Extract:

Net income for the first quarter 2009 was almost $60 million or earning
per share of $0.42 and $0.27, on a basic and diluted basis respectively. As a
result of the return to profitability and the visibility of earnings going
forward, a $24 million of a possible $33 million future income tax asset which
was previously written down was recovered during the quarter.

Coal volumes sold for the first quarter fiscal 2009 were 583,000 tonnes
or 7% lower than the first quarter fiscal 2008

In the quarter ending June 30 2008, the Company increased its removal of
waste material by 47% over the same quarter a year ago. Once past this phase
of rock removal, the Company expects to achieve monthly production targets by
the end of the second quarter 2009. The Company expects to produce 1.7 million
tonnes of hard coking coal, 0.2 million tonnes of mid-vol PCI coal and
1.6 million tonnes of low-vol PCI coal in fiscal 2009.

In the longer term, the Company believes that the market fundamentals for
metallurgical coal will provide substantial opportunity to further increase
market diversity and market share. The Company's Wolverine hard coking coal is
now firmly established as a blend component with the world's leading steel
mills. The Company's Burnt River ULV-PCI coal is consistently ranked in the
top three PCI coals worldwide and has experienced unparalleled demand. These
coals, in conjunction with highly efficient rail and port infrastructure with
excess capacity, provide to the Company a strategic advantage to grow and
diversify.

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