The paper presents a review of shallow lakes on two neighboring territories, Transbaikalia in Russia and Northeastern Mongolia. Five systems of shallow lakes are distinguished in the regions under study: Barguzin, Eravna-Gusinoozersk, Ingoda, Onon-Borzya, and Eastern-Mongolian systems. The shallow lakes are sub-grouped according to common chemical compositions and geochemical evolution types. Characteristics of ground-and surface waters feeding the lakes are considered. Based on results of trace element analyses of water samples from about 200 lakes and more than 100 springs, wells and boreholes, elements that manifest higher concentrations, resulting from evaporation of lacustrine waters, are determined. Prospects of assessment of ore-generating potential of the shallow lakes as 'liquid ore' sources in view of commercial extraction of Li, U, REE, and others metals are discussed.