Form 6-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B/wN58Mc93voHppBk7oXgS/OM3ux3L8sh8FtYWdNkqFMBAqwwR2CDceaIXm/+6GJ wl483AL36aXwyConMx3y/A== 0001175710-06-000323.txt : 20061208 0001175710-06-000323.hdr.sgml : 20061208 20061208151624 ACCESSION NUMBER: 0001175710-06-000323 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20061201 FILED AS OF DATE: 20061208 DATE AS OF CHANGE: 20061208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PINE VALLEY MINING CORP CENTRAL INDEX KEY: 0000749750 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12660 FILM NUMBER: 061265552 BUSINESS ADDRESS: STREET 1: 501 535 THURLOW ST STREET 2: VANCOUVER BRITISH COLUMBIA CITY: CANADA STATE: A1 ZIP: V6E3L2 BUSINESS PHONE: 6046824678 MAIL ADDRESS: STREET 1: 501 - 535 THURLOW STREET CITY: VANCOUVER STATE: A1 ZIP: V6E 3L2 FORMER COMPANY: FORMER CONFORMED NAME: GLOBALTEX INDUSTRIES INC DATE OF NAME CHANGE: 19941014 FORMER COMPANY: FORMER CONFORMED NAME: NEW LINTEX MINERALS LTD DATE OF NAME CHANGE: 19930315 FORMER COMPANY: FORMER CONFORMED NAME: LINTEX MINERALS LTD DATE OF NAME CHANGE: 19880510 6-K 1 pinevalley6k.htm PINE VALLEY MINING CORPORATION Form 6-K

Form 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of November 2006

PINE VALLEY MINING CORPORATION

________________________________________________________________________

(Translation of registrant's name into English)

501 - 535 Thurlow Street Vancouver, B.C. Canada V6E 3L2

________________________________________________________________________

(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 ..X.... Form 40-F ......

Indicate by check mark whether the registrant by furnishing the information

contained in this Form is also thereby furnishing the information to the

Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of

1934.

Yes .......... No ....X.....

If Yes is marked, indicate below the file number assigned to the registrant

in connection with Rule 12g3-2(b): 82- ___________________

Exhibits

1.1

News Release

1.2

Financial Statements

1.3

Management’s Discussion and Analysis

Signatures

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.

Pine Valley Mining Corporation

Date: November 29, 2006 /s/ Robert Bell

President and Chief Executive Officer

EX-99 2 pr20061114q2results.htm NEWS RELEASE Converted by EDGARwiz

[pr20061114q2results002.gif]

PINE VALLEY RELEASES FISCAL 2007 SECOND QUARTER RESULTS

VANCOUVER, BRITISH COLUMBIA, November 14, 2006 – Pine Valley Mining Corporation (TSX: PVM; OTC: PVMCF) (the “Company” or “Pine Valley”) reports that it has released its results for the three and six months ended September 30, 2006. The Company’s unaudited consolidated financial statements and its management’s discussion and analysis (“MD&A”) have been filed under the company profile on SEDAR at www.sedar.com. In a break with past practice, the Company has determined that it will not host a conference call and webcast in connection with this filing.

PINE VALLEY MINING CORPORATION

“Robert Bell”

Robert Bell

President and Chief Executive Officer

###

Contacts:

Robert (Bob) Bell

Martin Rip

President & Chief Executive Officer

Vice President Finance and CFO

(604) 682-4678

Vancouver, British Columbia, Canada

Company e-mail contact: pinevalley@pinevalleycoal.com

EX-99 3 pvmconsolidatedfs9302006fina.htm FINANCIAL STATEMENTS PINE VALLEY MINING CORPORATION

PINE VALLEY MINING CORPORATION

Consolidated Financial Statements

for the Six Months Ended September 30, 2006

(Unaudited)

PINE VALLEY MINING CORPORATION

Consolidated Balance Sheets

(Unaudited)


		September 30,	March 31,
*(in thousands of Canadian dollars)*		2006	2006
ASSETS
CURRENT
Cash		$ 1,422	$ 817
Accounts receivable, net of nil allowance		46	3,719
Goods and Services Tax (GST) and other receivable		1,539	1,356
Deferred financing charges		-	279
Prepaid expenses		299	643
Coal Inventory		10,301	9,528
Future income taxes (Note 13)		-	302
Total Current Assets		13,607	16,644
Restricted cash		417	458
Other non-current assets		569	1,550
Mineral property, plant and equipment (Note 3)		55,957	57,560
Non-producing mineral properties (Note 4)		3,111	2,877
Future income taxes (Note 13)		-	3,040
Total Assets		$ 73,661	$ 82,129

LIABILITIES
CURRENT
Operating line (Note 5)		$ 5,681	$ 5,675
Accounts payable		11,322	9,214
Accrued liabilities		3,089	2,616
Current portion of term debt (Note 6)		9,892	10,337
Current portion of capital lease obligation		18	41
Due to related party (Note 7)		600	600
Total Current Liabilities		30,602	28,483
Asset retirement obligation (Note 8)		2,461	2,307
Capital lease obligation		122	124
Future income taxes (Note 13)		-	3,208
Total Liabilities		33,185	34,122
SHAREHOLDERS' EQUITY
Share capital (Note 9)		61,161	61,161
Contributed surplus and other capital		6,421	5,708
Deficit		(27,106)	(18,862)
Total Shareholders' Equity		40,476	48,007
Total Liabilities and Shareholders' Equity		$ 73,661	$ 82,129

Commitments and contingencies (Note 14)
Subsequent events (Note 15)
Creditor protection and restructuring (Note 1)

Approved by the Board of Directors

*"Jeffrey Fehn"*	Director

*"Robert Bell"*	Director

See accompanying Notes to the Consolidated Financial Statements

PINE VALLEY MINING CORPORATION

Consolidated Statements of Operations

(Unaudited)


	Three months ended		Six months ended
*(in thousands of Canadian dollars*	September 30,		September 30,
*except share and per share amounts)*	2006	2005	2006	2005
REVENUE
Coal Sales	$ 11,871	$ 19,957	$ 32,526	$ 33,431
Cost of Operations:
Mining and transportation	14,563	12,905	31,393	24,569
Administrative and other	2,078	1,181	2,903	1,789
Depreciation and depletion	1,432	821	2,968	1,573
	18,073	14,907	37,264	27,931
(LOSS) INCOME BEFORE UNDERNOTED ITEMS	(6,202)	5,050	(4,738)	5,500

EXPENSES
Office and general	233	236	475	420
Professional fees	158	147	233	352
Promotion and marketing	94	19	150	66
Salaries and stock-based compensation	649	888	1,343	1,799
	1,134	1,290	2,201	2,637
(LOSS) INCOME BEFORE OTHER INCOME
(EXPENSES) AND INCOME TAXES	(7,336)	3,760	(6,939)	2,863

OTHER INCOME (EXPENSES)
Interest and other income	36	24	71	36
Interest and financing	(980)	(447)	(1,381)	(1,031)
Foreign exchange gain	18	2,141	147	1,344
Other	-	(93)	(8)	(34)
	(926)	1,625	(1,171)	315
(LOSS) INCOME BEFORE INCOME TAXES	(8,262)	5,385	(8,110)	3,178
Mining taxes recovery (expense)	23	(89)	-	(135)
Future income taxes expense (Note 13)	(88)	(1,621)	(134)	(1,182)
	(65)	(1,710)	(134)	(1,317)
NET (LOSS) INCOME	$ (8,327)	$ 3,675	$ (8,244)	$ 1,861

Basic and diluted (loss) income per share	$ (0.11)	$ 0.05	$ (0.11)	$ 0.03
Weighted average number of common shares - basic	75,732,878	71,419,778	75,732,878	70,662,206
Weighted average number of common shares - diluted	75,732,878	72,124,077	75,732,878	71,359,515

See accompanying Notes to the Consolidated Financial Statements

PINE VALLEY MINING CORPORATION

Consolidated Statements of Cash Flows

(Unaudited)



	Three months ended September 30,		Six months ended September 30,
*(in thousands of Canadian dollars)*	2006	2005	2006	2005
OPERATING ACTIVITIES
Net (loss) income for the period	$ (8,327)	$ 3,675	$ (8,244)	$ 1,861
Items not involving cash:
Deferred financing charges	(225)	168	(251)	287
Depreciation and depletion	1,432	821	2,968	1,573
Non-cash financing costs	528	256	575	642
Financing obligations	474	(88)	728	210
Stock-based compensation costs	342	731	713	1,451
Unrealized foreign exchange and derivatives (gain) loss	(22)	(1,588)	24	(904)
Future income taxes	88	1,621	134	1,182
Changes in working capital items
other than cash (Note 12)	8,273	2,531	7,293	2,806
	2,563	8,127	3,940	9,108
FINANCING ACTIVITIES
Capital stock issued	-	4,994	-	5,542
Loan proceeds	-	8,785	-	10,023
Loan payments	14	(9,751)	(445)	(11,147)
Operating line proceeds (net)	(4,776)	-	6	-
Financing fees	(45)	(143)	(45)	(409)
	(4,807)	3,885	(484)	4,009
INVESTING ACTIVITIES
Acquisition of property and equipment, net of
accounts payable	(583)	(4,482)	(1,470)	(12,956)
Goods and services tax and other receivable	(282)	(503)	(183)	1,256
Property, plant and equipment obligations	(572)	(1,143)	(1,215)	3,815
Restricted cash	12	-	41	-
	(1,425)	(6,128)	(2,827)	(7,885)
(DECREASE) INCREASE IN CASH	(3,669)	5,884	629	5,232
Affect of foreign exchange rate
on cash	22	(2)	(24)	(70)

CASH POSITION, BEGINNING OF PERIOD	5,069	1,480	817	2,200

CASH POSITION, END OF PERIOD	$ 1,422	$ 7,362	$ 1,422	$ 7,362

Non-cash financing and investing activities
Property and equipment acquired under capital lease	$ -	$ -	$ -	$ 88
Supplemental information
Interest paid	$ 113	$ 277	$ 192	$ 312
Income taxes paid	$ 30	$ 26	$ 130	$ 26

See accompanying Notes to the Consolidated Financial Statements

PINE VALLEY MINING CORPORATION

Consolidated Statements of Shareholders’ Equity

(Unaudited)


*(in thousands of Canadian dollars,*	Common shares		Commitment to	Share	Contributed
*except for share amounts)*	Shares	Amount	issue shares	Subscription	Surplus	Deficit	Total

Balance, March 31, 2005	68,886,858	$ 45,353	$ 184	$ -	$ 2,210	$ (19,470)	$ 28,277
Issued for cash	5,305,000	15,138	-	-	-	-	15,138
Shares issued for financing charge	101,020	614	(184)	-	-	-	430
Exercise of warrants and options	1,440,000	578	-	-	-	-	578
Fair value of warrants and options exercised	-	28	-	-	(28)	-	-
Share issue costs, net of future income taxes	-	(550)	-	-	-	-	(550)
Stock-based compensation	-	-	-	-	3,526	-	3,526
Net income for the year	-	-	-	-	-	608	608
Balance, March 31, 2006	75,732,878	61,161	-	-	5,708	(18,862)	48,007
Stock-based compensation	-	-	-	-	371	-	371
Net income for the period	-	-	-	-	-	83	83
Balance, June 30, 2006	75,732,878	$ 61,161	$ -	$ -	$ 6,079	$ (18,779)	$ 48,461
Stock-based compensation	-	-	-	-	342	-	342
Net loss for the period	-	-	-	-	-	(8,327)	(8,327)
Balance, September 30, 2006	75,732,878	$ 61,161	$ -	$ -	$ 6,421	$ (27,106)	$ 40,476

See accompanying Notes to the Consolidated Financial Statements

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

CREDITOR PROTECTION AND RESTRUCTURING

On October 20, 2006 (the “Filing Date”), Pine Valley Mining Corporation and its subsidiaries, Falls Mountain Coal Inc., Pine Valley Coal Ltd. and Globaltex Gold Mining Corporation, (together the “Company”) obtained an order (the “Initial Order”) from the Supreme Court of British Columbia (the “Court”) granting creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”). The Initial Order granted will be reviewed at a petition hearing on November 15, 2006 and remains in place to November 17, 2006. The Initial Order may be amended throughout the CCAA proceedings on motions from the Company, its creditors and other interested stakeholders. During the stay period, the Company is authorized to continue operations as required. Ernst & Young Inc. (the “Monitor”) has been appointed by the Court as Monitor and will be reporting to the Court from time to time on the Company’s cash flow and other developments during the proceedings.

The purpose of the Initial Order and stay of proceedings is to provide the Company with relief designed to stabilize operations and business relationships with customers, suppliers, employees and creditors while maintaining the core value of the business. The Company is in the process of developing its revised business plan which will serve as the basis for discussions with stakeholders. In that regard, an independent advisor has been appointed to assist the Company in evaluating its strategic alternatives in order to maximize the return to stakeholders as part of the restructuring plan. As part of the restructuring plan a formal CCAA plan of arrangement (the “Plan”) will be prepared and submitted to affected creditors, who will vote on the Plan, and to the Court for approval.

It is anticipated that the Company will request an extension to the stay period at the hearing on November 15, 2006. Should the stay period and subsequent extension not be sufficient to develop and present a Plan or should the Plan not be accepted by the affected creditors, the Company will lose the protection of the stay of proceedings at which time substantially all debt obligations will then be immediately due and payable. Such an event would in all likelihood lead to the liquidation of the Company’s assets.

The CCAA proceedings have triggered defaults under all debt obligations of the Company (see Notes 5 and 6). The Order generally stays actions against the Company including steps to collect indebtedness incurred by the Company prior to filing the petition. The Order grants the Company the authority to pay outstanding and future wages, salaries and benefits, and other obligations to employees; the cost of goods and services, both operating and capital, provided or supplied after the date of the Initial Order and rent payments under existing arrangements payable after the date of filing.

An Administration Charge was created as a first priority lien to the extent of $400,000 and a Director’s Charge as a second priority lien of $100,000. The Administration Charge is intended to secure the payment of the fees and disbursements of the Monitor, legal counsel to the Monitor and legal counsel to the Company. The Director’s Charge is security for the directors and officers of the Company for an indemnity relating to possible charges as a result of the Company’s failure to make certain payments.

Contributing Factors

The Company has incurred significant operating and cash losses during the quarter ended September 30, 2006 and was unable to raise suitable additional financing, as discussed below:

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

The Company’s clean coal production costs have increased dramatically primarily as a result of fine coal recoveries in its washplant, especially with regard to its coking coal product. The washplant continued to produce clean coal to raw coal feed yields below those noted in the Feasibility Study for the Willow Creek mine, especially on coking coal (often in the range of 50-60% yield compared to expected results in the 75% range). The impact of these low yields was a material increase in costs of production.

These cost increases in recent times can also be attributed to equipment failures at the Willow Creek mine during the early part of the current fiscal year whereby the Company was faced with the risk of missing certain planned shipments. As these shipments were important to the Company’s cash flows, management sought ways to increase the production of coal to meet customer shipments for the three month period ended June 30, 2006. As a result, the Company mined coal ahead of the timing scheduled by the mine plan by removing the coal in a trench below mining bench grade. Despite this, two customer shipments were delayed to a later period in the year. Following the decision to mine coal below grade in the three months ended June 30, 2006, the Company incurred additional mining costs beginning approximately July 1, 2006 as waste mining was being “caught up.” Waste rock w as mined during the period but little coal was realized as it had already been mined in the quarter ended June 30, 2006. The impact of this was an increase in raw coal ratios and accordingly, an increase in costs.

During the period through to the CCAA filing, the Company was seeking to raise additional debt financing to enable it to, among other working capital items, make certain improvements to the washplant to improve the clean coal recoveries. However, during the due diligence period, and for the reasons noted above, the Company’s financial condition worsened to the extent that the financing could not be obtained on terms suitable to the Company.

Basis of presentation and going concern issues

These financial statements have been prepared using the same basis of accounting principles as applied by the Company prior to the filing for CCAA. While the Company has filed for and been granted creditor protection, these financial statements continue to be prepared using the going concern concept, which assumes that the Company will realize its assets and discharge its liabilities in the normal course of business. The creditor protection proceedings provide the Company with a period of time to stabilize its operations and financial condition and develop a plan of arrangement. During the period, Debtor-In-Possession (DIP) financing, as described below, has been approved by the Court and is available if required, subject to borrowing conditions. Management believes that these actions make the going concern basis appropriate. However, it is not possible to predict the outcome of these proceedi ngs and accordingly substantial doubt exists as to whether the Corporation will be able to continue as a going concern. Further, it is not possible to predict whether the actions taken in any restructuring will result in improvements to the financial condition of the Company sufficient to allow it to continue as a going concern. If the going concern basis is not appropriate, adjustments may be necessary to the carrying amounts and/or classification of assets and liabilities and expenses in these financial statements. These financial statements do not reflect any adjustments related to subsequent events related to conditions that arose subsequent to September 30, 2006.

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

In accordance with generally accepted accounting principles appropriate for a going concern, property, plant and equipment is carried at the lower of cost less accumulated amortization and net recoverable amount. This carrying amount is reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. Net recoverable amount is the sum of the undiscounted cash flows from operations and cash flow from disposal of the property, plant and equipment. The Company’s filing for creditor protection under CCAA triggered an impairment review as at September 30, 2006.

In estimating future cash flows from operations of the Company’s property, plant and equipment, the Company made certain assumptions about the reductions in operating costs and its liabilities that could be achieved through the restructuring Plan. These assumptions included, and were based upon but not limited to, the following factors: (a) estimated future coal sales prices as reported by analysts in the sector, (b) required capital expenditures being incurred to implement improvements to the yield recovery in the washplant and to acquire an owner-operated fleet of mining equipment, and (c) costs associated with operating the coal preparation plant facilities, the equipment fleet and mine-site general and administrative expenses. The Company believes that these assumptions are consistent with use of the going concern assumption in these financial statements. Should there be a change to t he underlying estimates and assumptions, an asset impairment may occur that would require a write-down in the value of the Company’s property, plant and equipment.

In connection with the CCAA proceedings, any future Plan will require the approval of affected creditors and there can be no assurance that such agreement will be reached and that future cash flows will be sufficient to recover the carrying amount of property, plant and equipment. Without the benefit of an approved restructuring plan management estimates that future cash flows will likely be negative for the foreseeable future. This situation would result in the write-down of the Company’s property, plant and equipment to liquidation value. The Company believes that this situation is equivalent to the liquidation basis of accounting which is not consistent with the going concern basis of accounting.

While the Company is under creditor protection it will make adjustments to the financial statements to isolate assets, liabilities, revenues and expenses related to the reorganization and restructuring activities so as to distinguish these events and transactions from those associated with the operations of the business. Further, allowed claims under the CCAA proceedings may be recorded as liabilities and presented separately on the balance sheet. If a restructuring occurs and there is substantial realignment of the equity and non-equity interests in the Company, the Company will be required, under Canadian GAAP, to adopt “fresh start” reporting. Under fresh start reporting the Company will undertake a comprehensive revaluation of its assets and liabilities based on the reorganization value and as established and confirmed in the Plan. The financial statements do not present any adju stments that may be required during the period that the Company remains under creditor protection, or that may be required under fresh start reporting.

Financing during CCAA proceedings – Debtor-In-Possession (DIP) financing

The Company has finalized the negotiation of a Debtor-In-Possession (DIP) Credit Agreement secured financing dated November 6, 2006. This financing is with the Royal Bank of Canada for an initial amount of $1.1 million with the option to draw an additional $0.5 million. Interest will be charged at RBC prime plus 2.5% with a fee of $25,000 on the initial draw and $10,000 on the subsequent draw (if utilized). The term of the financing will expire on January 5, 2007. The Company anticipates repayment of this financing to occur concurrent with the receipt of funds for the sale of a vessel of coking coal made on November 7, 2006.

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

These unaudited consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles (“Canadian GAAP”) for interim financial information and follow the same accounting policies and methods of application as the audited consolidated financial statements of the Company for the year ended March 31, 2006. These unaudited interim consolidated financial statements do not include all the information and note disclosures required by Canadian GAAP for annual financial statements and therefore should be read in conjunction with the most recent annual audited consolidated financial statements of the Company and the notes thereto. In the opinion of management, all adjustments considered necessary for fair presentation have been included in these financial statements. Interim results are not necessarily indicative of the results expected for th e fiscal year.

MINERAL PROPERTY, PLANT AND EQUIPMENT

Mineral property, plant and equipment consist of:


	September 30, 2006			March 31, 2006
		Accumulated	Net Book		Accumulated	Net Book
	Cost	Amortization	Value	Cost	Amortization	Value

Assets acquired under capital lease	$ 256	$ 105	$ 151	$ 256	$ 80	$ 176
Buildings	651	45	606	426	30	396
Land	214	-	214	140	-	140
Office equipment	878	242	636	595	186	409
Plant and equipment	25,634	3,044	22,590	25,513	1,752	23,761
Property and development	35,288	3,528	31,760	34,722	2,044	32,678
	$ 62,921	$ 6,964	$55,957	$61,652	$ 4,092	$57,560

Included in property, plant and equipment is $1.3 million (March 31, 2006 - $1.3 million) relating to interest capitalized during construction and development.

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

NON-PRODUCING MINERAL PROPERTIES


	Six months ended	Year ended
	September 30, 2006	March 31, 2006

Pine Pass
Consulting	$ 211	$ 785
Drilling	-	2,716
Environmental	18	17
Permits	5	16
B.C. Mining Exploration Tax Credit	-	(717)
	234	2,817

Beginning of period	2,877	60

End of period	$ 3,111	$ 2,877

The Company has an interest in the Pine Pass property, located adjacent to the Willow Creek mine site and has completed a drill program to further develop reserves at this coal deposit. The purpose of the drill program was to further define Pine Pass reserves for mining and reporting purposes to National Instrument 43-101 standard, provide geological data to develop a mine plan and initiate environmental testing necessary for mine permits.

OPERATING LINE

The Company entered into a working capital credit facility of up to $20 million with Royal Bank Asset Based Finance, a division of Royal Bank of Canada (“Royal Bank” or the “Bank”) on September 16, 2005. The Bank’s facility is secured by all the assets of the Company with first position on inventory and receivables. The facility bears interest at the rate of Royal Bank’s prime plus 1% per annum, calculated monthly. At September 30, 2006, the Company was in breach of certain covenants associated with the Bank’s operating line due to the Company’s worsening financial situation as described in Note 1.

TERM DEBT


	September 30,	March 31,
	2006	2006

Rockside Foundation loan (US$8,850)	$ 9,892	$ 10,337
	9,892	10,337
Less portion due within one year	9,892	10,337
	$ -	$ -

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

The Company entered into a Credit Facility Agreement (the "Agreement") with The Rockside Foundation ("Rockside"), a shareholder of the Company, for an aggregate amount up to US$ 7.0 million, with interest at an annual rate of 10%, further amended on December 30, 2004, to increase the loan to US$8.85 million. Under the terms of the Agreement, the Company issued 104,736 common shares for the loan of the initial US$3.75 million principal amount. A further 101,020 shares had been issued to Rockside as at March 31, 2006, representing the 10% bonus due by the Company upon receipt of the subsequent US$5.1 million.

A second amendment to the Agreement was completed on September 16, 2005. Under the terms of the second amendment the due date for repayment of the loan was extended for 10 weeks from November 29, 2005 to February 6, 2006. For the period from November 29, 2005 to February 6, 2006 interest was payable at the rate of 12% per annum with no bonus shares being issued.

A third amendment to the Agreement was completed on November 23, 2005 whereby the terms of repayment of the loan were further extended from February 6, 2006 to June 30, 2006.

A fourth amendment to the Agreement was completed on June 15, 2006, whereby the terms of repayment of the loan were extended from June 30, 2006 to September 30, 2006. All other terms remain unchanged.

A fifth amendment to the Agreement was completed on September 28, 2006, whereby the terms of repayment of the loan were extended from September 30, 2006 to October 31, 2006. All other terms remain unchanged.

Rockside’s loan is secured by the Company’s assets subject to an inter-creditor agreement with Royal Bank which grants the Bank certain priority rights with regard to inventory and receivables. In addition, a subordination and postponement agreement has been entered into between the Bank and Rockside whereby Rockside has postponed their loans in favour of Royal Bank (see Note 5).

DUE TO RELATED PARTY

The Company has provided for the payment of $0.6 million to the estate of the former Chairman of the Company (the “Estate”). The Estate is administered on behalf of its beneficiaries by a director of the Company. The Company has agreed, subject to certain conditions being fulfilled, to enter into discussions that could result in a cash payment or shares of the Company being issued in full consideration of an amount of $0.6 million for the Estate upon terms and arrangements that are not yet to be determined. There is no immediate requirement or intention to finalize these discussions.

ASSET RETIREMENT OBLIGATION

Although the ultimate amount of the asset retirement obligation and reclamation is uncertain, the fair value of these obligations is based on information currently available, including closure plans and applicable regulations.

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

The total undiscounted amount of the estimated cash flows required to settle the Company’s asset retirement obligation is $3.4 million (March 31, 2006 - $3.2 million) which has been discounted using a discount rate of 7.5% to total $2.5 million (March 31, 2006 - $2.3 million). Reclamation obligations at the Willow Creek Mine are expected to be paid annually up to 2013. These obligations will be funded from operating cash flows, reclamation deposits and cash on hand. Future changes to these estimates, due to changes in closure plans or applicable regulations, will be made prospectively with a corresponding charge to the asset’s carrying value.

SHARE CAPITAL

(a)

Authorized

Unlimited common shares of no par value.

(b)

Issued and outstanding

No shares were issued during the three and six months ended September 30, 2006.

10.

STOCK OPTIONS AND WARRANTS

(a)

Stock options

The Company has established a stock option plan for directors, officers, consultants and employees. At September 30, 2006, the Company was allowed to grant up to 10% of the issued share capital of as stock options. Stock options are exercisable once they have vested under the terms of the grant. A summary of the Company's options at September 30, 2006 and the changes for the three and six months periods then ended is presented below:


	Three months ended September 30,
	2006		2005
		Weighted		Weighted
		Average		Average
	Number	Exercise	Number	Exercise
	of Options	Price	of Options	Price

Outstanding, beginning of period	3,100,000	$ 2.36	2,760,000	$ 3.76
Granted	110,000	0.89	10,000	4.22
Expired	(300,000)	2.93	-	-
Outstanding, end of period	2,910,000	$ 2.24	2,770,000	$ 3.76


	Six months ended September 30,
	2006		2005
		Weighted		Weighted
		Average		Average
	Number	Exercise	Number	Exercise
	of Options	Price	of Options	Price

Outstanding, beginning of period	3,100,000	$ 2.36	3,070,000	$ 3.47
Granted	110,000	0.89	10,000	4.22
Exercised	-	-	(310,000)	0.88
Expired	(300,000)	2.93	-	-
Outstanding, end of period	2,910,000	$ 2.24	2,770,000	$ 3.76

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

As at September 30, 2006, the Company has outstanding stock options to purchase an aggregate 2,910,000 common shares as follows:


Options Outstanding			Options Exercisable
		Weighted		Weighted
		Average		Average
		Exercise		Exercise
Number	Expiry Date	Price	Number	Price
250,000	April 28, 2007	$ 0.90	250,000	$ 0.90
5,000	April 23, 2009	1.01	5,000	1.01
75,000	July 8, 2009	1.56	75,000	1.56
500,000	March 9, 2010	5.30	375,000	5.30
1,970,000	March 21, 2011	1.74	1,177,000	1.74
110,000	August 21, 2011	0.89	-	-
2,910,000		$ 2.24	1,882,000	$ 2.33

Using the fair value method for stock-based compensation, the Company recorded a charge to operations of $342,000 during the three month period ended September 30, 2006 (three months to September 30, 2005 - $731,000) and $713,000 for the six months to September 30, 2006 (six months to September 30, 2005 - $1,451,000). These amounts were determined using the Black-Scholes option pricing model, based upon the following terms and assumptions:


	Six months ended	Year ended
	September 30,	March 31,
	2006	2006

Dividend yield	0%	0%
Risk free interest rate	4.07%	3.2 - 3.99%
Expected life	3 years	3 years
Expected volatility	72%	75%

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

(b)

Warrants

A summary of the Company's warrants at September 30, 2006 and the changes for the three and six month periods then ended is presented below:


	Three months ended September 30,
	2006		2005
		Weighted		Weighted
		Average		Average
	Number	Exercise	Number	Exercise
	of Warrants	Price	of Warrants	Price

Outstanding, beginning of period	2,777,500	$ 4.24	750,000	$ 6.25
Expired	(750,000)	6.25	-	-
Outstanding, end of period	2,027,500	$ 3.50	750,000	$ 6.25


	Six months ended September 30,
	2006		2005
		Weighted		Weighted
		Average		Average
	Number	Exercise	Number	Exercise
	of Warrants	Price	of Warrants	Price

Outstanding, beginning of period	2,777,500	$ 4.24	1,850,000	$ 2.68
Exercised	-	-	(1,100,000)	0.25
Expired	(750,000)	6.25	-	-
Outstanding, end of period	2,027,500	$ 3.50	750,000	$ 6.25

As at September 30, 2006, the Company has outstanding share purchase warrants to purchase an aggregate 2,027,500 common shares as follows:


Warrants Outstanding
		Weighted
		Average
		Exercise
Number	Expiry Date	Price
2,027,500	June 12, 2007	3.50
2,027,500		$ 3.50

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

11.

SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE

The Company operates in one industry and as at September 30, 2006 substantially all of the Company's assets were located in Canada.

Revenues from customers can be attributed to the following countries:


	Three months ended September 30,				Six months ended September 30,
	2006		2005		2006		2005

Asia	$ 11,871	100%	$ 19,957	100%	$ 26,692	82%	$ 28,154	84%
Europe	-	0%	-	0%	5,834	18%	5,277	16%
	$ 11,871	100%	$ 19,957	100%	$ 32,526	100%	$ 33,431	100%

For the six months ended September 30, 2006, 100% of sales are to six customers (September 30, 2005 – 100% of sales to four customers) and there are no accounts receivable due from sale of coal (September 30, 2005 - 100% of accounts receivable from two customers).

12.

CHANGES IN OPERATING ASSETS AND LIABILITIES OTHER THAN CASH


	Three months ended September 30		Six months ended September 30
	2006	2005	2006	2005

Decrease (increase) in accounts receivable	$ 7,980	$ 1,183	$ 3,674	$ (1,026)
Decrease (increase) in prepaid expenses	1,303	(346)	1,325	(789)
Increase in inventory	(1,806)	(412)	(773)	(1,628)
Increase in accounts payable
and accrued liabilities	988	2,018	3,075	6,160
Affect of foreign exchange on non-cash items	(192)	88	(8)	89
	$ 8,273	$ 2,531	$ 7,293	$ 2,806

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

13.

INCOME TAXES

The Company incurred significant losses during the three months ending September 30, 2006, such losses which would, in the normal course of events, give rise to a future income tax asset. However, the effect of these losses has not been recognized by the Company in light of the filing for creditor protection as described in Note 1. In addition, the Company has determined that it is appropriate to carry a valuation allowance against future income tax balances in light of the current CCAA proceedings.

14.

COMMITMENTS AND CONTINGENCIES

(a)

The Company has letters of credit of $50,000 and $373,000 outstanding at September 30, 2006 (March 31, 2006 - $508,000).

(b)

Provincial government regulators have indicated that they are likely to seek an additional bond, pertaining to the Company’s mining activities at a rate of 900,000 tonnes per annum, of approximately $1.5 million. This bond is required to bring the total value of bonds held by the government closer into line with the current status of land disturbance at the Willow Creek mine.

(c)

The Company has entered into operating lease agreements for coal loading services, office space and equipment and vehicles at the mine site. These agreements require the Company to make the following lease payments:


	Office	Office			Coal
	equipment	lease/trailer	Vehicles	Equipment	loading	Total
Six months ending March 31, 2007	$ 5	$ 37	$ 42	$ 19	$ 479	$ 582
Year ending March 31, 2008	9	85	65	37	980	1,176
Year ending March 31, 2009	7	70	11	12	919	1,019
Year ending March 31, 2010	-	65	-	-	-	65
Year ending March 31, 2011	-	65	-	-	-	65
Year ending March 31, 2012	-	65	-	-	-	65
Year ending March 31, 2013	-	54	-	-	-	54
	$ 21	$ 441	$ 118	$ 68	$ 2,378	$ 3,026

PINE VALLEY MINING CORPORATION

Notes to the Consolidated Financial Statements

For the Six Months ended September 30, 2006

(Unaudited)

(Tabular amounts are in thousands of Canadian dollars, except for shares, price per share and per share amounts)

15.

SUBSEQUENT EVENTS

Following the Company’s decision to file for creditor protection under CCAA as described in Note 1, the following events have occurred:

(a)

The Company’s second interim agreement for the provision of mining services, entered into on September 1, 2006, was terminated on November 2, 2006 with immediate effect. Under the terms of the second interim agreement, this gives rise to an additional liability to the Company’s mining contractor in the amount of $4.5 million.

(b)

The Toronto Stock Exchange (the “Exchange”) suspended trading in the Company’s shares as of 2.01 p.m. (Vancouver time) on October 20, 2006. The Exchange has further advised the Company that its shares will be delisted from the Exchange effective November 17, 2006 unless, before that deadline, the Company remedies all of the conditions which resulted in suspension (primarily relating to financial condition) and demonstrates to the Exchange’s satisfaction that the Company meets all of the Exchange’s requirements for an original listing. Notwithstanding the Exchange’s decision, the effective time of the delisting will likely remain suspended if the effective period on the initial order relating to creditor protection is extended beyond November 17, 2006.

(c)

On October 22, 2006 the Company’s Willow Creek mine and related plant operations were put on a care and maintenance basis. In connection with the shutdown of mining activities, the Company terminated 38 employees. Under the terms of its CCAA protection, the Company was not obligated to pay severance, vacation pay, and other items not related to wages and salaries at the time of the termination and these amounts remain unpaid. The exact amount of severance to be paid will be determined at a later date and will form part of the overall creditor pool of claims.

EX-99 4 pvmmda2006930final.htm MANAGEMENT'S DISCUSSION & ANALYSIS Converted by EDGARwiz

Pine Valley Mining Corporation

Management’s Discussion & Analysis

For the Three and Six Months Ended September 30, 2006

MANAGEMENT’S DISCUSSION AND ANALYSIS

November 14, 2006

This management’s discussion and analysis (“MD&A”), dated November 14, 2006, focuses upon a review of the activities, results of operations, liquidity and capital resources of Pine Valley Mining Corporation and its consolidated subsidiaries (the “Company”) for the three and six months ended September 30, 2006. The information in this MD&A should be read in conjunction with the Company’s unaudited consolidated financial statements and the notes thereto for the three and six months ended September 30, 2006 and the audited consolidated financial statements, notes and MD&A for the year ended March 31, 2006.

The consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”). The significant accounting policies are outlined in Note 2 to the consolidated financial statements of the Company for the year ended March 31, 2006. These accounting policies have been applied consistently for the three and six months ended September 30, 2006.

Additional information about the Company is available on SEDAR at www.sedar.com and through the EDGAR system accessible through the United States Securities and Exchange Commission’s website www.sec.gov. Readers should be aware that historical results are not necessarily indicative of future performance; actual results will vary from estimates and the variances may be significant.

The Company reports its financial information in Canadian dollars and all monetary amounts set forth herein are expressed in Canadian dollars unless specifically stated otherwise.

Information about Forward-Looking Statements

This MD&A contains “forward-looking statements” as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Such statements are based on the Company’s current expectations, estimates and projections about the industry, management’s beliefs and certain assumptions made by it. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes” or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements concerning projected revenues, expenses and gross profit, mine development efforts, need for additional capital, market acceptance of the Company’s resource production, and the Company’s production capacity. Such statements are not guarantees of future performance and are subject to certain risks, u ncertainties and assumptions that are difficult to predict. Therefore, the Company’s actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Information relating to the magnitude or quality of mineral deposits is deemed to be forward-looking information. The reliability of such information is affected by, among other things, uncertainty involving geology of mineral deposits; uncertainty of estimates of their size or composition; uncertainty of projections relating to costs of production or estimates of market prices for the mineral; the possibility of delays in mining activities; changes in plans with respect to exploration, development projects or capital expenditures; and various other risks including those relating to health, safety and environmental matters.

The Company cautions that the list of factors set forth above is not exhaustive. Some of the risks, uncertainties and other factors which negatively affect the reliability of forward-looking information are discussed in the Company’s public filings with the Canadian securities regulatory authorities, including its most recent annual report, quarterly reports, material change reports and press releases, and with the United States Securities and Exchange Commission (“SEC”). In particular, your attention is directed to the “Risk Factors” section in this MD&A and to the Company’s other SEC and Canadian filings concerning some of the important risk factors that may affect its business, results of operations and financial conditions. You should carefully consider those risks, in addition to the other information in this MD&A and in the Company’s other filings, before making any business or investment decisions involving the Company and its securities.

The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. In addition, any forecasts or guidance provided by the Company are based on the beliefs, estimates and opinions of the Company’s management as at the date of this MD&A and, accordingly, they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update such projections if management’s beliefs, estimates or opinions, or other factors should change.

Description of Business

The Company is a producer and marketer of metallurgical coal. The Company has been producing low volatile pulverized coal for injection (“PCI”) at its Willow Creek coal property since August 2004 and began mining its coking coal in November 2005.

The Company was originally formed as “Globaltex Industries Inc.” on March 5, 1993 by the amalgamation of New Lintex Minerals Ltd., a public British Columbia company (“New Lintex”) and Willow Creek Coal Ltd. (“Willow Creek”), a wholly owned subsidiary of A.L.M. Associates Corp. (“ALM”) under certificate of amalgamation No. 442303. It changed its name to “Pine Valley Mining Corporation” on May 13, 2003. Its shares are listed on the TSX (symbol “PVM”) (status under review) and OTC Bulletin Board in the United States (symbol “PVMCF”).

Overview

The Company’s financial results, balance sheet and key operating statistics are summarized in the table below, which figures are presented in accordance with Canadian GAAP (unaudited).


(Thousands of dollars, except per unit amounts)	Three months ended September 30,				Six months ended September 30,
(Thousands of dollars, except per unit amounts)		2006		2005		2006		2005
Statement of operations
Revenues	$	11,871	$	19,957	$	32,526	$	33,431
(Loss) income from operations	$	(6,202)	$	5,050	$	(4,738)	$	5,500
Net (loss) income	$	(8,327)	$	3,675	$	(8,244)	$	1,861

Basic and diluted (loss) income per share	$	(0.11)	$	0.05	$	(0.11)	$	0.03

Coal statistics – Non GAAP
Coal production (tonnes)		138,919		202,919		325,951		409,186
Coal sales (tonnes)		140,052		199,564		336,860		379,871
Average realized US$ coal price (per tonne)	$	75.65	$	84.68	$	85.63	$	72.16
Average realized CDN$ coal price (per tonne)	$	84.76	$	100.00	$	96.56	$	88.01

Balance sheet
Total assets	$	73,661	$	79,795	$	73,661	$	79,795
Total liabilities	$	33,185	$	42,355	$	33,185	$	42,355
Shareholders’ equity	$	40,476	$	37,440	$	40,476	$	37,440

Key events for overall discussion in this MD&A for the three and six months ending September 30, 2006 and to the current date include the following:

Filing for CCAA protection on October 20, 2006;

Status of TSX listing.

CCAA Protection Filing

The CCAA proceedings have triggered defaults under all debt obligations of the Company. The Order generally stays actions against the Company including steps to collect indebtedness incurred by the Company prior to filing the petition. The Order grants the Company the authority to pay outstanding and future wages, salaries and benefits, and other obligations to employees; the cost of goods and services, both operating and capital, provided or supplied after the date of the Initial Order and rent payments under existing arrangements payable after the date of filing.

Contributing Factors

The Company has incurred significant operating and cash losses during the quarter ended September 30, 2006 and was unable to raise suitable additional financing, as discussed below:

The Company’s clean coal production costs have increased dramatically primarily as a result of fine coal recoveries in its washplant, especially with regard to its coking coal product. The washplant continued to produce yields below those noted in the Feasibility Study for the Willow Creek mine, especially on coking coal (often around 50-60% realization). The impact of these low yields was a material increase in costs of production.

These cost increases in recent times can also be attributed to equipment failures at the Willow Creek mine during the early part of the current fiscal year whereby the Company was faced with the risk of missing certain planned shipments. As these shipments were important to the Company’s cash flows, management sought ways to increase the production of coal to meet customer shipments for the three month period ended June 30, 2006. As a result, the Company mined coal ahead of the timing scheduled by the mine plan by removing the coal in a trench below mining bench grade. Despite this, two customer shipments were delayed to a later period in the year. Following the decision to mine coal below grade in the three months ended June 30, 2006, the Company incurred additional mining costs beginning approximately July 1 as waste mining was being “caught up.” Waste rock was mined during the period but little coal was realized as it h ad already been mined in the quarter ended June 30, 2006. The impact of this was an increase in raw coal ratios and accordingly, an increase in costs, further impacted by fixed operating costs being allocated to fewer tonnes of coal produced.

Financing during CCAA proceedings – Debtor-In-Possession (DIP) financing

The Company has finalized the negotiation of a Debtor-In-Possession (DIP) Credit Agreement secured financing dated November 6, 2006. This financing is with the Royal Bank of Canada for an initial amount of $1.1 million with the option to draw an additional $0.5 million. Interest will be charged at RBC prime plus 2.5% with a fee of $25,000 on the initial draw and $10,000 on the subsequent draw (if utilized). The term of the financing will expire on January 5, 2007 or upon receipt of final payment for the Company’s final post CCAA shipment to a customer in November 2006.

TSX Listing Status

As a consequence of the Company’s financial circumstances underlying its decision to seek CCAA protection, the Toronto Stock Exchange (the “Exchange”) suspended trading in the Company’s shares as of 2.01 p.m. (Vancouver time) on October 20, 2006. The Exchange has further advised the Company that its shares will be delisted from the Exchange effective November 17, 2006 unless, before that deadline, the Company remedies all of the conditions which resulted in the suspension and demonstrates to the Exchange’s satisfaction that the Company meets all of the Exchange’s requirements for an original listing. Notwithstanding the Exchange’s decision, the effective time of the delisting will likely remain suspended if the effective period of the Initial Order is extended beyond November 17, 2006.

Results of Operations for the Three and Six Months Ended September 30, 2006 compared to the Three and Six Months Ended September 30, 2005

This review of the results of operations should be read in conjunction with the unaudited consolidated financial statements of the Company for the six months ended September 30, 2006 and other public disclosure documents of the Company.

Revenues

Revenues from coal sales for the quarter ended September 30, 2006 were $11.9 million based upon 104,629 tonnes of PCI and 35,423 tonnes of coking coal (total of 140,052 tonnes) at an average sales price of $84.76 (US$75.65) compared to $19.9 million on 199,564 tonnes at an average sales price of $100 (US$84.68) for the quarter ended September 30, 2005, a decrease of $8 million or approximately 40%. The lower average sales price reflects the sales mix in the period with greater weighting to current year contract prices rather than prices carried forward from last fiscal year, especially with regard to PCI.

As the Company’s sales agreements are all denominated in U.S. dollars, its reported revenues were negatively affected by the continued strong Canadian dollar compared to the U.S. dollar in the period reported. The average exchange rate during the three months ended September 30, 2006 was 1.12 compared to 1.20 for the prior year equivalent period. The impact of this has the effect of reducing the Company’s realized revenues as reported in the financial statements by approximately $0.8 million for the three months ended September 30, 2006.

Revenues for the six months ended September 30, 2006 were $32.5 million at an average sales price of $96.56 (US$85.63) on 336,860 tonnes compared to $33.4 million at an average sales price of $88.01 (US$72.16) on 379,871 tonnes for the six months ended September 30, 2005. The difference in average selling price is reflective of the mix of carry over tonnes in each period as sales in the six months ended September 30, 2005 included carry over tonnes from the prior year which were at a much lower average price per tonne than those carried over into the current fiscal year.

These price differences were offset in the six months to September 30, 2006, by the impact of exchange rates as detailed above. The average exchange rate during the six months ended September 30, 2006 was 1.12 compared to 1.22 for the prior year equivalent period. The impact of this has the effect of reducing the Company’s realized revenues as reported in the financial statements by approximately $2.9 million for the six months ended September 30, 2006

Cost of Operations


Non-GAAP production statistics (unaudited)		Three months ended September 30,				Six months ended September 30,
(Thousands of dollars, except per unit amounts)		Three months ended September 30,				Six months ended September 30,
(Thousands of dollars, except per unit amounts)		2006		2005		2006		2005

Coal sales (tonnes)		140,052		199,564		336,860		379,871
Product coal produced (tonnes)		138,919		202,919		325,951		409,186

Mining and transportation costs	$	14,563	$	12,905	$	31,393	$	24,569
Less: Selling and non-production costs included in mining and transportation	$	(696)	$	(587)	$	(1,362)	$	(1,119)

Mining, transportation and port receiving costs	$	13,867	$	12,318	$	30,031	$	23,450

Mining, transportation and port receiving cash costs (per tonne)	$	99.02	$	61.72	$	89.15	$	61.73

Major components of the Company’s cost of operations are as follows:

Mining costs related to the movement of rock overburden in order to extract raw coal. A considerable amount of rock must be blasted and removed in order to access coal seams. In addition, the coal mined is transported by truck from the open pit to the plant facilities.

Transportation costs associated with rail transportation of the Company’s coal to Neptune Bulk Terminals in North Vancouver and Ridley Terminals in Prince Rupert, related terminal costs and other miscellaneous costs associated with coal handling and quality sampling at the mine site.

Fees at the port for receipt of coal and the subsequent loading on to ships, in addition to marketing commissions due to sales agents.

Administrative costs related to the maintenance and operation of offices and plant facilities at the Willow Creek mine site.

Depletion costs included in cost of operations reflect the expensing of the initial property development costs to operations as the minerals are extracted and sold. Depreciation and amortization costs included in cost of operations reflect depreciation on equipment, buildings, and other facilities engaged directly in extraction and ordinary treatment processes.

The Company’s mining operations at the Willow Creek Coal Mine, while overseen by Company management on site, are conducted by a mining contractor, Tercon Mining PV Ltd. (“Tercon”). The contractor is responsible for providing the labour and equipment used in connection with the mining operations. As a condition precedent to entering into a proposed financing arrangement, the Company was required to have a contract in place with Tercon. Accordingly, a contract for the provision of mining services, with a term to June 30, 2007, was entered into on September 1, 2006. However, the financing could not be completed under satisfactory terms and the Company filed for CCAA protection on October 20, 2006. Following the CCAA filing, the mining services contract was terminated by Tercon, with the Company’s acceptance, on November 2, 2006.

The Company utilizes a non-GAAP financial measure to determine the production cost per tonne of coal sold, such measure including all direct mining, processing and transportation costs to bring the coal to the port. This financial measure enables the Company to determine its average cost of production and hence efficiency with regard to mining and transportation operations, without the effect of selling costs, compliance and new product sampling costs, general and administrative overhead and non-cash charges such as depletion and depreciation, such items being outside the direct control of the mine operations. Utilizing such a measure, the cash cost per tonne for product sold in the quarter relating to direct costs for mining, processing, transport and port receiving charges (the “production cost”) was $99.02 (compared to $61.72 for the equivalent period in the prior year). To facilitate a better understanding of this measure a reconciliat ion of this factor to the unaudited consolidated financial statements “mining and transportation costs” for the three and six months ended September 30, 2006 is provided in the table above.

Total cost of operations relating to mining and transportation for the quarter ended September 30, 2006, was $14.6 million compared to $12.9 million for the three months ended September 30, 2005. The increase in the production cost is attributable to the following significant factors with regards to the mining and facility operating costs:

Raw coal strip ratio relating to product sold for the quarter ended September 30, 2006 was 7.38:1 compared to 7.82:1 for the quarter ended September 30, 2005. The impact of this lower raw strip ratio amounted to an decreased cost per tonne of approximately $0.68.

However, product coal strip ratio relating to product sold during the quarter ended September 30, 2006 was 10.8:1 compared to 7.82:1 for the quarter ended September 30, 2005. The impact of this higher strip ratio amounted to an increased cost per tonne of approximately $20.30 for the September 30, 2006 quarter. This strip ratio is based on saleable coal production and has been materially affected by the lower than expected recoveries achieved in the washplant on fine coal compared to the Company’s Feasibility Study. In the prior year period, the Company was producing coal that did not require washing whereas in the current period all coal requires washing. The Company has performed a preliminary review of coal mining and washing methods as well as handling procedures in order to implement improvements and revised methods so as to bring the recoveries into line with previously anticipated recovery rates as per the Feasibility Study. This study has determined that there is scope to improve the washplant yields, however, the full extent of this is currently undetermined.

The Company’s mining contractor (Tercon) has, during the period since mining commenced, revised coal and waste mining rates. These revised rates contributed to an increase of approximately $8.52 per tonne for coal sold in the quarter ended September 30, 2006 compared to the equivalent prior period. The increased rates charged by Tercon are directly affected by the mining strip ratios and the amount charged is reflective of the prevailing strip ratios at a point in time. The increase represents an overall rate increase of approximately $1.15 per bank cubic metre of waste mined.

Approximately $4.41 per tonne relates to increased costs as a result of the Company operating both a raw coal crushing and handling facility and a washplant during the quarter ended September 30, 2006 compared to the three months ended September 30, 2005. The crushing and handling facility was completed in February 2005 and the washplant in December 2005.

The Company continued to incur the cost of fuel surcharges which reflect the continued high commodity cost of oil in world markets. These surcharges relate to both rail and services provided by the Company’s mining contractor. The total fuel surcharge costs in the three months ended September 30, 2006 amounted to $4.55 per tonne of product coal sold compared to $3.48 per tonne for the quarter ended September 30, 2005. These fuel surcharge costs are included in the Company’s production cost per tonne.

Administrative and other costs for the three months ended September 30, 2006 include an expense of $1.1 million relating to Tercon mobilization costs that had been carried on the balance sheet prior to this period. These mobilization costs were determined to be expensed in light of the CCAA filing and termination of the Tercon agreement. Administrative/amortization costs totaled a combined $14.64 per tonne, excluding mobilization costs expensed and the rail insurance amounts as disclosed in the Company’s MD&A dated August 14, 2006 for the three months ended September 30, 2006 ($5.62 for the three months ended September 30, 2005).The increase in administrative/amortization per tonne costs relates primarily to the increased charges for depreciation of plant and equipment given the operation of the washplant since December 2005.

Other Expenses

General and administrative expenses not directly related to mining operations at the Willow Creek mine totaled $1.1 million for the quarter ended September 30, 2006. This represents a decrease of $0.2 million from the three months ended September 30, 2005. This overall decrease is described in further detail below.

Salaries and stock-based compensation for the quarter ended September 30, 2006 decreased by $0.24 million compared to the three months ended September 30, 2005. Stock-based compensation expense, included in the total expense, decreased by $0.39 million for the quarter compared to the prior period. This decrease resulted from the valuation calculated using the Black-Scholes method for options granted on March 21, 2006. The assumptions used in the calculation are described in Note 10 to the unaudited consolidated financial statements at September 30, 2006.

Actual salary expense increased by $0.15 million for the three months to September 30, 2006 compared to September 30, 2005 as a result of the Company’s continuing to build its capabilities through the addition of new personnel.

Interest and financing costs increased from $0.4 million for the quarter ended September 30, 2005 to $1 million for the period ended September 30, 2006. This arose as a result of the failed financing efforts that the Company engaged in to secure additional debt financing during the quarter ended September 30, 2006 – these expenses being written off as incurred. In addition, the Company also expensed the remaining deferred financing charges carried on the balance sheet of approximately $0.2 million following the decision to file for CCAA protection.

The Company recorded a gain on foreign exchange of $0.02 million for quarter ended September 30, 2006 (compared to a gain of $2.1 million for the quarter ended September 30, 2005). During the current quarter, the US dollar to Canadian dollar exchange rate was relatively stable (around 1.12) whereas the prior year period saw the exchange rate move from 1.23 to 1.17. As the Company’s debt consists primarily of US dollar loans, the weakening of the US dollar relative to the Canadian dollar resulted in an unrealized exchange gain to the Company during the quarter ended September 30, 2005.

The Company has recognized a future income tax expense for the quarter ended September 30, 2006 of $88,000 (September 30, 2005 – $1.6 million) representing the Company’s determination that, following the decision to file for CCAA protection, a valuation allowance was appropriate for future income tax purposes. Accordingly, the Company has provided for the full carrying value of its future income taxes as previously recorded. The Company recognized a mining tax expense recovery in the quarter ended September 30, 2006, of $23,000 relating to British Columbia Mineral Taxes for mining activities at the Willow Creek mine. The Company estimates its taxes due based on estimates with regard to the marginal tax rate at which it would expect to pay taxes for the fiscal year. These estimates are subject to a variety of factors that could impact the exact marginal rate at which the Company is taxable, including, but not limited to, its ability to rega in profitable operations, the availability of its income tax loss carryforwards and other tax assets.

Net (Loss) Income

As a result of the foregoing, the Company realized a consolidated net loss for the quarter ended September 30, 2006 of $8.3 million (or $0.11 per share) as compared to net income of $3.7 million (or $0.05 per share) for the quarter ended September 30, 2005.

Selected Quarterly Information (unaudited)


	Quarter ended September 30, 2006	Quarter ended June 30, 2006	Quarter ended March 31, 2006	Quarter ended December 31, 2005	Quarter ended September 30, 2005	Quarter ended June 30, 2005	Quarter ended March 31, 2005	Quarter ended December 31, 2004
Total Revenues (millions)	$11.871	$20.655	$18.216	$7.811	$19.957	$13.474	$7.223	$9.189
Production (tonnes)	138,919	187,302	131,029	134,407	202,919	206,267	153,533	137,316
Sales (tonnes)	140,052	196,808	154,997	66,307	199,564	180,307	97,402	146,203
Average U.S. $ price per tonne	$75.65	$92.72	$101.40	$101.55	$82.78	$60.42	$60.32	$51.97
Average CAD$ price per tonne	$84.76	$104.95	$117.52	$117.80	$100.00	$74.73	$74.15	$62.85
EBITDA (millions) (1)	($4.454)	$2.296	$2.159	$0.808	$5.219	$0.634	($0.738)	$0.915
Net (Loss) Income (millions)	($8.327)	$0.083	($0.674)	($0.579)	$3.675	($1.814)	($2.342)	$1.664
Basic and diluted net (loss) income per Share	($0.11)	$ -	($0.01)	($0.01)	$0.05	($0.03)	($0.03)	$0.03
Cost of production	$99.02	$82.13	$86.62	$79.31	$61.72	$61.74	$53.21 (2)	$53.21 (2)

(1) The Company discloses EBITDA, which is a non-GAAP measure, in order to provide an indication of revenue less cash operating expenses. This is considered to be an important factor in evaluating the overall performance of the Company and is related to the impact of the cash costs of production. EBITDA does not have any standardized meaning prescribed by Canadian generally accepted accounting principles and is, therefore, unlikely to be comparable with similar measures presented by other issuers. The Company calculates EBITDA taking into account the following factors: depreciation, depletion and amortization, stock-based compensation, interest/financing charges, foreign exchange gains or losses, one-time non-cash expenses and taxes.

(2) Mining operations commenced in July 2004 and the first product sold was in September 2004. Management considers that, in order to more accurately reflect the production cost (as defined above in this MD&A), the average for the period is more appropriate as a measure.

During the quarter ended September 30, 2006, the Company, as noted throughout this MD&A, suffered a worsening of its financial position through low production volumes, high costs and an inability to close suitable financing. Production costs increased, as discussed above, primarily due to raw coal ratio and the washplant yield due to poor recovery of fine coal in the circuits. Accordingly, the Company filed for CCAA protection subsequent to the end of the quarter (on October 20, 2006) as a result of the ability to continue to meet its payments as they became due.

Liquidity, Financial Condition and Capital Resources

As at September 30, 2006, the Company had cash of $1.4 million and a working capital deficiency of $17 million compared to cash and a working capital deficiency of $0.8 million and $11.8 million at March 31, 2006 respectively. This deficit reflects the classification on the entire $15.6 million of the Company’s indebtedness as a current liability at September 30, 2006, and also the worsening financial condition of the Company as a result of losses in the quarter. The Company’s outstanding indebtedness consists primarily of borrowings from Royal Bank Asset Based Finance, a Division of Royal Bank of Canada (“Royal Bank” or “Bank”) and The Rockside Foundation (“Rockside”) used to fund capital expenditures, general and administrative expenses, and working capital for the Willow Creek Coal Mine.

On September 28, 2006, the Company’s loan from Rockside was amended such that the terms of repayment were extended from September 30, 2006 to October 31, 2006. This extension was concluded in the anticipation of the Company closing an imminent debt financing. However, prior to closing the financing, the Company’s financial condition deteriorated further with respect to the future outlook were mining to continue under the same conditions with regard to rates and yields in the washplant. In light of these circumstances, the terms of the financing were amended such that the Company was unable to secure the required equity funds on a timely basis. This resulted in the Company’s decision to file for CCAA protection on October 20, 2006 in order to preserve the assets value while strategic alternatives are examined.

Furthermore, due to concerns over the financial condition of the Company, at the end of September 2006 and early in October 2006, the Bank was no longer providing advances to the Company under its operating line. The Company, at the end of September 2006, was in default with its loan agreement with the bank for not meeting certain financial covenants and also due to the deteriorating financial condition.

As part of the CCAA process, the Company has appointed an independent advisor to assist with the Plan of Arrangement such that the maximum value of the business can be preserved for the interests of creditors and shareholders.

The Company realized cash inflows from operating activities of $2.6 million for the quarter ended September 30, 2006 compared to $8.1 million for the quarter ended September 30, 2005. Financing activities provided net cash outflows of $4.8 million for the period compared to inflows of $3.9 million for the prior year period. These cash inflows during the quarter ended September 30, 2006 reflected the Company’s receipt of payment from customers and also increased amounts carried as accounts payable.

For the quarter ended September 30, 2006, the Company incurred cash expenditures of $1.4 million on investing activities, of which $0.6 million related to payment of outstanding accounts payable relating to construction in the year ended March 31, 2006. Property, plant and equipment additions incurred in the quarter ended September 30, 2006 amounted to $0.6 million.

The result of these cash flows was a decrease in cash for the quarter ended September 30, 2006 of $3.7 million, after incorporating the effect of the foreign exchange rate on cash.

Outlook

As discussed in this MD&A and the unaudited consolidated financial statements for the six months ended September 30, 2006, the Company filed for, and obtained, creditor protection under CCAA on October 20, 2006. Following the court order, the Company moved to a care and maintenance basis effective October 23, 2006, with the intent of fulfilling one remaining coking coal shipment (which shipment was completed on November 7, 2006.

The Company has obtained DIP financing and intends to determine a suitable Plan of Arrangement as part of the CCAA process. Until such time as that plan is determined, the Company will remain on a care and maintenance basis with the intent to maintain the value of its assets and contracts for future consideration.

Changes in Accounting Policies including Initial Adoption

No new accounting policies were adopted by the Company in the three months ended September 30, 2006.

Risk Factors

The Company’s business and results of operations are subject to numerous risks and uncertainties, many of which are beyond its ability to control or predict. Because of these risks and uncertainties, actual results may differ materially from those expressed or implied by forward-looking statements, and investors are cautioned not to place undue reliance on such statements, which speak only as of the date hereof.

Investors are urged to review the discussion of risk factors associated with the Company’s business below and as set out in the Company’s MD&A for its March 31, 2006 year end and its Form 20-F dated June 21, 2006, which has been filed with the Canadian Securities Regulators on SEDAR (www.sedar.com) (as the Company’s Annual Information Form) and with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov/edgar.shtml). The risks below and as described in our Form 20-F and other Canadian and U.S. filings are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Ability to Continue Operations as a Going Concern following Creditor Protection and Restructuring

Note 1 to the Company’s unaudited consolidated financial statements for the six months ended September 30, 2006, discloses that the financial statements have been prepared on the basis of accounting principles applicable to a going concern which assumes that the Company will realize its assets and discharge its liabilities in the normal course of business. Note 1 also points out that the Company filed for, and was granted, creditor protection through an order of the Supreme Court of British Columbia under the Companies’ Creditors Arrangement Act (“CCAA”) on October 20, 2006.

The creditor protection proceedings provide the Company with a period of time to stabilize its operations and financial condition and develop a plan of arrangement. During the period, Debtor-In-Possession (DIP) financing has been approved by the Court and is available if required, subject to borrowing conditions. Management believes that these actions make the going concern basis appropriate. However, it is not possible to predict the outcome of these proceedings and accordingly substantial doubt exists as to whether the Corporation will be able to continue as a going concern.

Further, it is not possible to predict whether the actions taken in any restructuring will result in improvements to the financial condition of the Company sufficient to allow it to continue as a going concern. If the going concern basis is not appropriate, adjustments may be necessary to the carrying amounts and/or classification of assets and liabilities and expenses in these financial statements.

History of Substantial Losses and No Assurance of Profitable Operations

The Company has incurred losses since inception of $27 million through September 30, 2006. There can be no assurance that the Company will be able to operate profitably during future periods.

The Company’s Mining Operations are Currently Shut Down, and the Failure to Recommence Mining on a Timely Basis Would Have a Material Adverse Effect on its Results of Operations and Financial Condition

While the Company’s management provided oversight to its mining operations, those operations were conducted by a third-party contractor responsible for providing the labor and equipment used in connection with those operations. As described in the section “Cost of Operations” above, the agreement with the Contractor was terminated by Tercon on November 2, 2006. Accordingly, for mining operations to recommence, the Company would need to engage a new contractor or procure its own fleet of equipment, at then prevailing terms. There can be no assurance as to the Company’s ability to engage a suitable new contractor or otherwise mobilize its equipment on a timely basis or at commercially reasonable rates. Disruption to the Company’s operations resulting from its inability to recommence mining on a timely basis would have a material adverse effect on its financial condition and results of operations.

Substantial Capital, Exploration and Development Expenditures are Required at the Company’s Properties and May Exceed Company Estimates

While the Willow Creek Coal Mine began producing coal in August 2004, the Company has continued to engage in exploration and development activities at its properties, and expects to incur significant additional expenditures in connection with those activities. The Company initiated a drill program to further define Pine Pass reserves for mining and reporting purposes to National Instrument 43-101 standards, provide geological data to develop a mine plan and initiate environmental testing necessary to obtain mine permits. The budget assigned to the initial phase of the drill program was $2.75 million and as of March 31, 2006, $2.72 million had been incurred. An additional $1 million has been expended on the property to obtain background information that will be required for future permit applications, to comply with necessary environmental obligations and for consultants to manage the project and perform analysis on th e samples drilled.

Final drilling was completed in early November 2005 and the Company has engaged an independent consultant to complete more detailed reserves definition for Pine Pass and a mine plan. The Company will also be required to perform extensive environmental analysis and apply for a mine permit prior to production commencing. These events are not certain to occur and could delay any plans to bring the Pine Pass property into production. The amount of capital expenditures required will vary according to the conclusions of the Technical Report but could be substantial should the Company determine that further development of reserves at its Pine Pass property, located approximately 12 kilometers by road from the Company’s processing and rail loading facilities at the Willow Creek Coal Mine, is merited.

The Company has completed the commissioning of the equipment constructed and installed at the Willow Creek Coal Mine, consisting of a raw coal crushing and handling facility and a washplant. In addition, the Company plans to work on the Crassier Creek and Fisher Creek deposits, both of which lie less than 12 kilometers by road from Pine Valley's coal processing and rail loading facilities. The Company does not have any plans in the immediate future with respect to the Falling Creek deposits.

Historically, the cost of the Company’s development activities have substantially exceeded initial estimates, and the Company anticipates that actual development costs may continue to vary substantially from initial estimates. Initial estimates are generally based on consultants’ reports or internally prepared projections. Greater certainty on development cost information will arise only after the Company settles contracts and makes further mine development progress. Factors such as general economic and market conditions, competitive factors, and exchange rate fluctuations will impact the Company’s project costs.

The Company Will Need Additional Financing to resume operations and There is No Assurance that Financing will be Available

The Company had a working capital deficiency at September 30, 2006 of $17 million. The Company is likely to continue to depend upon debt and equity financing in order to fund exploration and development programs and its working capital requirements. In addition, the Company’s ability to make capital expenditures in connection with acquisitions, new mine development and major mine expansions will depend upon its ability to raise debt financing and/or issue new securities. The Company’s ability to raise additional debt financing is restricted as it has secured all of its assets under the provisions of its current debt obligations with The Rockside Foundation (“Rockside”) and Royal Bank Asset Based Finance, a division of Royal Bank of Canada (“Royal Bank”) and as a result of its filing for creditor protection under the CCAA process.

There can be no assurance that the current financing arrangements will be sufficient to meet the future demands and requirements of the Company or that debt or equity financing will be available to the Company in the amount required at any particular time or for any particular period or, if available, that such financing can be obtained on terms satisfactory to the Company. The Company’s inability to obtain financing when needed could have a material adverse effect on its results of operations and financial condition.

The Company’s availability under its operating line facility is based upon many factors, including but not limited to, the advance rate from Royal Bank, the amounts in accounts receivable, production volumes and shipping plans. Should there be a change to any of these items, many of which are beyond the control of the Company, there could be a material adverse effect on the amount available to the Company which could affect its results of operations and financial condition.

Restrictions Imposed under Debt Agreements and Debt Service and Other Requirements

As of September 30, 2006, the Company had total principal amounts owing on debt of $15.6 million, all of which has been classified as a current liability for financial reporting purposes. The Company’s existing debt agreements impose substantial interest payment and amortization requirements on it. The Company’s ability to meet its debt service obligations and to reduce its indebtedness will depend upon its future performance, which will be subject to general economic conditions and to financial, business and other factors affecting the operations of the Company, many of which are beyond its control. If the Company becomes unable to pay its debt service charges or otherwise commits an event of default as defined in its debt agreements, the Company’s lenders may foreclose on or sell the assets of the Company. The agreements governing the Company’s existing indebtedness also contain covenants limiting its ability to bor row additional funds, to pay dividends or any other cash contributions to shareholders, to dispose of assets and may affect the Company’s flexibility in planning for, and reacting to, changes in the business, including possible acquisition activities.

Coal Price and Volume Volatility May Adversely Affect the Company’s Profitability

The Company’s ability to generate profits is directly related to the volume and price of coal sold. Coal demand and price are determined by numerous factors beyond the control of the Company including the international demand for steel and steel products, the availability of competitive coal supplies, international exchange rates and political and economic conditions, and production costs in major coal producing regions. The Company’s dependence on foreign markets may result in instability due to political and economic factors in those foreign jurisdictions, which is beyond the control of the Company. The effect of any or all of these factors on coal prices or volumes is impossible for the Company to predict. If realized coal prices fall below the full cost of production and remain at such level for any sustained period, then the Company will experience losses and may decide to discontinue operations forcing the Company to incu r closure and/or care and maintenance costs, as the case may be.

Failure to Achieve Yields Consistent with Those Set Forth in the Feasibility Study Has Had a Material Adverse Effect on The Company’s Results of Operations and Financial Condition

The washplant continued to produce yields below those noted in the Feasibility Study for the Willow Creek mine, especially on coking coal (often around 50-60% realization). The impact of these low yields was a material increase in costs of production. These increased production costs had a material adverse effect on the Company’s results of operations and financial condition and in the event that the Willow Creek mine is unable to produce yields consistent with those estimated in the Feasibility Study, its future results of operations would continue to be adversely effected.

The Company’s Sales Depend on Reliable Rail and Ship Transportation of its Coal

The Company’s sales depend on rail and ship transportation. The Willow Creek Coal Mine is serviced by a single rail carrier. Coal is loaded into seagoing vessels at Neptune Bulk Terminals (Canada) Ltd., in North Vancouver, British Columbia and at Ridley Terminals Inc. in Prince Rupert, British Columbia.

The Company has, in the past, experienced delays in rail service due to capacity problems experienced by the rail provider. These delays were most noticeable during the fourth quarter of fiscal 2005. Accordingly, the Company maintains an active dialogue with the rail carrier in order to plan for delivery of coal to the port. Service interruption by the rail carrier or port facility may result in lost sales and adversely affect customer relationships. Significant cost escalation for these services will serve to reduce profitability, possibly increasing the full cost of production at the Company’s operations above realized coal prices. To the extent such increases are sustained, the Company could experience losses and may decide to discontinue operations forcing the Company to incur closure and/or care and maintenance costs, as the case may be. The Company has sought to mitigate transportation risks by entering into long-term co ntracts for rail and port services.

The Company’s Mining Operations Involve Substantial Risks

The Company’s mining operations are subject to conditions beyond its control which can affect the cost of mining. Such conditions include environmental hazards, industrial accidents, explosions, unusual or unexpected geological formations or pressures, pit wall slides, pit flooding and periodic interruptions in both production and transportation due to inclement or hazardous weather conditions. Such risks could result in damage to, or destruction of, mineral properties or producing facilities, personal injury, environmental damage, delays in mining, monetary losses and possible legal liability.

Insurance Coverage May Be Unavailable or Inadequate to Cover Potential Claims

Although the Company maintains insurance within ranges of coverage consistent with industry practice, no assurance can be given that such insurance will be available at economically feasible premiums or that it will be sufficient to fully cover any claims brought forward. Insurance against environmental risks (including potential liability for pollution or other hazards as a result of disposal of waste products occurring from exploration and production) is not generally available to the Company or to its competitors within the mining industry. To the extent that the Company is subject to environmental liabilities, the payment of such liabilities would reduce the funds available to the Company. Should the Company be unable to fully fund the cost of remedying an environmental problem, it may be required to suspend operations or enter into interim compliance measures pending completion of the required remedy.

The Company’s Operating Results May Fluctuate as a Result of Many Factors, Some of Which are Beyond the Company’s Control

The Company’s mining operations are inherently subject to changing conditions that can affect levels of production and production costs at particular mines for varying lengths of time and can result in decreases in profitability. Weather conditions, equipment replacement or repair, fuel prices, fires, variations in coal seam thickness, amounts of overburden rock and other natural materials, and other geological conditions have had, and can be expected in the future to have, a significant impact on operating results. A prolonged disruption of production at the Willow Creek Coal Mine would significantly reduce our revenues and profitability. Other factors affecting the production and sale of our coal that could result in decreases in our profitability include: (i) expiration or termination of, or sales price redeterminations or suspension of deliveries under, coal supply agreements; (ii) disruption or increases in the cost of transportation servi ces; (iii) changes in laws or regulations, including permitting requirements; (iv) litigation; (v) work stoppages or other labor difficulties; (vi) mine worker vacation schedules and related maintenance activities; and (vii) changes in coal market and general economic conditions.

Competition is Intense and Likely to Increase

The coal mining industry is highly competitive. Competition in the industry is based on price, quality and long-term deliverability to end-user markets. Large international mining companies that can supply multiple types of coal from several countries are increasingly dominating markets. These larger companies have substantially greater financial resources than the Company. In addition, certain coal producers benefit from higher quality coal deposits than those found on the Company’s lands, and some producers benefit from more favorable geographic locations, climatic conditions and lower operating and regulatory compliance costs than the costs incurred by the Company. The higher prices for metallurgical coal experienced during recent periods are likely to encourage further exploration and development activities, which are likely to result in increased competition in the market for metallurgical coal. There can be no assu rance that the Company will be able to compete effectively with other suppliers or that the need to respond to competitive pricing pressures will not have a material adverse effect on the Company’s results of operation and financial condition.

The Company’s Business is Dependent on the Steel Industry

Continued demand for the Company’s coal is a function of worldwide economic growth and steel production. The steel industry is highly cyclical in nature and demand is affected by a number of factors including international economic conditions and interest rates. The cyclical nature of the steel industry can result in dramatic fluctuations in the demand for metallurgical coal. For example, the 1997-1999 economic crisis in Asia resulted in steel demand significantly weakening which, when combined with an oversupply of coal in world markets, led to a decline in coal prices. Benchmark Japanese export metallurgical coal prices declined by approximately 27% from 1996 to 2000. In addition, materials such as aluminum, composites and plastics are substitutes for steel and an increase in their usage could adversely affect the demand for steel, and consequently, the demand for metallurgical coal.

Reliance on Long-Term Contracts Providing for Annual Pricing Adjustments

During fiscal 2007, approximately 50% of the Company’s anticipated annual coal sales is expected to be sold pursuant to long-term contracts providing for annual upward or downward revision to reflect changes in specified price indices. The prices for coal shipped under these contracts may be below the current market price for similar type coal at any given time. As a consequence of the substantial volume of sales subject to these long-term agreements, the Company may have less coal available with which to capitalize on increases in coal prices if and when they arise. In addition, because long-term contracts typically allow the customer to elect volume flexibility, the Company’s ability to realize the higher prices that may be available in the spot market may be restricted when customers elect to purchase higher volumes under such contracts, or its exposure to market-based pricing may be increased should customers elect to purchase fe wer tonnes. The loss of certain of its long-term contracts could have a material adverse affect on the Company’s business.

Sales under Contracts of Short-Term Duration

During fiscal 2007, approximately 50% of the Company’s anticipated annual coal sales will be sold under contracts of one-year duration or for single shipments. These contracted sales tonnages may not be renegotiated for future years. The loss of customers could have a material adverse affect on the Company’s business.

Achievement of Forecasted Production Levels is Contingent on Permitting

Authorization from governmental authorities is required for the Company to operate the Willow Creek Mine. To date the Company has been operating on the basis of producing up to 0.9 million tonnes per year and has made an application to mine over a broader area at 2.2 million tonnes per year. Continued, future and increased mining operations will require government regulators to provide ongoing authority. There can be no assurance that the Company will obtain and/or maintain government authorization to mine 0.9 million or more tonnes per year.

There can be No Assurance Concerning the Accuracy of Estimates of Reserves

The coal reserves have been estimated by the Company’s technical personnel in consultation with the Company’s outside consultants. No assurance can be given that the indicated level of recovery of the coal will be realized. The location and definition of coal reserves can only be done on the basis of estimation. Coal quality and recovery parameters can vary from estimates. Market price fluctuations for coal as well as increased production costs or reduced recovery rates may render a portion or all of the reserves uneconomic and may ultimately result in a restatement of reserves. Short-term operating factors relating to the coal reserves, such as the need for sequential development of coal bodies, varying stripping ratios and the processing of new or different coal qualities, may adversely affect the Company’s profitability in any particular accounting period.

The Company is Exposed to Risks Resulting from Fluctuations in Exchange Rates

The Company’s coal sales contracts are denominated in United States dollars. The fluctuation of the exchange rate value of the Canadian and United States dollars directly impacts the revenue realized on these sales. The relative exchange rate fluctuation between the Canadian dollar and the currencies of the Company’s international competitors impacts the ability of the Company’s coal products to compete in foreign markets.

Future Growth Depends on the Company’s Ability to Capitalize on Development Opportunities

The Company’s ability to grow in the future will be dependent on the acquisition and development of presently undeveloped coal properties and mine operations. The inability of the Company to make and develop such acquisitions in the future, due to lack of capital resources, competition from other coal companies, government restrictions or the lack of suitable acquisition candidates, could limit the Company’s future growth.

The Company is Subject to Risks Associated with Labour Disputes

Many of the Company’s service providers, including its mining contractor, rail carrier and port facility are unionized. Strikes or lockouts could restrict the Company’s ability to produce and sell coal to its customers.

Changes in Legislation may Adversely Affect the Company’s Business

There can be no assurance that income tax laws, royalty regulations and governmental incentive programs relating to the mining industry in Canada will not be changed in a manner which adversely affects the Company. Likewise, there can be no assurance that income tax laws, royalty regulations and government incentive programs relating to the mining industry in other coal producing countries will not change to favor our competitors leading to reduced international coal prices and coal demand from the Company.

Changes in Government Regulation and Taxation of the Mining Industry May Adversely Affect the Company

The Company’s lands and activities are subject to extensive federal and provincial laws and regulations controlling not only the mining and exploration of mineral properties, but also the possible affects of such activities upon the environment. Future legislation and regulations could cause additional expense, capital expenditures, reclamation obligations, restrictions and delays in the development of the Company’s properties, the extent of which cannot be predicted. In the context of environmental permitting, including the approval of reclamation plans, the Company must comply with legislated or regulated standards and existing laws and regulations which may entail greater or lesser costs and delays depending on the nature of the activity to be permitted and how stringently the regulations are implemented by the permitting authority. The Company has based its business planning, as it relates to income tax matters, upon curren t income tax legislation. At this time it is not possible to predict if, or when, changes may be made, but there is potential for effective income tax rates to vary from those presently incurred.

Compliance with Environmental Laws and Regulations Imposes Significant Obligations on the Company

The Company may be required to make increased capital and other expenditures as a result of increasingly stringent environmental protection legislation, which expenditures are in addition to currently projected reclamation costs. Future legislation and administrative regulations may result in the Company being more closely regulated. Such legislation and regulations, as well as future interpretations of existing laws, may require substantial increases in equipment and operating costs to the Company and delays, interruptions or a termination of operations, the extent of which cannot be predicted.

The Company does not Intend to Pay Dividends for the Foreseeable Future

The Company has never paid dividends on its common shares and does not anticipate paying any dividends on its common shares in the foreseeable future. The declaration and payment of dividends is subject to the discretion of the Company’s Board of Directors. Any determination as to the payment of dividends in the future will depend upon results of our operations, capital requirements, and restrictions in loan agreements, and such other factors as the Board of Directors may deem relevant.

Material Risk of Dilution Presented by Large Number of Outstanding Share Purchase Options and Warrants

As of September 30, 2006, the Company had share purchase options outstanding allowing the holders of these options to purchase 2,910,000 common shares and share purchase warrants outstanding allowing the holders to purchase 2,027,500 common shares. Directors and officers of the Company (including former directors) hold 2,330,000 of these share purchase options. An additional 580,000 share purchase options are held by employees of the Company. None of the share purchase warrants are held by Directors and officers. Given the fact that as of September 30, 2006 there were 75,732,878 common shares outstanding, the exercise of all of the existing share purchase options and warrants would result in further dilution to the existing shareholders and could depress the price of the Company’s shares.

Future Equity Financings May Subject Shareholders to Substantial Dilution

The Company has used equity financing in order to meet its needs for capital and may engage in equity financings during future periods. In addition, the Company has issued equity securities to The Rockside Foundation in connection with its provision of debt financing to the Company and may in the future agree to issue equity securities or securities convertible into or exchangeable or exercisable for equity securities to its lenders in connection with the terms of various financings. Subsequent issuances of equity securities or securities convertible into or exchangeable or exercisable for equity securities would result in further dilution to existing shareholders and could depress the price of the Company’s shares.

No Independent Title Reports or Title Insurance on Coal Leases, Licenses and other Properties

While the Company has reviewed and is satisfied with the titles for the properties in which it has a material interest and, to the best of its knowledge, such titles are in good standing, the Company has not obtained independent title reports or title insurance on its coal leases, coal licenses, nor on any other properties in which it has an interest. Such property interests may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects. There is no guarantee that title to such property interests will not be challenged or impugned.

Uncertainties Regarding Aboriginal Land Claims May Adversely Affect the Company’s Coal Tenures

In December 1997, the Supreme Court of Canada affirmed that aboriginal groups may continue to have aboriginal title to lands that their ancestors exclusively occupied and controlled at the time of the assertion of British sovereignty. First Nations and aboriginal bands have claimed aboriginal title and rights over substantial areas of Canada, including areas where the Company operates under coal tenures issued by the provincial government. Depending on the facts of each case, these claims may give them a right to possess and control land or resources, or a right to compensation from the provincial government in relation to past or current infringement. The December 1997 decision of the Court created uncertainty with respect to third-party interests, including coal tenures, in lands claimed by aboriginal groups. The Court dealt generally with the nature of aboriginal title and what was needed in order to prove aboriginal title . It did not recognize aboriginal title to any particular lands, and did not address how aboriginal title is to be reconciled with property and tenure rights previously granted by the provincial government. The Court confirmed that aboriginal title is not absolute and may be infringed by the provincial government for substantial legislative purposes. In British Columbia, many First Nations are participating in treaty negotiations with the federal and provincial governments in an effort to resolve uncertainty about aboriginal rights and title and to identify new authorities and treaty lands to be held by those First Nations. There can be no assurance that aboriginal land claims will not affect the Company’s existing coal tenures in the future, or its ability to renew or secure other coal tenures in the future.

The Company Depends on a Small Number of Major Customers

Sales to six customers accounted for all of the Company’s net sales during the six months ended September 30, 2006 (see Note 11 to the unaudited consolidated financial statements). Although we expect that the relative percentage of net sales to each of our customers will change each year, we expect that, in the foreseeable future, we will be dependent on a small number of major customers during each fiscal year. The loss of any one of these major customers could have a material adverse effect on our business, results of operations and financial condition.

The Company Depends on a Small Number of Key Personnel

The Company’s performance depends to a significant extent on the abilities and continued participation of its Board of Directors and management personnel. The loss of the services of any of the Company’s executives or Board of Directors could have a material adverse effect on the Company’s business, results of operations and financial condition if a suitable replacement or replacements could not be promptly found. The Company does not carry any key person insurance.

The Company’s Mining Operations Require Skilled Personnel, Whose Services are in High Demand

The Company’s mining operations require individuals with a high degree of technical or professional skills, such as engineers, trades people and equipment operators. Our operations compete with those of other coal mines, as well as other local industries, such as oil and gas or forest products, for these skilled workers. Demand for skilled personnel in the coal mining industry has increased in recent years. In the future, if we are unable to find an adequate supply of skilled workers, a decrease in productivity or an increase in costs will result which would have an adverse effect on our results of operations and our financial condition.

The Company’s Operating Expenses Could Increase Significantly if Utilities, Fuel or Materials and Equipment Prices Increase

The Company is a significant consumer of electricity, fuels and other materials and equipment. Our mining equipment and processing plant are powered by electricity that we have to purchase from outside sources. These prices are subject to change and have increased in recent months. Similarly, recent fluctuations in crude oil and natural gas prices have affected our costs of diesel fuel and natural gas. In addition, because of increased activity within the industry, shortages of certain replacement parts used in mining equipment have been experienced in recent months. The Company’s contracts with its customers provide for annual fixed prices that are not subject to adjustment to reflect increases in operating expenses. Accordingly, increases in prices for electricity, fuel and equipment could adversely affect our profitability.

Two Affiliated Investors are in a Position to Exert Significant Influence over the Company’s Activities and Policies

Mark T. Smith, a Director of the Company, owns approximately 16% of its outstanding common shares as of September 30, 2006, and The R. Templeton Smith Foundation, for which Mr. Smith serves as a trustee, owns approximately 7% of such shares. As a result, Mr. Smith and The R. Templeton Smith Foundation are in a position to exert significant influence over our activities and policies, including elections of Directors and other matters submitted to our shareholders for approval. In addition to the foregoing, the Company’s Chairman, Jeffrey M. Fehn, also serves as an officer of Oakwood Laboratories, LLC, a company controlled by Mr. Smith and members of his family.

Transactions with Related Parties

To the knowledge of the Company, Rockside owns 15.96% of the Company as of the date of this report and is a related party to the Company, as such term is defined in Ontario Securities Commission Rule 61-501, by virtue of its beneficial ownership of more than 10% of the Common shares of the Company.

Other Information

The Company has not entered into any off-balance sheet arrangements at this time.

As at November 14, 2006, the Company had the following securities issued and outstanding:


Common shares	75,732,878
Share purchase options	2,910,000	exercisable between $0.90 - $5.30 per share.
Share purchase warrants	2,027,500	exercisable at $3.50 per share.

Directors and Officers

Jeffrey M. Fehn

Director, Chairman of the Board

Graham Mackenzie

Director

Mark T. Smith

Director

Robert Bell

Director, President and Chief Executive Officer

Martin Rip

Vice President Finance, Chief Financial Officer and Secretary

Kobie Koornhof

Vice President, Marketing

Integrity of Disclosure

The Company’s management maintains appropriate information systems, procedures and controls to ensure that information used internally and disclosed externally is complete and reliable. The Chief Executive Officer and the Chief Financial Officer of the Company have evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the three months ended September 30, 2006, and have concluded that such disclosure controls and procedures are operating effectively.

The Board of Directors is responsible for ensuring that management fulfills its responsibilities. The Audit Committee fulfills its role of ensuring the integrity of the reported information through its review of the interim and audited annual financial statements prior to their submission to the Board of Directors for approval. However, on October 19, 2006, all the members of the Company’s audit committee resigned as directors with immediate effect. Accordingly, the Board of Directors will now, in the interim, assume the functions of the audit committee.

Additional Information

Additional information regarding the Company and its business operations, including the Company’s annual report for the year ended March 31, 2006, is available on SEDAR company profile at www.sedar.com and is also available on the Company’s website at www.pinevalleycoal.com.

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