complete  initial  drilling and studies to investigate  whether the
          northern  most part of the Madrid  system can  support a larger  scale
          open pit operation  potentially producing 500,000 - 750,000 ounces per
          year,  also  incorporating  high  grade feed from the Doris and Boston
          deposits (Large Pit Concept).

The Company will  evaluate both options and will pursue the option that provides
the best return to the shareholders.

The 2006 program is based in part on a new  exploration  model for Hope Bay that
focuses on the geological similarities including regional faults, alteration and
mineralization  with  the  Timmins  and  Larder  Lake  areas  in  Ontario;  both
greenstone  belts with prolific gold production over the last century.  The bulk
of the program will





be directed towards resource drilling in the Madrid area with lesser drilling at
the Boston and Doris deposits. For details on the 2006 drilling program,  please
refer to the news  release  dated  April 6,  2006 on the  Company's  website  at
www.miramarmining.com.


QUALITY ASSURANCE

The technical  information  in this news release has been prepared in accordance
with Canadian  regulatory  requirements as set out in National Instrument 43-101
and reviewed by John Wakeford,  P. Geo. Vice President,  Exploration for Miramar
Mining  Corporation and the qualified  person for the company in accordance with
NI 42-101. The analytical method for the gold analyses is gravimetric assay done
by TSL  Laboratories  in Saskatoon,  with metallic screen assays for all samples
assaying  over 20 g/t gold.  Check  assays are  completed by ALS Chemex in North
Vancouver.


FORWARD LOOKING STATEMENTS

This press release and the attached financial disclosure contain forward-looking
statements within the meaning of the United States Private Securities Litigation
Reform  Act of  1995  including,  without  limitation,  statements  relating  to
Miramar's  strategies,  goals and  objectives  at the Hope Bay  project  and the
expected results of exploration work.  Forward looking statements are statements
that are not  historical  facts and are generally but not always,  identified by
words  such  as  "expects,"  "plans,"   "anticipates,   "believes,"   "intends,"
"estimates,"   "projects,"  "potential,"  "goal,"  "objective,"  "strategy,"  or
variations  thereof  or  similar   expressions  or  statements  that  events  or
conditions "will," "would," "may," "could," or "should" occur.

Forward-looking  statements are subject to a variety of risks and  uncertainties
which  could  cause  actual  events or results to differ  materially  from those
reflected in the  forward-looking  statements,  including,  without  limitation,
risks related to fluctuations in gold prices;  uncertainties  related to raising
sufficient  financing  in a timely  manner and on  acceptable  terms to fund the
planned  work;  changes in planned  work  resulting  from  weather,  logistical,
technical  or other  factors;  the  possibility  that  results  of work will not
fulfill  expectations  and  realize the  perceived  potential  of the  Company's
properties,  and  that  commercially  viable  deposits  may  not be  identified;
uncertainties involved in the interpretation of drilling results and other tests
and the estimation of gold reserves and resources; the possibility that required
permits may not be obtained on a timely manner or at all; the  possibility  that
capital and  operating  costs may be higher  than  currently  estimated  and may
preclude commercial development or render operations uneconomic; the possibility
that the  estimated  recovery  rates  may not be  achieved;  risk of  accidents,
equipment breakdowns and labour disputes or other unanticipated  difficulties or
interruptions;  the  possibility of cost overruns or  unanticipated  expenses in
work  programs or mine  closures;  the risk of  environmental  contamination  or
damage  resulting from Miramar's  operations and other risks and  uncertainties,
including those described in this press release and the attached  disclosure and
in the Miramar's Annual Report on Form 40-F for the year ended December 31, 2004
and  Reports  on Form 6-K filed with the  Securities  and  Exchange  Commission.
Forward-looking  statements are based on the beliefs,  estimates and opinions of
Miramar's  management on the date the statements are made. Miramar undertakes no
obligation to update these  forward-looking  statements if management's beliefs,
estimates or opinions, or other factors, should change.

This news release has been  authorized by the  undersigned  on behalf of Miramar
Mining Corporation


                        For further information contact:
                                   Tony Walsh
                                 President & CEO
                           Miramar Mining Corporation
                     Tel: (604) 985-2572 Fax: (604) 980-0731
                            Toll Free: 1-800-663-8780
                          Email: info@miramarmining.com










                     CONSOLIDATED FINANCIAL STATEMENTS
                     (EXPRESSED IN CANADIAN DOLLARS)



                     MIRAMAR  MINING  CORPORATION



                     PERIODS ENDED MARCH 31, 2006 AND 2005






FINAL MAY 12, 2006                                                            1




MIRAMAR MINING CORPORATION
Consolidated Balance Sheets
(Expressed in thousands of Canadian dollars)

March 31, 2006 and December 31, 2005



--------------------------------------------------------------------------------------------------
                                                                     March 31,        December 31,
                                                                       2006               2005
                                                                    (unaudited)
--------------------------------------------------------------------------------------------------
                                                                                
Assets

Current assets:
        Cash and cash equivalents                                  $  39,685          $  48,723
        Short term investments                                        27,126             20,000
        Accounts receivables                                           1,314              1,135
        Inventory                                                      5,019              4,782
        Prepaid expenses                                                 995               355
        ------------------------------------------------------------------------------------------
                                                                      74,139             74,995

Power credits                                                          1,460              1,557

Property, plant and equipment (note 3)                                 5,663              5,569

Mineral properties (note 4)                                          177,748            170,817

Cash collateral deposits                                              14,984             14,980

Investment in Northern Orion Explorations Ltd.                         8,505              8,505

Other assets                                                           1,296              1,574
--------------------------------------------------------------------------------------------------
                                                                   $ 283,795          $ 277,997
--------------------------------------------------------------------------------------------------
Liabilities and Shareholders' Equity

Current liabilities
        Accounts payable and accrued liabilities                   $   6,952              4,748
        Current portion of site reclamation and closure
              costs (note 5)                                           6,100              5,947
        ------------------------------------------------------------------------------------------
                                                                      13,052             10,695

Deferred gain                                                          1,460              1,557

Provision for site reclamation and closure costs (note 5)             13,407             14,536

Future income tax liability                                           29,310             22,801
--------------------------------------------------------------------------------------------------
                                                                      57,229             49,589

Shareholders' deficiency:
        Share capital (note 6)                                       431,334            433,990
        Contributed surplus                                            9,785              6,846
        Deficit                                                     (214,553)          (212,428)
        ------------------------------------------------------------------------------------------
                                                                     226,566            228,408
--------------------------------------------------------------------------------------------------
                                                                   $ 283,795          $ 277,997
--------------------------------------------------------------------------------------------------



See accompanying notes to consolidated financial statements.




FINAL MAY 12, 2006                                                            2





MIRAMAR MINING CORPORATION
Consolidated Statements of Operations and Deficit
(Expressed in thousands of Canadian dollars except for per share amounts)

For the three months ended March 31, 2006 and 2005



----------------------------------------------------------------------------------------------------
                                                                         2006                 2005
                                                                  (unaudited)           (unaudited)
----------------------------------------------------------------------------------------------------
                                                                                 
Revenue:
        Interest                                                  $     697            $      181
        Other income                                                  1,531                   818
        --------------------------------------------------------------------------------------------
                                                                      2,228                   999
Expenses:
        Depreciation, depletion and accretion                           135                   358
        General and administration                                      542                   431
        Salaries                                                        433                   315
        Professional services                                           228                    50
        Investor relations                                               32                    95
        Interest                                                        118                   105
        Stock-based compensation                                      2,469                   875
        Foreign exchange                                                 40                    --
        Severances and closure                                          720                    --
        --------------------------------------------------------------------------------------------
                                                                      4,717                 2,229
----------------------------------------------------------------------------------------------------
Loss before undernoted                                               (2,489)               (1,230)

Equity loss                                                              --                  (185)
----------------------------------------------------------------------------------------------------
Loss before income taxes                                             (2,489)               (1,415)

Income tax recovery (expense):
        Current                                                         (70)                   58
        Future                                                          434                   220
        --------------------------------------------------------------------------------------------
                                                                        364                   278
----------------------------------------------------------------------------------------------------
Loss for the period                                                  (2,125)               (1,137)

Deficit, beginning of the period                                   (212,428)             (201,437)
----------------------------------------------------------------------------------------------------
Deficit, end of the period                                        $(214,553)           $ (202,574)
----------------------------------------------------------------------------------------------------
Basic and diluted loss per share                                  $   (0.01)           $    (0.01)

Weighted average number of common shares outstanding            187,024,599           159,774,830
----------------------------------------------------------------------------------------------------



See accompanying notes to consolidated financial statements.


FINAL MAY 12, 2006                                                            3






MIRAMAR MINING CORPORATION
Consolidated Statements of Cash Flows
(Expressed in thousands of Canadian dollars)

For the three months ended March 31, 2006 and 2005




-----------------------------------------------------------------------------------------------------------
                                                                                   2006               2005
                                                                            (unaudited)        (unaudited)
-----------------------------------------------------------------------------------------------------------
                                                                                          
Operations:
       Loss for the year                                                    $   (2,125)         $  (1,137)
       Items not involving cash:
           Depreciation, depletion and accretion                                   135                358
           Gain on sale of other assets                                          1,531                 --
           Write-down of assets                                                     --                126
           Equity loss                                                              --                185
           Stock-based compensation                                              2,469                875
           Future income taxes                                                    (434)              (220)
       Changes in non-cash working capital:
           Accounts receivable                                                    (179)               622
           Inventory                                                              (237)                53
           Prepaid expenses                                                       (640)              (972)
           Accounts payable and accrued liabilities                              2,204             (2,088)
       Payments made on site reclamation                                        (1,066)            (2,534)
       ---------------------------------------------------------------------------------------------------
                                                                                (1,404)            (4,732)

Investments:
       Expenditures on plant, equipment and deferred exploration                (4,186)            (2,924)
       Purchase of securities                                                       --                (50)
       Proceeds on sale of assets                                                1,808             10,077
       Purchase of collateral deposits, net                                         (4)                 -
       Purchase of short-term investments                                       (7,126)                 -
       ---------------------------------------------------------------------------------------------------
                                                                                (9,508)             7,103

Financing:
       Issue of common shares for cash                                           1,874                (12)
----------------------------------------------------------------------------------------------------------
                                                                                 1,874                (12)
----------------------------------------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents                                (9,038)             2,359

Cash and cash equivalents, beginning of the period                              48,723             30,215
----------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of the period                                $   39,685          $  32,574
----------------------------------------------------------------------------------------------------------
Supplementary information:
  Income taxes paid                                                         $       70          $     113
  Non-cash investing and financing activities:

      Fair value of stock options allocated to shares issued on exercise           762                 --
      Stock-based compensation included in deferred exploration                  1,232                615
      Recognition of future income tax liabilities to mineral properties         1,651                 --
----------------------------------------------------------------------------------------------------------



See accompanying notes to consolidated financial statements.


FINAL MAY 12, 2006                                                            4





MIRAMAR MINING CORPORATION
Notes to Consolidated Financial Statements (unaudited)
(Tabular dollar amounts expressed in thousands of Canadian dollars)

For the three months ended March 31, 2006 and 2005
--------------------------------------------------------------------------------


1.   Interim Financial Statements:

     These unaudited interim consolidated financial statements of Miramar Mining
     Corporation  (the  "Company")  have been  prepared in  accordance  with the
     accounting   principles  and  methods  of  application   disclosed  in  the
     consolidated  financial  statements  for the year ended  December 31, 2005.
     These interim  consolidated  financial  statements as at March 31, 2006 and
     for the three months ended March 31, 2006 and 2005 are  unaudited;  however
     they  reflect all  adjustments  necessary  for a fair  presentation  of the
     results  for the  interim  periods  presented.  Certain of the  comparative
     figures  have  been   reclassified   to  conform  to  the  current   period
     presentation.

     These  financial  statements  do not  include all  disclosures  required by
     Canadian  generally  accepted  accounting  principles for annual  financial
     statements and accordingly the consolidated  financial statements should be
     read in conjunction  with the consolidated  financial  statements and notes
     thereto  contained  in the  Company's  annual  report  for the  year  ended
     December 31, 2005.


2.   Related parties:

     The  Company  holds 8.3% of Maximus  Ventures  Ltd  ("Maximus"),  a company
     related by virtue of common  directors.  The Company supplied services on a
     cost recovery basis to Maximus  totalling $nil (2005-  $28,493)  during the
     first quarter ended March 31, 2006.  Transactions  with related parties are
     recorded  at their  exchange  amount  which is the amount of  consideration
     received as established and agreed to by the Company and Maximus.


3.   Property, plant and equipment:


      ----------------------------------------------------------------------------------------------
                                                                           2006               2005
      ----------------------------------------------------------------------------------------------
                                                     Accumulated
                                                    depreciation         Net book          Net book
                                          Cost     and depletion            value             value
      ----------------------------------------------------------------------------------------------
                                                                             
      Mine plant and equipment     $   118,008      $    115,897        $   2,105        $   2,105
      Exploration equipment              2,060               446            1,614            1,614
      Construction in progress           1,290                --            1,290            1,217
      Computer equipment                 1,370               781              589              505
      Leasehold and office                 537               411              126              128
      ----------------------------------------------------------------------------------------------
      Total                        $   123,425      $    117,763        $   5,663        $    5,569
      ----------------------------------------------------------------------------------------------




FINAL MAY 12, 2006                                                            5





MIRAMAR MINING CORPORATION
Notes to Consolidated Financial Statements (unaudited)
(Tabular dollar amounts expressed in thousands of Canadian dollars)

For the three months ended March 31, 2006
--------------------------------------------------------------------------------

4.   Mineral properties:

     The following is a summary of exploration and development costs incurred to
     March 31, 2006 and 2005:


     ------------------------------------------------------------------------------------
                                                             Three months ended March 31
                                                       ----------------------------------
                                                                  2006              2005
                                                              Hope Bay      Hope Bay and
                                                                              Back River
     ------------------------------------------------------------------------------------
                                                                       
     Balance, beginning of the period                      $  170,817        $  160,003

     Additions:
        Drilling                                                  731               469
        Sample analysis                                            25                22
        Personnel and contracts                                   747               547
        Stock-based compensation                                1,232               615
        Supplies and equipment                                    173               202
        Other exploration costs                                   345               211
        Title and claim management                                 10               290
        Transportation and freight                                778               414
        Camp and infrastructure                                   267               192
        Environmental and permitting                              575               391
        Feasibility and studies                                   396               105
        Future income taxes on the above                        1,651                --
     ------------------------------------------------------------------------------------
                                                                6,931             3,458

     Disposition of mineral property                               --            (8,424)
     ------------------------------------------------------------------------------------
     Balance, end of the period                            $  177,748         $ 155,037
     ------------------------------------------------------------------------------------



5.   Site reclamation and closure:

     The following is a reconciliation  of the changes in the provision for site
     reclamation and closure during the period:

        ------------------------------------------------------------------
        Balance, beginning of period                            $ 20,483
        Site closure and reclamation costs incurred               (1,066)
        Accretion expense                                             90
        ------------------------------------------------------------------
        Balance, end of the period                              $ 19,507
        ------------------------------------------------------------------
        Allocated between:
            Current portion                                     $  6,100
            Non-current portion                                   13,407
        ------------------------------------------------------------------
                                                                $ 19,507
        ------------------------------------------------------------------


FINAL MAY 12, 2006                                                            6



MIRAMAR MINING CORPORATION
Notes to Consolidated Financial Statements (unaudited)
(Tabular dollar amounts expressed in thousands of Canadian dollars)

For the three months ended March 31, 2006
-------------------------------------------------------------------------------

6.   Share capital:

     (a)  Authorized:

          500,000,000 common shares without par value

     (b)  Issued:


         -------------------------------------------------------------------------------------------
                                                                             Common shares
                                                                 -----------------------------------
                                                                        Number
                                                                     of shares               Amount
         -------------------------------------------------------------------------------------------
                                                                                   
         Balance, December 31, 2005                               186,301,430            $  433,990
         Issued:
             Future income tax effect of flow through shares               --                (5,292)
             On exercise of warrants                                  128,100                   263
             On exercise of stock options                           1,110,221                 2,373
         -------------------------------------------------------------------------------------------
         Balance March 31, 2006                                   187,539,751            $  431,334
         -------------------------------------------------------------------------------------------



     (c)  Stock options:

          At March 31,  2006,  the  Company  had stock  options  outstanding  as
          follows:

          -------------------------------------------------------------------
                                                                      Average
                                                         Share       exercise
                                                       options          price
          -------------------------------------------------------------------
          Outstanding December 31, 2005             7,449,684       $   1.87
          Granted                                   2,896,842           2.76
          Exercised                                (1,110,221)          1.45
          Forfeited or expired                        (12,000)          1.00
          -------------------------------------------------------------------
          Outstanding March 31, 2006                9,224,305       $   2.20
          -------------------------------------------------------------------

          The  stock-based  compensation  costs  reflected  in the  consolidated
          financial  statements  were estimated using the  Black-Scholes  option
          pricing  model with the  following  weighted  average  assumptions:  a
          risk-free  interest rate of 3.87%, a dividend yield of 0%, an expected
          volatility  of 60% and expected  lives of stock  options of 5.0 years.
          The weighted average fair value of options granted in 2006 was $1.51.

          As at March 31, 2006,  8,256,305  options were fully vested and expire
          as follows:

          --------------------------------------------------------------------
          Year                                   Number        Exercise price
          --------------------------------------------------------------------
          2006                                 955,421          $     1.19
          2007                                 349,000                1.22
          2008                               1,021,676                1.96
          2009                               1,891,160                2.87
          2010                               1,600,706                1.30
          2011                               2,438,342                2.80
          --------------------------------------------------------------------


FINAL MAY 12, 2006                                                            7




MIRAMAR MINING CORPORATION
Notes to Consolidated Financial Statements (unaudited)
(Tabular dollar amounts expressed in thousands of Canadian dollars)

For the three months ended March 31, 2006

-------------------------------------------------------------------------------

6.   Share capital (continued):

     (d)  Warrants and brokers compensation options:

          At March 31, 2006, the Company had warrants and brokers'  compensation
          options outstanding and exercisable as follows:

          ---------------------------------------------------------------------
                                                                       Average
                                                      Warrants and     exercise
                                                           options       price
          ---------------------------------------------------------------------
          Outstanding December 31, 2005                 18,866,000     $  2.74
          Granted                                               --          --
          Exercised                                       (128,100)       2.05
          ---------------------------------------------------------------------
          Outstanding March 31, 2006                    18,737,900     $  2.74
          ---------------------------------------------------------------------


7.   Financial instruments:

     The fair  value of other  assets  and the fair  value  based on the  quoted
     market value of the investment in Sherwood Copper Corporation  ("Sherwood")
     at March 31, 2006 are as follows:

     -------------------------------------------------------------------------
                                                      Carrying     Fair value
                                                         value
     -------------------------------------------------------------------------
     Investment in Sherwood                          $      --     $    8,969
     Other investments                                      37          1,541
     -------------------------------------------------------------------------


FINAL MAY 12, 2006                                                            8






MIRAMAR MINING CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS



This  Management's  Discussion and Analysis ("MD&A") provides an analysis of the
financial  results of Miramar Mining  Corporation  (the "Company") for the three
months  ended  March 31,  2006 and  compares  them  with the same  period in the
previous  year.  In order to better  understand  the MD&A,  it should be read in
conjunction with the annual consolidated financial statements and related notes.
The Company's  consolidated financial statements are prepared in accordance with
Canadian  generally  accepted  accounting  principles  ("GAAP") and expressed in
thousands of Canadian dollars,  except per share amounts.  This MD&A is dated as
of May 12,  2006.  All amounts are  expressed  in  Canadian  dollars,  except as
otherwise indicated.


OVERVIEW
The Company's  mining and  exploration  assets are primarily  gold assets in the
Canadian  Arctic.   The  Company  has  developed   considerable   experience  in
operations,  exploration  and logistics in the Canadian Arctic where the Company
has  focused  its  activities  for more than ten  years.  In 2004,  the  Company
determined that gold production was no longer economically viable at its Con and
Giant mines in  Yellowknife,  Northwest  Territories  and  terminated all mining
activities. Since then, the Company's business is focused on the exploration and
development  of the Hope Bay  gold  mineral  project  in  Nunavut.  The Hope Bay
project is 100% owned by the Company,  extends over 1,000 square  kilometers and
the  Company  believes  the  property   encompasses  one  the  most  prospective
undeveloped   greenstone  belts  in  Canada.  The  belt  contains  a  number  of
significant gold deposits including the Doris North Project which is anticipated
to become the first new gold mine in Nunavut.

The Company's goal is to become an intermediate gold producer through the phased
development of the Hope Bay gold project as follows:

      Phase  1:     Short-term:  Development of a small scale,  high return gold
                    mine at Doris North to commence  production as expeditiously
                    as possible,  with the objective of  generating  significant
                    cash flow, after capital payback,  to advance the subsequent
                    phases  while  minimizing  equity  dilution.  Doris North is
                    anticipated  to produce  155,000 ounces of gold per year for
                    two years.

      Phase  2:     Medium-term:  To  extend  and  expand  potential  production
                    levels by developing  the higher grade,  readily  accessible
                    upper  portions  of the  Boston,  Doris  Central  and Madrid
                    deposits,  with a target  production  level of approximately
                    250,000  to  300,000  ounces of gold per  annum,  generating
                    sufficient cash flow to advance to phase three.


5/16/2006                                                                     1




      Phase  3:     Longer-term:  To further expand  potential  gold  production
                    levels by exploiting the very large Madrid deposit,  and the
                    remainder of the Boston and Doris  deposits,  to a sustained
                    level in the range of 350,000 to 400,000  ounces of gold per
                    annum.

To achieve these objectives,  the Company needs to successfully complete,  among
other things,  the current  permitting  process for the Doris North project on a
timely basis and on acceptable  terms,  make a production  decision,  complete a
positive feasibility study in 2006 for the Phase 2 expansion, complete financing
for mine  construction,  successfully  construct and place into  production  the
Doris North deposit,  complete  development and permitting of the Boston,  Doris
and Madrid deposits and, if necessary,  identify additional resources.  Phases 2
and 3 are  based on  conceptual  plans  which  depend on  future  positive  mine
engineering and  geological,  economic and mine  engineering  studies as well as
permitting and regulatory approval.

Internal  studies have indicated that there may be  opportunities  for large pit
concept in the Madrid area within the Hope Bay Project than  contemplated in the
current  phased plan and work in 2006 will include  examining  the  viability of
this larger scale operation.

In parallel with these development oriented  activities,  the Company intends to
continue its  exploration  efforts at Hope Bay with the objective of discovering
new  deposits  which could  contribute  to a sustained  intermediate  production
profile,  while also conducting grassroots  exploration alone and in cooperation
with strategic partners to identify longer term opportunities.


First Quarter Highlights

     o    Hope Bay exploration  and development  programs for 2006 were approved
          and total  approximately  $29 million  with the  objective to complete
          approximately  55,000  meters of  drilling  to  continue to expand and
          extend existing deposits and to explore for new deposits.  Activity in
          2006 will focus on delivering a  feasibility  study on Phase 2 of mine
          development  and  investigating  the opportunity for larger scale mine
          production. Additionally, approximately $3.1 million has been budgeted
          to continue to advance the Doris North Project  through the permitting
          and regulatory phase by year end.

     o    On March 6, 2006, NIRB issued its final hearing report recommending to
          the  Minister  of Indian and  Northern  Affairs  Canada that the Doris
          North Project should proceed.  The Company  anticipates  receiving the
          Minister's decision in the second quarter.


5/16/2006                                                                     2




     o    Exploration  drilling commenced on March 11, 2006 and a total of 5,649
          meters were completed during the first quarter at the Doris and Madrid
          deposits.

     o    Consolidated net loss of $2.1 million or $0.01 per share.

     o    Subsequent  to the quarter,  on April 20, 2006,  released an update to
          its  resources  at Hope Bay which  increased  the total by 2.6 million
          ounces or 40% over the prior year's calculation.

EARNINGS AND CASH FLOW

For the period ended March 31, 2006,  the Company had a net loss of $2.1 million
or $0.01 per share  compared to a net loss of $1.1 million or $0.01 per share in
the same  period  in 2005.  The  increased  loss in the  first  quarter  of 2006
resulted largely from an increase in stock based  compensation in 2006 partially
offset  by  increased  income  from  the  sale  of  shares  in  Sherwood  Copper
Corporation ("Sherwood") and American Gold Capital.  Stock-based compensation of
$2.5  million in the first  quarter of 2006 was $1.6 million more than the first
quarter of 2005 due to a higher  fair value per option in 2006  compared to 2005
due to a higher  average market price per share and an increase in the number of
options granted in 2006 as compared to the first quarter of 2005.

Selected Financial Data

The following  tables  summarize  total revenue loss and loss per share over the
last eight fiscal quarters (in thousands of dollars except per share amounts).


                                   2006             2005            2005            2005
                                    Q1               Q4              Q3              Q2
                            --------------------------------------------------------------
                                                                 
Total Revenue               $      2,228    $          375    $        578    $        614
Loss                        $     (2,125)   $       (8,348)   $     (1,025)   $       (481)
Per Share                   $      (0.01)   $        (0.05)   $      (0.01)   $      (0.00)




                                   2005              2004           2004           2004
                                    Q1                Q4             Q3             Q2
                            --------------------------------------------------------------
                                                                 
Total Revenue              $         999    $        1,670    $      2,570    $      4,057
Loss                       $      (1,137)   $      (12,278)   $     (6,259)   $     (6,868)
Per Share                  $       (0.01)   $        (0.07)   $      (0.04)   $      (0.05)




5/16/2006                                                                     3



OPERATIONS OVERVIEW

REVENUE
Interest income for the first three months in 2006 was $0.7 million  compared to
$0.2  million  in the same  period of 2005;  interest  was higher in 2006 due to
higher cash balance and higher realized interest rates in 2006. Other income was
$1.5  million for the first  quarter of 2006 and  includes a gain on the sale of
shares in Sherwood and American Gold Capital. For the same period in 2005, other
income  was $0.8  million  which  included  management  fees  received  from the
Department  of Indian and Northern  Affairs for services  provided for the Giant
Mine, a fee for services provided to Sherwood and a gain on the sale of the Back
River mineral property option.

OPERATING COSTS
During the first quarter of 2006, general and administrative expenses, salaries,
professional  services,  investor relations and other costs totaled $1.3 million
compared  to $1.1  million in the first  quarter of 2005.  The  increase in 2006
resulted  from higher  salaries  period over  period,  more travel  activity and
additional internal audit consulting fees for regulatory compliance. Stock-based
compensation  of $2.5  million  in the first  quarter  of 2006 was $1.6  million
higher as compared to $0.9  million in the first  quarter of 2005.  The increase
resulted largely from a higher estimated fair value in the first quarter of 2006
compared to the first quarter of 2005. The Company  estimated average fair value
per share option in 2006 to be $1.51 compared to an average fair value per share
option of $0.70 in the first quarter of 2005. This change in fair value resulted
in an increased expense of approximately $1.3 million. In addition,  the Company
granted and vested approximately 347,000 more stock options in 2006 than in 2005
which  resulted  in  an  increased   expense  of  approximately   $0.3  million.
Depreciation,  depletion and accretion expense in 2006 was $0.1 million compared
to $0.4  million  in the same  period  of 2005.  In the first  quarter  of 2006,
severance  costs were  recorded for a total of $0.7 million,  which  included an
increase  to the  estimated  amount  accrued  for  terminated  employees  at the
Yellowknife  mines and a mark-to-market  adjustment on the fair value of options
to purchase  Sherwood  shares  granted to a former  employee.  The Company  will
continue to mark-to-market these options in future periods until the options are
either exercised or expired.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The  preparation of the Company's  consolidated  financial  statements  requires
management to make estimates and  assumptions.  These  estimates and assumptions
affect the  reported  amounts  of assets  and  liabilities,  the  disclosure  of
contingent  assets and  liabilities as well as the reported  expenses during the
reporting period. Such estimates and assumptions affect the



5/16/2006                                                                     4



determination of the potential impairment of long-lived assets,  estimated costs
associated with reclamation and closure of mining properties, and assumptions in
determining  stock-based   compensation  and  future  income  taxes.  Management
re-evaluates its estimates and assumptions on an ongoing basis;  however, due to
the  nature  of  estimates,  actual  amounts  could  differ.  The most  critical
accounting policies upon which the Company depends are those requiring estimates
of  gold  reserves  and  resources  and  future   recoverable  gold  ounces  and
assumptions of future gold prices.

ACCOUNTING FOR EXPLORATION AND DEVELOPMENT COST
Exploration  expenditures  related to mineral properties are deferred only if it
is probable  that these costs will be  recovered  from  future  operations.  The
carrying values of the mineral properties are assessed at the balance sheet date
to determine  whether any persuasive  evidence exists that the properties may be
permanently impaired.  The Company's progress in its exploration and development
activities  towards its planned  operations  is a key factor to be considered as
part of the ongoing  assessment of the  recoverability of the carrying amount of
capital  assets and deferred  exploration  and  development  costs.  If there is
persuasive  evidence of  impairment,  the asset is written down to its estimated
net  recoverable  value.  Deferred  acquisition,   exploration  and  development
expenditures totaled $177.7 million for Hope Bay at March 31, 2006.

ASSET RETIREMENT OBLIGATION
Asset  retirement  obligations  are the  estimated  costs  associated  with mine
closure and reclamation and recorded as a liability at fair value. The liability
is accreted over time through  periodic  charges to earnings.  In addition,  the
asset  retirement  cost is capitalized as part of the asset's  carrying value at
its initial  discounted  value and is amortized over the asset's useful life. In
the event the actual cost of reclamation  exceeds the Company's  estimates,  the
additional  liability for retirement and  remediation  costs may have an adverse
effect on the Company's future results of operations and financial condition.

The asset retirement  obligation for the Con Mine is comprised of two components
(1)  processing of historic mill roaster  tailings to render  arsenic  contained
within this material is rendered  inert by a process which utilizes the pressure
oxidation circuit;  and, (2) site closure and monitoring  activities,  including
building  removal and capping of mine openings,  restoration of tailings  areas,
water treatment and post-closure monitoring.  Although the ultimate amount to be
incurred  is  uncertain,  the fair value of the  liability  for  retirement  and
remediation  has been estimated to be $18.2  million.  As required by regulatory
authorities and GAAP, cost estimates include contractor  markups,  provision for
administration and engineering, provision for a market risk premium, and a


5/16/2006                                                                     5



provision for contingencies.  However,  the Company expects to use its employees
wherever  possible to complete the  reclamation  activities,  which could reduce
actual  costs below the  accrued  liability.  The Con Mine has $10.5  million on
deposit and has  committed the proceeds from any assets sales at the Con Mine to
the Con Mine  reclamation  security  trusts  that will be  applied  to, in part,
offset the reclamation  costs as they are incurred.  For purposes of determining
the fair value of the obligation a discount rate of 9.8%, an inflation factor of
2.0% and a market risk premium of 8% have been applied.

Key assumptions in estimating the assets retirement  obligation for the Con Mine
include: that historic mill roaster tailings are milled in 2006 and processed in
2007 and final wash down and treatment of storage pits  completed in 2006;  that
the final  abandonment and  restoration  plan is approved and other site closure
activities  commence in 2007;  that all  buildings are removed and mine openings
capped;  that the site is restored to the standard acceptable for commercial-use
property; and water treatment and monitoring continues post-closure for a period
of 25 years.

Key assumptions in estimating the asset  retirement  obligation for the Hope Bay
exploration camps include removal of exploration camps,  reclamation of site pad
and infrastructure, placement of surface stored waste rock underground at Boston
and re-vegetation as needed. The estimate of the cost, based on contractor rates
is $1.3 million.

STOCK-BASED COMPENSATION
Stock-based  compensation  is accounted  for using the fair value based  method.
Under the fair value based method,  compensation  cost is measured at fair value
of the options at the date of grant and is expensed  over the vesting  period of
the award. The Company estimates the fair value using the  Black-Scholes  option
pricing  model.  The key  assumptions  used in the first quarter of 2006 were: a
risk-free interest rate of 3.87%, a dividend yield of 0%, an expected volatility
of 60% and expected lives of stock options of 5 years. The weighted average fair
value of options granted in 2006 was $1.51 per share option.

EXPLORATION AND DEVELOPMENT ACTIVITIES
The focus for the Company  continues to be on the Hope Bay project.  The Company
is  committed  to a strategy of  advancing  the Hope Bay project to a production
decision  while  continuing  to expand gold  resources.  The staged  development
strategy will focus first on the high grade gold Doris North  project,  with the
goal of  generating  cash  flow to pay for site  infrastructure  and to fund the
continued  exploration  and development of other resources on the Hope Bay belt.
The Company plans to pursue  extensions  and  expansions to the initial phase of
production through



5/16/2006                                                                     6



the mining of other  resources on the Hope Bay belt.  The Company's  exploration
strategy will focus on expanding and increasing the confidence level of existing
deposits and on continued exploration for new gold resources in order to support
a  sustained  intermediate  production  profile.  The Company  will  continue to
conduct grassroots  exploration alone and in cooperation with strategic partners
on selected  portions of the Hope Bay claim groups,  when  possible.  To achieve
these  objectives,  the  Company  needs to  successfully  complete  the  current
regulatory process for the Doris North project,  complete a positive feasibility
study  during  2006  for the  Phase 2  expansion,  complete  financing  for mine
construction,  successfully  construct and place into production the Doris North
deposit,  complete  development  of the Boston,  Doris and Madrid  deposits  and
identify additional resources.

In the first  quarter of 2006,  programs at Hope Bay were  approved  which total
approximately  $29 million and are  designed  to complete  approximately  55,000
meters of drilling with the objective to continue to expand and extend  existing
deposits  and to  explore  for new  deposits.  Activity  in 2006  will  focus on
delivering  a  feasibility  study on the  next  phase  of mine  development  and
investigating  the opportunity for larger scale mine  production.  Additionally,
approximately  $3.1  million has been  budgeted to continue to advance the Doris
North Project through the permitting and regulatory phase by year end.

The Hope Bay  exploration  camp was  re-opened in late February and the season's
drilling  activity was commenced on March 11, 2006. At the end of March 5 drills
were  active,  2 at Doris and 3 at Madrid.  Drilling  results are expected to be
released as they become available in the second quarter.

On April 20,  2006,  the  Company  reported  its  revised  resource  calculation
incorporating  the results of the successful  exploration  activities in 2005 on
the Hope Bay project which  increased the total resources by 2.6 million ounces,
or 40%.  Given the  identification  of potential for a large open pit concept at
the Madrid  area,  the  Company was able to reduce the cutoff  grade  applied to
those  resources,  which in part lead to the reported  increase.  The  Company's
plans for 2006 include work to  investigate  the  viability of larger scale mine
production.  However,  using the same  cutoff  grades as in 2004,  more than one
million ounces were added to the total resources. The table below summarizes the
reported resources at December 31, 2005.



5/16/2006                                                                     7



        HOPE BAY PROJECT MINERAL RESOURCE ESTIMATES TO DECEMBER 31, 2005
                   (INCLUDES MINERAL RESERVES AT DORIS NORTH)


Category/Deposit                            Tonnes           Gold Grade         Contained Gold
                                            (000's)             (g/t)              (000's oz)
                                                                              
Indicated Resources
Boston                                       2,312              10.7                   798
Doris                                        1,169              19.3                   726
Madrid                                      14,167               4.5                 2,030
----------------------------------------------------------------------------------------------
Sub-total Indicated Resources               17,892               6.3                 3,554

Additional Inferred Resources*:
Boston                                       2,342               9.5                   741
Doris                                        1,634              14.5                   766
Madrid                                      29,594               4.2                 3,965
----------------------------------------------------------------------------------------------
Sub-total Additional                        36,748               5.1                 5,472
Inferred Resources*

*  Inferred resources are in addition to indicated resources.

This table contains rounded sum and totals may vary.

All resource and reserve  estimates  have been  prepared by the Miramar Hope Bay
Limited staff and directly  employed  consultants  in  accordance  with Canadian
regulatory  requirements set out in National  Instrument  43-101 and reviewed by
John Wakeford, P. Geo., Vice President, Exploration and Qualified Person for the
Company.



In the first  quarter of 2006,  the  Company  continued  to advance  engineering
studies for Phase 2 development  of the Hope Bay project which  included  design
and location  alternatives of the processing  plant.  Activities to finalize the
reports  will  commence  in the second  quarter,  following  the  completion  of
resource  modeling  and mine  design.  The  feasibility  study is targeted to be
completed in the third quarter of 2006.

The Company  continues  to work towards  obtaining  permits and licences for the
Doris North  project.  On March 6, 2006,  Nunavut  Impact Review Board  ("NIRB")
issued its final  hearing  report  recommending  to the  Minister  of Indian and
Northern  Affairs Canada that the Doris North Project should  proceed.  The NIRB
report  requires  acceptance  by the  Minister  before  NIRB can issue a project
certificate.  The Company  anticipates  receiving the Minister's decision in the
second quarter of 2006. Subject to the Minister accepting NIRB's recommendation,
the Company is targeting to have all required  permits for  production  at Doris
North in place by the end of 2006,  which would permit  shipping of construction
materials to site in the summer of 2007,  construction in the winter of 2007 and
production  commencing in 2008. Also in the first quarter, the Company organized
the collection of environmental  data for the 2006 summer season to address data
requirements  for the Doris North  project and future phases of  development  at
Hope Bay.



5/16/2006                                                                     8



CAPITAL PROGRAMS
During the first quarter of 2006, the Company had capital  expenditures  of $6.9
million for exploration and project  activities at Hope Bay and $0.1 million for
property,  plant and equipment  compared to expenditures in the first quarter of
2005 of $3.3 million for exploration and project activities at Hope Bay and $0.1
million for property, plant and equipment.

FINANCING AND LIQUIDITY
At March 31, 2006, the Company had consolidated working capital of $61.1 million
compared to $64.3 million at the end of 2005. At March 31, 2006, the Company had
$66.8 million of cash and cash equivalents and short-term  investments  compared
to $68.7  million at the end of 2005.  At March 31,  2006,  the Company also had
$15.0  million in cash  collateral  deposits  for  reclamation  bonds  which are
classified outside of working capital.

The Company  believes it has sufficient  cash resources and liquidity to sustain
its planned  activities in 2006. The future  exploration  and development of the
Hope Bay project may require the Company to raise  additional  capital through a
combination of project debt and equity financings.  The Company's strategy is to
use equity financing for exploration  activities and to maximize project debt to
build mining  infrastructure until sufficient cash flow is generated from mining
production.

LIABILITIES AND CONTINGENCIES
The Company has the legal  obligation to reclaim  properties  for which it holds
water licenses and exploration and mining agreements.  The Company has estimated
these  asset  retirement  obligations  at March 31,  2006,  in  accordance  with
accounting guidelines described above, to be an aggregate of $25.1 million on an
undiscounted  basis.  The  properties  for  which  these  obligations  have been
estimated  are the Con  Mine in  Yellowknife  and the  Hope  Bay  properties  in
Nunavut.  The Company has established cash deposits as collateral for letters of
credit  pledged  in favour of various  governmental  agencies  and others  under
several  water  licenses  and mineral  exploration  and mining  agreements.  The
Company has also established two reclamation security trusts for the reclamation
of the Con Mine. The Company has cash collateral deposits totaling $15.0 million
for the Con Mine, the Hope Bay properties and properties in Nevada.

The reclamation  security  trusts for the Con Mine were  established on December
31, 2004. The Company  deposited $9 million of the $10 million proceeds from the
sale of its Bluefish hydro electric facility into a reclamation  security trust,
in  accordance  with an agreement  with DIAND.  The  remaining $1 million of the
proceeds was, and the proceeds from any subsequent sale of





Con Mine assets will be deposited into a second reclamation  security trust. The
cost of  reclamation  was  estimated  by the  Company  on the  basis  of a draft
remediation  plan which had been submitted to the McKenzie Valley Water Board in
February  2003.  The final plan is  currently  under  review by the Water Board.
Based on  comments  received to date from the  regulatory  review  process,  the
Company  has  estimated  the  impact  of the  required  changes  to the plan and
recorded an increase of $8.1 million to the liability at December 31, 2005.  Any
further  changes upon  receiving  final  approval of the plan could result in an
increase to the estimated liability.

In 1995,  the  Company  entered  into a joint  exploration  transaction  with an
investor that resulted in the sale of an interest in the assets  comprising  the
Con Mine. The transaction was based upon an independent  valuation  prepared for
the Company.  In 2000,  Canada Revenue  Agency  ("CRA")  issued a  re-assessment
notice challenging the valuation that formed the basis for this transaction. The
re-assessment  does not give rise to any taxes payable by the Company.  However,
as part of the  original  transaction,  the  Company  agreed to  compensate  the
investor for any shortfall in the value of the assets transferred,  to a maximum
of $2.7 million, plus accrued interest  (approximately $2.4 million at March 31,
2006), should a ruling denying the transfer of certain tax pools be made against
the  Company.   In  2004,  the  Company  received   notification  that  CRA  has
re-confirmed the original re-assessment. As a result, the Company filed a notice
of  appeal  in March  2005.  In April  2006,  the  Company  participated  in the
discovery  process  for this case  conducted  by the Tax Court of Canada.  While
management intends to strenuously defend the independent valuation,  the outcome
of this issue is not yet  determinable.  No  provision  for these costs has been
recorded at March 31, 2006.

CONTRACTUAL OBLIGATIONS
The following table summarizes the contractual obligations as at January 1, 2006
of the Company for each of the five years  commencing  with 2006 and thereafter,
in thousands of dollars.


                               2006      2007     2008    2009    Thereafter
                             --------- --------- ------- ------- -------------
Oxygen plant                   $822     $ 612    $  --   $   --    $     --
Office lease costs              306       316      316      316       1,110
Exploration equipment           293        30       --       --          --
Site reclamation(1)           6,240     3,059       --       --      15,635


(1)  The Company is  obligated  to fund  reclamation  and closure  costs for its
     mining and  exploration  operations  as a  condition  of  associated  water
     licenses.  However, the timing of the payments has not been determined with
     certainty and may change  depending upon future  events.  The Company is in
     the  process  of  finalizing  its  abandonment  and  restoration  plan with
     regulatory  agencies for the Con Mine which will  establish  the extent and
     timing of site closure reclamation



5/16/2006                                                                     9



activities. Reclamation of exploration sites will be deferred to the extent that
the Company continues to be engaged in actively exploring them.

For additional  information related to the Company's obligations and commitments
see note 16 in the annual consolidated financial statements.

OFF BALANCE SHEET ARRANGEMENTS
The Company  does not have any off  balance  sheet  arrangements  other than the
pension  obligations  which are described in note 13 of the annual  consolidated
financial statements.

OUTLOOK
The outlook for the  Company is  dependent  on the  successful  exploration  and
development of the Hope Bay project.  The Company  controls 100% of the Hope Bay
project,  which has measured and indicated resources totaling 3.6 million ounces
of gold at a grade of 6.3 grams per ton and an additional  5.5 million ounces of
gold at a grade of 5.0 grams per ton in the inferred category.

The Company  plans to continue to work towards  making a production  decision on
the Doris North project,  including  advancement of the permitting process.  The
Company is confident  that it will be successful  in addressing  the concerns of
the  regulatory   agencies  and,  if  the  permitting  process  is  successfully
completed,  the  Company  will  make a final  decision  on a  commitment  to the
construction  process.  If the project is approved  by the  Company,  production
could  commence  during  2008.  However,  there  can be no  assurance  that  the
permitting process will be completed as planned or that the Company will develop
Doris North as anticipated.

As part of the Company's  development  strategy for Hope Bay, programs have been
completed in 2005 that were  designed to  facilitate  delivery of a  feasibility
study in 2006 which,  if successful,  could  demonstrate the opportunity for the
development of significant  sustained gold production  following the Doris North
project.

As a result of the termination of mining  activities at Con and Giant mines, the
Company does not expect to generate  significant  operating revenue in 2006. The
Company  anticipates  that  final  approval  for the Con  Mine  abandonment  and
restoration  plan will be  received  in 2006  which will  permit the  Company to
conduct final reclamation  activities in subsequent  periods.  On June 30, 2005,
the Company  returned the Giant Mine  property to DIAND in  accordance  with the
terms of the  acquisition  agreement.  The  Company  does  not have any  ongoing
reclamation obligations for the Giant Mine.



5/16/2006                                                                     10



RISKS AND UNCERTAINITIES
The  Company  will  require  additional  capital to pursue its  exploration  and
development  work at Hope Bay.  Given the  nature of capital  market  demand for
speculative  investment  opportunities,  there is no assurance  that  additional
financing  will  be  available  for the  appropriate  amounts  and at the  times
required.  The Company has developed a cash  management plan that will enable it
to invest on a priority basis in projects likely to generate  favourable results
in the near-to-medium term.

The  impact  of  fluctuations  in the  price of gold is a risk to the  Company's
ability to develop its properties as well as future profitability and cash flow.
As the  gold  price is  denominated  in U.S.  dollars,  the  Company  is also at
financial risk as the currency  exchange rate between  Canadian and U.S. dollars
fluctuates.  If the  Canadian  dollar  strengthens  against to the U.S.  dollar,
revenue  from future gold  sales,  which is  generated  in U.S.  dollars,  would
convert to fewer Canadian dollars  available to pay for operating costs that are
almost entirely incurred in Canadian dollars. Permitting mining projects such as
the Doris North project  requires the approval of regulatory  agencies which are
beyond the  Company's  control.  As a result,  the receipt of approvals  for the
project and the timing of grants of necessary permits are inherently uncertain.

FORWARD LOOKING STATEMENTS
Statements relating to exploration work at the Hope Bay project and the expected
results of this work and  strategies  and plans for the  development of the Hope
Bay  project,  statements  related to analyses of  financial  condition,  future
results of  operations  and other  information  that are based on  forecasts  of
future  results,  estimates of amounts not yet  determinable  and assumptions of
management  are  forward-looking  statements  within  the  meaning of the United
States  Private  Securities  Litigation  Reform  Act of  1995.  Forward  looking
statements are statements that are not historical  facts and are generally,  but
not  always,   identified  by  the  words  "expects,"  "plans,"   "anticipates,"
"believes,"  "intends,"  "estimates,"  "projects,"   "satisfies,"   "potential,"
"goal,"   "objective,"   "prospective,"   "strategy",   "target,"   and  similar
expressions, or that events or conditions "will," "would," "may," "can," "could"
or "should"  occur.  Information  inferred from the  interpretation  of drilling
results and information concerning mineral resource estimates may also be deemed
to be forward looking  statements,  as it constitutes a prediction of what might
be found to be  present  when and if a  project  is  actually  developed.  These
forward-looking  statements are subject to a variety of risks and  uncertainties
which  could  cause  actual  events or results to differ  materially  from those
reflected in the  forward-looking  statements,  including,  without  limitation:
risks  related to  fluctuations  in gold  prices and  currency  exchange  rates;
uncertainties  related to raising sufficient  financing to fund the planned work
in a timely manner and on acceptable  terms;  changes in planned work  resulting
from weather,  logistical,  technical or other  factors;  the  possibility  that
results  of work  will  not  fulfill  expectations  and  realize  the  perceived
potential  of  the   Company's   properties;   uncertainties   involved  in  the
interpretation  of drilling  results and other tests and the  estimation of gold
reserves  and  resources;  the  possibility  that  required  permits  may not be
obtained  on a  timely  manner  or at all;  the  possibility  that  capital  and
operating  costs  may be  higher  than  currently  estimated  and  may  preclude
commercial  development  or render  operations  uneconomic;  risk of  accidents,
equipment breakdowns and labour disputes or other unanticipated  difficulties or
interruptions; the possibility of cost overruns or unanticipated expenses in the
work


5/16/2006                                                                     11



program;  the risk of  environmental  contamination  or  damage  resulting  from
Miramar's  operations,  risks  and  uncertainties  described  under  "Risks  and
Uncertainties"  and elsewhere in the Management's  Discussion and Analysis,  and
other risks and uncertainties, including those described in the Miramar's Annual
Report on Form 40-F for the year ended December 31, 2005 and Reports on Form 6-K
filed with the Securities and Exchange Commission.

Forward-looking  statements are based on the beliefs,  estimates and opinions of
Miramar's  management on the date the statements are made. Miramar undertakes no
obligation to update these  forward-looking  statements if management's beliefs,
estimates or opinions, or other factors, should change.

All resource  estimates reported in this disclosure are calculated in accordance
with the National  Instrument 43-101 of the Canadian  securities  administrators
and the Canadian Institute of Mining and Metallurgy Classification system. These
standards  differ  significantly  from the  requirements  of the  United  States
Securities and Exchange Commission, which permits U.S. mining companies in their
SEC filings to disclose  only those  mineral  deposits that qualify as proven or
probable   "reserves"  because  a  determination  has  been  made  based  on  an
appropriate  feasibility  study  that the  deposits  could be  economically  and
legally extracted or produced,  and, accordingly,  resource information reported
in this  disclosure  may not be  comparable to similar  information  reported by
United States companies.  The term  "resource(s)"  does not equate to "reserves"
and  normally  may not be included in documents  filed with the  Securities  and
Exchange Commission,  and investors are cautioned not to assume that "resources"
will be converted into "reserves" in the future.

This  disclosure  uses  the  term  "inferred  resources".  While  this  term  is
recognized by Canadian securities  regulations  concerning disclosures by mining
companies,  the U.S.  Securities and Exchange  Commission does not recognize it.
"Inferred  resources"  have a great amount of uncertainty as to their  existence
and as to their economic and legal feasibility. It cannot be assumed that all or
any part of the "inferred  resources"  will ever be upgraded to a high category.
Under Canadian securities regulations, estimates of "inferred resources" may not
form the basis of feasibility or  pre-feasibility  studies except in rare cases.
Investors are cautioned not to assume that part or all of an "inferred resource"
exist or are economically or legally feasible.




5/16/2006                                                                     12



                                  FORM 52-109F2

                        CERTIFICATION OF INTERIM FILINGS

I, Anthony P. Walsh,  President and Chief  Executive  Officer of Miramar  Mining
Corporation certify that:

     1.   I have  reviewed  the  interim  filings  (as this term is  defined  in
          Multilateral Instrument 52-109 Certification of Disclosure in Issuers'
          Annual  and  Interim  Filings)  of  Miramar  Mining  Corporation  (the
          "Issuer") for the period ending March 31, 2006;

     2.   Based on my knowledge,  the interim  filings do not contain any untrue
          statement of a material fact or omit to state a material fact required
          to be stated or that is necessary to make a statement  not  misleading
          in light of the circumstances under which it was made, with respect to
          the period covered by the annual filings;

     3.   Based on my knowledge,  the interim financial statements together with
          the other financial  information included in the annual filings fairly
          present in all material respects the financial  condition,  results of
          operations  and cash flows of the  Issuer,  as of the date and for the
          periods presented in the annual filings;

     4.   The  issuer's  other  certifying  officers and I are  responsible  for
          establishing  and maintaining  disclosure  controls and procedures for
          the issuer, and we have:

          (a) designed such disclosure  controls and procedures,  or caused them
          to be designed under our supervision,  to provide reasonable assurance
          that  material  information  relating  to the  issuer,  including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly during the period in which the interim filings
          are being prepared.


Date: May 15, 2006



                 /s/ "Anthony P. Walsh"
                 ----------------------------------------
                 Anthony P. Walsh
                 President & Chief Executive Officer








                                  FORM 52-109F2

                        CERTIFICATION OF INTERIM FILINGS


I, Elaine Bennett, Chief Financial Officer of Miramar Mining Corporation certify
that:

     1.   I have  reviewed  the  interim  filings  (as this term is  defined  in
          Multilateral Instrument 52-109 Certification of Disclosure in Issuers'
          Annual  and  Interim  Filings)  of  Miramar  Mining  Corporation  (the
          "Issuer") for the period ending March 31, 2006.

     2.   Based on my knowledge,  the interim  filings do not contain any untrue
          statement of a material fact or omit to state a material fact required
          to be stated or that is necessary to make a statement  not  misleading
          in light of the circumstances under which it was made, with respect to
          the period covered by the annual filings;

     3.   Based on my knowledge,  the interim financial statements together with
          the other financial  information included in the annual filings fairly
          present in all material respects the financial  condition,  results of
          operations  and cash flows of the  Issuer,  as of the date and for the
          periods presented in the annual filings;

     4.   The  issuer's  other  certifying  officers and I are  responsible  for
          establishing  and maintaining  disclosure  controls and procedures for
          the issuer, and we have:

          (a) designed such disclosure  controls and procedures,  or caused them
          to be designed under our supervision,  to provide reasonable assurance
          that  material  information  relating  to the  issuer,  including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly during the period in which the interim filings
          are being prepared.


Date: May 15, 2006



                 /s/ "Elaine Bennett"
                 ------------------------------
                 Elaine Bennett
                 Chief Financial Officer