Pine Valley Mining Balance Sheet

Financials in millions CAD. Fiscal year is April - March.

Millions CAD. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2006	FY 2005	FY 2004	FY 2003	FY 2002
Period Ending	Dec '06 Dec 31, 2006	Mar '06 Mar 31, 2006	Mar '05 Mar 31, 2005	Mar '04 Mar 31, 2004	Mar '03 Mar 31, 2003	Mar '02 Mar 31, 2002
Cash & Equivalents	3.65	0.82	2.2	0.06	0.68	0.07
Cash & Short-Term Investments	3.65	0.82	2.2	0.06	0.68	0.07
Cash Growth	42.33%	-62.86%	3900.00%	-91.91%	825.21%	134.21%
Accounts Receivable	0.04	3.72	5.94	0.01	-	-
Other Receivables	0.7	1.36	2.44	-	0	1.63
Receivables	0.74	5.08	8.38	0.01	0	1.63
Inventory	1.23	9.53	3.45	-	-	-
Prepaid Expenses	0.26	0.64	0.35	0.01	0.01	0.01
Restricted Cash	-	-	-	-	-	0.3
Other Current Assets	-	0.28	0.74	-	-	-
Total Current Assets	5.87	16.64	17.28	0.07	0.69	2
Property, Plant & Equipment	25.99	60.44	39.9	16.86	10.44	13.05
Long-Term Deferred Tax Assets	-	3.04	1.75	-	-	-
Long-Term Deferred Charges	-	1	0.22	-	-	-
Other Long-Term Assets	1.08	1.01	0.7	-	-	-
Total Assets	32.94	82.13	59.86	16.93	11.12	15.05
Accounts Payable	21.23	9.21	4.1	0.04	0.13	2
Accrued Expenses	4.79	2.62	2.11	0.24	-	0.03
Short-Term Debt	-	5.68	-	-	-	1.55
Current Portion of Long-Term Debt	10.31	10.34	20.2	3	-	-
Current Portion of Leases	0.03	0.04	0.02	-	-	-
Other Current Liabilities	0.6	0.6	0.6	-	0.05	0.02
Total Current Liabilities	36.98	28.48	27.03	3.28	0.19	3.6
Long-Term Debt	-	-	-	1	-	-
Long-Term Leases	0.1	0.12	0.14	-	-	-
Long-Term Deferred Tax Liabilities	-	3.21	3.76	-	-	-
Other Long-Term Liabilities	2.49	2.31	0.65	0.6	0.6	0.6
Total Liabilities	39.57	34.12	31.58	4.88	0.79	4.2
Common Stock	61.16	61.16	45.35	29.67	26.42	23.21
Additional Paid-In Capital	6.76	5.71	2.21	1.14	1.12	1.09
Retained Earnings	-74.55	-18.86	-19.47	-19.02	-17.9	-14.45
Comprehensive Income & Other	-	-	0.18	0.25	0.7	1
Shareholders' Equity	-6.63	48.01	28.28	12.05	10.34	10.85
Total Liabilities & Equity	32.94	82.13	59.86	16.93	11.12	15.05
Total Debt	10.45	16.18	20.36	4	-	1.55
Net Cash (Debt)	-6.8	-15.36	-18.16	-3.95	0.68	-1.48
Net Cash Per Share	-0.09	-0.21	-0.31	-0.10	0.02	-0.07
Filing Date Shares Outstanding	75.73	75.73	68.89	48.65	32.07	24.63
Total Common Shares Outstanding	75.73	75.73	68.89	48.65	32.07	24.63
Working Capital	-31.1	-11.84	-9.74	-3.21	0.5	-1.59
Book Value Per Share	-0.09	0.63	0.41	0.25	0.32	0.44
Tangible Book Value	-6.63	48.01	28.28	12.05	10.34	10.85
Tangible Book Value Per Share	-0.09	0.63	0.41	0.25	0.32	0.44
Land	19.27	37.74	26.72	16.84	-	-
Buildings	0.06	0.43	0.43	-	-	-
Machinery	14.94	26.36	13.35	0.06	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.