FIRST QUARTER REPORT March 31, 2006
Toronto, May 15, 2006

Twin Mining Initiates Spin-Off New Diamond Company,
Atlanta Gold and Silver Mine Revised Plan Accepted by Boise National Forest

During the quarter, Twin Mining retained M Partners Inc. as exclusive lead agent to secure financing for a new diamond exploration venture which will increase the visibility and unlock the value of Twin Mining’s gold and diamond assets.

Twin Mining plans to incorporate a new subsidiary which will acquire all of Twin Mining’s diamond exploration assets, the Brodeur property on Baffin Island, Nunavut and the TORNGAT property in Nunavik, Quebec (the “Spin-off”).

In unlocking the Brodeur kimberlite potential, Twin Mining has flown during 2005, with the MIDAS II™ airborne magnetic survey system 15,241 line kilometers, has discovered 1,362 anomalies and selected 39 high priority magnetic anomalies for further detailed examination.

To manage and carry out the 2006 diamond exploration program, MPH Consulting Limited was engaged. MPH was selected for its expertise in the management and design of exploration and evaluation programs for diamonds.

Atlanta Gold Corporation (“AGC”), the 100 percent owned subsidiary of Twin Mining signed a Memorandum of Understanding (“MOU”) with the US Forest Service (“USFS”) which allows the completion of the Environmental Impact Statement (“EIS”) process. The MOU is a prerequisite to obtaining a mine construction permit and ultimately building the 100,000 oz/year Atlanta Gold Mine. The MOU is a document that outlines the procedures and responsibilities of the USFS and AGC for the preparation of the EIS.

The latter part of the quarter was dedicated to the preparation of the Supplementary Plan of Operations (“SPOO”) which takes into consideration public and government agency input. It forms the base for the completion of the EIS. Another milestone in advancing Atlanta towards production is the declaration of the Environmental Protection Agency that AGC has completed the application for the National Pollutant Discharge Elimination System (“NPDES”) Permit and has been assigned the permit number ID-002828-2. The feedback from the agencies is witness to the high quality submission by AGC staff.

Subsequent to the investment of $4,320,000 by Jipangu Canada for a 19.8 percent interest in Twin Mining, another private placement of $8,780,000 was anticipated in April. Due to reasons unrelated to Twin Mining the latter private placement did not take place.

Twin Mining is operating in a progressively favorable environment for its products with the gold spot price exceeding in more than 25 years US$500 and silver spot price US$11.50 increasing the value of Twin Mining’s advanced gold-silver project significantly.