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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549****FORM 10-QSB******
(Mark One) 
**   X  **ANNUAL REPORT UNDER SECTION 13 OR   15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 **For the quarterly period ended September 30, 2006   
_____
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE   EXCHANGE ACT 
For the transition period from________to _______  
Commission File Number: **000-52028**
 
  **MISTRAL VENTURES, INC.        
(Name of small business issuer in its charter)           **Nevada  **20-2745790      
(State of other jurisdiction of incorporation or   organization)  
(I.R.S. Employer I.D. No.)          **711- S. Carson Street, Suite #4, Carson City NV  **89701     
(Address of principal executive offices) 
(Zip Code)          
Issuer's telephone number **775-881-3478**     **Not Applicable    
(Former names, former address and former fiscal year, if   changed since last report)  Check whether the issuer (1) filed all reports required to  be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months  (or for such shorter period that the registrant was required to file such  reports), and (2) has been subject to such filing requirements for the past 90  days. Yes [ X] No [  ] Indicate by check mark whether the registrant is a large  accelerated filer, an accelerated filer, or a non-accelerated filer. See  definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of  the Exchange Act                                                    Large accelerated filer [ ] Accelerated Filer [ ] Non-accelerated filer [  **X** ] Indicate by check mark whether the registrant is a shell  company (as defined in Rule 12b-2 of the Exchange Act).                                     Yes [**X**] No [ ] 
 

i
**APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY  PROCEEDINGS DURING THE PRECEDING FIVE YEARS**
Check whether the issuer has filed all documents and reports required to be  filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of  securities under a plan confirmed by a court. 

Yes [ ] No [  ] 
**Not Applicable

APPLICABLE ONLY TO CORPORATE ISSUERS**
State the number of shares outstanding of each of the issuer's classes of  common equity, as of the latest practicable date: **We had a total of  3,800,000 shares of common stock, par value $.001, issued and outstanding at  September 30, 2006.**
Transitional Small Business Disclosure Format (Check one): Yes [ ] No [**X**]  

 

 

ii
**TABLE OF CONTENTS**
 
   **Page No.     **NOTE REGARDING   FORWARD-LOOKING INFORMATION**
1    **PART I:   FINANCIAL INFORMATION**
1  Item 1. Financial Statements
1  Item 2.   Management's Discussion and Analysis or Plan of Operation
16  Item 3. Controls and Procedures
18     **PART II: OTHER INFORMATION**
19  Item 1A. Risk   Factors
19  Item 6. Exhibits
19     **SIGNATURES**
20 
 

 

iii
**Note Regarding Forward-Looking Statements**
The statements contained in this Form 10-QSB that are not purely historical  are forward-looking statements within the meaning of Section 27A of the  Securities Act of 1933, as amended, and Section 21E of the Securities Exchange  Act of 1934, as amended. These include statements about our expectations,  beliefs, intentions or strategies for the future, which are indicated by words  or phrases such as anticipate, expect, intend, plan, will, the Company  believes, management believes and similar words or phrases. The  forward-looking statements are based on our current expectations and are  subject to certain risks, uncertainties and assumptions. Our actual results  could differ materially from results anticipated in these forward-looking  statements. All forward-looking statements included in this document are based  on information available to us on the date hereof, and we assume no obligation  to update any such forward-looking statements.

 

 
**PART I - FINANCIAL INFORMATION*****Item 1. Financial Information***
The financial statements for Mistral Ventures, Inc. (the "**Company**")  included herein are unaudited but reflect, in management's opinion, all  adjustments, consisting only of normal recurring adjustments, that are  necessary for a fair presentation of the Company's financial position and the  results of its operations for the interim periods presented. Because of the  nature of the Company's business, the results of operations for the three  months ended September 30, 2006 are not necessarily indicative of the results  that may be expected for the full fiscal year. The financial statements  included herein should be read in conjunction with the audited financial  statements and notes thereto included in our Form SB-2 registration statement,  filed with the U.S. Securities and Exchange Commission on April 20, 2006 and  incorporated herein by reference, which can be found on the SEC website at  www.sec.gov under our SEC File No. 000-52028.

 

 
**Mistral Ventures, Inc.  (A Development Stage Company)**
Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006**
 

1
**Mistral Ventures, Inc.  (A Development Stage Company)Balance Sheets  (Expressed in U.S. Dollars)  (Unaudited)
  **As at 30      September      2006 **As at 31      December      2005     (Audited)
  **$ **$     **Assets**         **Current**    Cash and cash equivalents 
97,751 
8,677Prepaid expenses 
- 
250     
97,751 
8,927   **Liabilities**         **Current**    Accounts payable and accrued liabilities (Note     4) 
3,739 
5,200Due to related party (Note 5) 
7,500 
500     
11,239 
5,700   **Stockholder's equity**    **Capital stock** (Note 7)    Authorized         75,000,000 common shares, par value $0.001    Issued and outstanding         30 September 2006 - 3,800,000 common shares,     par value $0.001         31 December 2005 - 900,000 common shares, par     value $0.001 
3,800 
900**Warrants** 
10 
-**Additional paid-in capital** 
120,190 
8,100**Deficit, accumulated during the development     stage** 
(37,488) 
(5,773)    
86,512 
3,227     
97,751 
8,927                  **Nature and Continuance of Operations**(Note 1)               
 

See notes to financial statements
**On behalf of the Board:**
/s/ John Xinos

_______________________________Director   John Xinos 

 

2
**Mistral Ventures, Inc. (A Development Stage Company)Statements of Operations  (Expressed in U.S. Dollars) (Unaudited)
**** **For the    period from    the date of    inception    on 13 May    2005 to   30 September    2006**For the    three month    period   ended 30 September    2006**For the    three month    period    ended 30    September    2005**For the    nine month    period    ended 30    September    2006**For the    period from    the date of inception    on 13 May    2005 to   30    September    2005  **$ **$ **$ **$ **$           **Expenses**          Acquisition of a mineral property (Notes 3 and   6) 
9,000 
- 
- 
9,000 
-Legal and accounting 
20,358 
5,553 
- 
15,158 
-Management fees (Notes 6, 7 and 9) 
5,100 
1,700 
- 
5,100 
-Office and miscellaneous 
1,027 
10 
- 
1,009 
18Rent (Notes 6, 7 and 9) 
900 
300 
- 
900 
-Transfer agent fees 
1,103 
155 
- 
548 
-      **Net loss for the period** 
(37,488) 
(7,718) 
- 
(31,715) 
(18)                             **Basic and diluted loss per common share**   
(0.004) 
- 
(0.018) 
(0.001)                              **Weighted average number of common shares used   in per share calculations**   
2,039,130 
900,000 
1,752,015 
900,000                              ****
 

 

See notes to financial statements

 

3
**Mistral Ventures, Inc.  (A Development Stage Company)Statements of Cash Flows   (Expressed in U.S. Dollars)  (Unaudited)
**** **For the      period from      the date of inception on      13 May 2005          to 30      September      2006**For the three      month      period ended     30      September      2006
**For the three      month      period ended      30      September      2005**For the nine     month      period ended      30      September      2006
**For the      period from      the date of     inception on      13 May 2005          to      30      September      2005
  **$ **$ **$ **$ **$           **Cash flows from operating activities**          Net loss for the period 
(37,488) 
(7,718) 
- 
(31,715) 
(18)Adjustments to reconcile loss to net cash used     by operating activities               Acquisition of mineral property (Notes 3, 7     and 9) 
9,000 
- 
- 
9,000 
-     Contribution to capital     - expenses (Notes 6, 7     and 9) 
6,000 
2,000 
- 
6,000 
-Changes in operating assets and liabilities          Decrease in prepaid expenses 
- 
- 
- 
250 
-Increase (decrease) in accounts payable and     accrued liabilities 
3,739 
1,099 
- 
(1,461) 
-        
(18,749) 
(4,619) 
- 
(17,926) 
(18)                 **Cash flows from financing activity**          Common shares issued for cash      (Note 7) 
108,990 
99,990 
- 
99,990 
-Warrants issued for cash  
10 
10 
- 
10 
-Advances from related party      (Notes 5 and 6) 
7,500 
- 
- 
7,000 
500        
116,500 
100,000 
- 
107,000 
500           **Increase in cash and cash equivalents** 
97,751 
95,381 
- 
89,074 
482           **Cash and cash equivalents, beginning of     period** 
- 
2,370 
482 
8,677 
-      **Cash and cash equivalents,      end of period** 
97,751 
97,751 
482 
97,751 
482                                          **Supplemental Disclosures with Respect to Cash Flows**(Note 9)                            ******
See notes to financial statements

4
**Mistral Ventures, Inc.  (A Development Stage Company)Statement of Changes in Stockholders' Equity  (Expressed in U.S. Dollars)  (Unaudited)
**** **Number of      common      shares issued**Capital      stock**Additional      paid-in      capital**Warrants**Deficit,      accumulated      during      the      development      stage**Stockholders'      equity    **$ **$ **$ **$ **$             **Balance at 13 May 2005 (inception)**                 Common shares issued for          cash ($0.001 per     share)  
900,000 
900 
8,100 
- 
- 
9,000     Net loss for the period 
- 
- 
- 
- 
(5,773) 
(5,773)       **Balance at 31 December 2005** 
900,000 
900 
8,100 
- 
(5,773) 
3,227     Common shares issued for a          mineral property     ($0.001 per share)      (Notes 3, 6 and 9) 
900,000 
900 
8,100 
- 
- 
9,000     Common shares issued for          cash ($0.05 per unit) -      20 September 2006 (Note 7) 
2,000,000 
2,000 
97,990 
10 
- 
100,000     Contributions to capital by          related party -     expenses      (Notes 6, 7 and 9)  
- 
- 
6,000 
- 
- 
6,000     Net loss for the period 
- 
- 
- 
- 
(31,715) 
(31,715)       **Balance at 30 September 2006**
3,800,000
3,800
120,190
10
(37,488)
86,512
 

See notes to financial statements

 

5
**Mistral Ventures, Inc.  (A Development Stage Company)  Notes to Financial Statements  (Expressed in U.S. Dollars)(Unaudited)**30 September 2006- Nature and Continuance of Operations   Mistral Ventures, Inc. (the "Company") was incorporated under the law of   the State of Nevada on 13 May 2005. The Company has acquired a mineral   property located in the Province of British Columbia, Canada and has not yet   determined whether this property contains reserves that are economically   recoverable. The recoverability of property expenditures will be dependent   upon the discovery of economically recoverable reserves, confirmation of the   Company's interest in the underlying property, the ability of the Company to   obtain necessary financing to satisfy the expenditure requirements under the   property agreement and upon future profitable production or proceeds for the   sale thereof.  The Company is a development stage enterprise, as defined in Statements of   Financial Accounting Standards ("SFAS") No. 7, "*Accounting and Reporting   by Development Stage Enterprises*". The Company is devoting all of its   present efforts to securing and establishing a new business and its planned   principle operations have not commenced. Accordingly, no revenue has been   derived during the organization period.  The Company's financial statements as at 30 September 2006 and for each of   the three month and nine month periods then ended have been prepared on a   going concern basis, which contemplates the realization of assets and the   settlement of liabilities and commitments in the normal course of business.   The Company has a loss of $31,715 for the nine month period ended 30   September 2006 (30 September 2005 - $18) and has working capital of $86,512   at 30 September 2006 (31 December 2005 - working capital of $3,227).  Management cannot provide assurance that the Company will ultimately   achieve profitable operations or become cash flow positive, or raise   additional debt and/or equity capital. Management believes that the Company's   capital resources should be adequate to continue operating and maintaining   its business strategy during the fiscal year ending 2006. However, if the   Company is unable to raise additional capital in the near future, due to the   Company's liquidity problems, management expects that the Company will need   to curtail operations, liquidate assets, seek additional capital on less   favorable terms and/or pursue other remedial measures. These financial   statements do not include any adjustments related to the recoverability and   classification of assets or the amounts and classification of liabilities   that might be necessary should the Company be unable to continue as a going   concern.  At 30 September 2006, the Company has suffered losses from development   stage activities to date. Although management is currently attempting to   implement its business plan, and is seeking additional sources of equity or   debt financing, there is no assurance these activities will be successful.   Accordingly, the Company must rely on its president to perform essential   functions without compensation until a business operation can be commenced.   These factors raise substantial doubt about the ability of the Company to   continue as a going concern. The financial statements do not include any   adjustments that might result from the outcome of this uncertainty.** Significant Accounting Policies**
The following is a summary of significant accounting policies used in the    preparation of these financial statements.

6
**Mistral Ventures, Inc.  (A Development Stage Company)Notes to Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006
Basis of presentation

The financial statements of the Company have been prepared in accordance with  accounting principles generally accepted in the United States of America  applicable to exploration stage companies, and are expressed in U.S. dollars.  The Company's fiscal year end is 31 December.
**Cash and cash equivalents**
Cash and cash equivalents include highly liquid investments with original  maturities of three months or less.
**Mineral property costs**
The Company has been in the exploration stage since its formation on 13 May  2005 and has not yet realized any revenues from its planned operations. It is  primarily engaged in the acquisition and exploration of mining properties.  Mineral property acquisition and exploration costs are charged to operations  as incurred. When it has been determined that a mineral property can be  economically developed as a result of establishing proven and probable  reserves, the costs incurred to develop such property, are capitalized. Such  costs will be amortized using the units-of-production method over the  estimated life of the probable reserve.

Although the Company will take steps to verify title to mineral properties  in which it has an interest, according to the usual industry standards for the  stage of exploration of such properties, these procedures do not guarantee the  Company's title. Such properties may be subject to prior agreements or  transfers and title may be affected by undetected defects.
**Reclamation costs**
The Company's policy for recording reclamation costs is to record a  liability for the estimated costs to reclaim mined land by recording charges  to production costs for each tonne of ore mined over the life of the mine. The  amount charged is based on management's estimation of reclamation costs to be  incurred. The accrued liability is reduced as reclamation expenditures are  made. Certain reclamation work is performed concurrently with mining and these  expenditures are charged to operations at that time.
**Financial instruments**
The carrying value of cash, accounts payable and accrued liabilities, and  due to related party approximates their fair value because of the short  maturity of these instruments. The Company's operations are in Canada and  virtually all of its assets and liabilities are giving rise to significant  exposure to market risks from changes in foreign currency rates. The Company's  financial risk is the risk that arises from fluctuations in foreign exchange  rates and the degree of volatility of these rates. Currently, the Company does  not use derivative instruments to reduce its exposure to foreign currency  risk.

 

7
**Mistral Ventures, Inc.  (A Development Stage Company)Notes to Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006
Derivative financial instruments

The Company has not, to the date of these financial statements, entered  into derivative instruments to offset the impact of foreign currency  fluctuations.
**Environmental expenditures**
The operations of the Company have been, and may in the future be, affected  from time to time, in varying degrees, by changes in environmental  regulations, including those for future reclamation and site restoration  costs. Both the likelihood of new regulations and their overall effect upon  the Company vary greatly and are not predictable. The Company's policy is to  meet or, if possible, surpass standards set by relevant legislation, by  application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and  reclamation programs are charged against earnings as incurred or capitalized  and amortized depending on their future economic benefits. Estimated future  reclamation and site restoration costs, when the ultimate liability is  reasonably determinable, are charged against earnings over the estimated  remaining life of the related business operation, net of expected recoveries.
**Income taxes**
Deferred income taxes are reported for timing differences between items of  income or expense reported in the financial statements and those reported for  income tax purposes in accordance with SFAS No. 109, "*Accounting for Income  Taxes*", which requires the use of the asset/liability method of accounting  for income taxes. Deferred income taxes and tax benefits are recognized for  the future tax consequences attributable to differences between the financial  statement carrying amounts of existing assets and liabilities and their  respective tax bases, and for tax losses and credit carry-forwards. Deferred  tax assets and liabilities are measured using enacted tax rates expected to  apply to taxable income in the years in which those temporary differences are  expected to be recovered or settled. The Company provides for deferred taxes  for the estimated future tax effects attributable to temporary differences and  carry forwards when realization is more likely than not.
**Basic and diluted net loss per share**
The Company computes net loss per share in accordance with SFAS No. 128, "*Earnings  per Share*". SFAS No. 128 requires presentation of both basic and diluted  earnings per share ("EPS") on the face of the income statement. Basic EPS is  computed by dividing net loss available to common shareholders (numerator) by  the weighted average number of shares outstanding (denominator) during the  period. Diluted EPS gives effect to all potentially dilutive common shares  outstanding during the period using the treasury stock method and convertible  preferred stock using the if-converted method. In computing diluted EPS, the  average stock price for the period is used in determining the number of shares  assumed to be purchased from the exercise of stock options or warrants.  Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive.

 

8
**Mistral Ventures, Inc.  (A Development Stage Company)Notes to Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006
Comprehensive loss

SFAS No. 130, "*Reporting Comprehensive Income*", establishes  standards for the reporting and display of comprehensive loss and its  components in the financial statements. As at 30 June 2006, the Company has no  items that represent a comprehensive loss and, therefore, has not included a  schedule of comprehensive loss in the financial statements.
**Segments of an enterprise and related information**
SFAS No. 131, "*Disclosures about Segments of an Enterprise and Related  Information*", supersedes SFAS No. 14, "*Financial Reporting for Segments  of a Business Enterprise*". SFAS 131 establishes standards for the way that  public companies report information about operating segments in annual  financial statements and requires reporting of selected information about  operating segments in interim financial statements issued to the public. It  also establishes standards for disclosures regarding products and services,  geographic areas and major customers. SFAS 131 defines operating segments as  components of a company about which separate financial information is  available that is evaluated regularly by the chief operating decision maker in  deciding how to allocate resources and in assessing performance. The Company  has evaluated this SFAS and does not believe it is applicable at this time.
**Start-up expenses**
The Company has adopted Statement of Position No. 98-5, "*Reporting the  Costs of Start-up Activities*", which requires that costs associated with  start-up activities be expensed as incurred.  Accordingly, start-up costs  associated with the Company's formation have been included in the Company's  general and administrative expenses for the period from the date of inception  on 13 May 2005 to 30 September 2006.
**Foreign currency translation**
The Company's functional and reporting currency is in U.S. dollars. The  financial statements of the Company are translated to U.S. dollars in  accordance with SFAS No. 52, "*Foreign Currency Translation*". Monetary  assets and liabilities denominated in foreign currencies are translated using  the exchange rate prevailing at the balance sheet date. Gains and losses  arising on translation or settlement of foreign currency denominated  transactions or balances are included in the determination of income. The  Company has not, to the date of these financial statements, entered into  derivative instruments to offset the impact of foreign currency fluctuations.  
**Use of estimates**
The preparation of financial statements in conformity with accounting  principles generally accepted in the United States of America requires  management to make estimates and assumptions that affect the amounts of assets  and liabilities and disclosures of contingent assets and liabilities at the  date of the financial statements and the reported amounts of revenues and  expenditures during the reporting period. Actual results could differ from  these estimates.

 

9
**Mistral Ventures, Inc.  (A Development Stage Company)Notes to Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006
Recent accounting pronouncements

In March 2006, the Financial Accounting Standards Board (the "FASB")issued SFAS No. 156, "*Accounting for Servicing of Financial Assets*",  which amends SFAS No. 140 "*Accounting for Transfers and Servicing of  Financial Assets and Extinguishments of Liabilities*". SFAS No. 156 may be  adopted as early as 1 January 2006, for calendar year-end entities, provided  that no interim financial statements have been issued. Those not choosing to  early adopt are required to apply the provisions as of the beginning of the  first fiscal year that begins after 15 September 2006 (e.g. 1 January 2007,  for calendar year-end entities).  The intention of the new statement is  to simplify accounting for separately recognized servicing assets and  liabilities, such as those common with mortgage securitization activities, as  well as to simplify efforts to obtain hedge-like   accounting.  Specifically, the FASB said SFAS No. 156 permits a service  using derivative financial instruments to report both the derivative financial  instrument and related servicing asset or liability by using a consistent  measurement attribute, or fair value.  The adoption of SFAS No. 156 is  not expected to have a material impact on the Company's financial position,  results of operations or cash flows.

In February 2006, the FASB issued SFAS No. 155, "*Accounting for Certain  Hybrid Financial Instruments*", which amends SFAS No. 133, "*Accounting  for Derivative Instruments and Hedging Activities*" and SFAS No. 140. SFAS  No. 155 permits fair value measurement for any hybrid financial instrument  that contains an embedded derivative that otherwise would require bifurcation,  establishes a requirement to evaluate interests in securitized financial  assets to identify interests that are freestanding derivatives or hybrid  financial instruments containing embedded derivatives. The adoption of SFAS No.  155 is not expected to have a material impact on the Company's financial  position, results of operations or cash flows.

In May 2005, the FASB issued SFAS No. 154, "*Accounting Changes and Error  Corrections - A Replacement of APB Opinion No. 20 and SFAS No. 3*". SFAS  No. 154 changes the requirements for the accounting for and the reporting of a  change in accounting principle and applies to all voluntary changes in  accounting principle. It also applies to changes required by an accounting  pronouncement in the unusual instance that the pronouncement does not include  specific transition provisions. SFAS No. 154 requires retrospective  application to prior periods' financial statements of changes in accounting  principle, unless it is impracticable to determine either the period-specific  effects or the cumulative effect of the change. The provisions of SFAS No. 154  are effective for accounting changes and correction of errors made in fiscal  years beginning after 15 December 2005. The adoption of this standard is not  expected to have a material effect on the Company's results of operations or  financial position.

In March 2005, the United States Securities  and Exchange Commission (the "SEC") staff issued Staff Accounting  Bulletin ("SAB") No. 107 to give guidance on the implementation of SFAS No.  123R, "*Share Based Payment*". The Company will consider SAB No. 107  during implementation of SFAS No. 123R.

In December 2004, the FASB issued SFAS No. 153, "*Exchanges of  Nonmonetary Assets - An Amendment of APB Opinion No. 29*". The guidance in  APB Opinion No. 29, "*Accounting for Nonmonetary Transactions*", is based  on the principle that exchanges of nonmonetary assets should be measured based  on the fair value of the assets exchanged. The guidance in that Opinion,  however, included certain exceptions to that principle. SFAS No. 153 amends  Opinion No. 29 to eliminate the exception for nonmonetary exchanges of similar  productive assets and replaces it with a general exception for exchanges of  nonmonetary assets that do not have commercial substance. A nonmonetary  exchange has commercial substance if the future cash flows of the entity are  expected to change significantly as a result of the exchange. The provisions  of SFAS No. 153 are effective for nonmonetary asset exchanges occurring in  fiscal periods beginning after 15 June 2005. Early 

 

10
**Mistral Ventures, Inc.  (A Development Stage Company)Notes to Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006**
application is permitted and companies must apply the standard   prospectively. The adoption of this standard is not expected to have a   material effect on the Company's results of operations or its financial   position.

In December 2004, the FASB issued SFAS No. 123R. SFAS No. 123R is a   revision of SFAS No. 123, "*Accounting for Stock-Based Compensation*,   and supersedes APB Opinion No. 25, "*Accounting for Stock Issued to   Employees*" and its related implementation guidance. SFAS No. 123R   establishes standards for the accounting for transactions in which an entity   exchanges its equity instruments for goods or services. It also addresses   transactions in which an entity incurs liabilities in exchange for goods or   services that are based on the fair value of the entity's equity instruments   or that may be settled by the issuance of those equity instruments. SFAS No.   123R focuses primarily on accounting for transactions in which an entity   obtains   employee services in share-based payment transactions. SFAS No. 123R requires   a public entity to measure the cost of employee services received in exchange   for an award of equity instruments based on the grant-date fair value of the   award (with limited exceptions). That cost will be recognized over the period   during which an employee is required to provide service in exchange for the   award - the requisite service period (usually the vesting period). SFAS No.   123R requires that the compensation cost relating to share-based payment   transactions be recognized in the financial statements. That cost will be   measured based on the fair value of the equity or liability instruments   issued. Public entities that file as small business issuers will be required   to apply SFAS No. 123R in the first interim or annual reporting period that   begins after 15 December 2005. The adoption of this standard is not expected   to have a material effect on the Company's results of operations or its   financial position. 

The FASB has also issued SFAS No. 151 and 152, but they will not have an   effect of the financial reporting of the Company.
- Mineral Property    During the nine month period ended 30 September 2006, the Company acquired   a 100% interest in a mineral property located in the Greenwood Mining   Division, British Columbia (the "Gold Bug Property") from a director and   shareholder of the Company for proceeds of 900,000 common shares of the   Company valued at $9,000. The Gold Bug Property is currently held in trust   for the Company by the director and shareholder (Notes 6, 7 and 1).
 Accounts Payable and   Accrued Liabilities
Accounts payable and accrued liabilities are non-interest bearing,   unsecured and have settlement dates within one year.
 Due to Related Party 
As at 30 September 2006, the amount due to related party consists of   $7,500 payable to a director and shareholder of the Company. This balance is   non-interest bearing, unsecured and has no fixed terms of repayment.
 Related Party Transactions

During the nine month period ended 30 September 2006, the Company acquired   an interest in the Gold Bug Property from a director and shareholder of the   Company (Notes 3 and 9).

 

11

**Mistral Ventures, Inc.  (A Development Stage Company)  Notes to Financial Statements  (Expressed in U.S. Dollars)(Unaudited)**30 September 2006**
During the nine month period ended 30 September 2006, an officer,    director and shareholder of the Company made contributions to capital for    management fees and rent of $5,100 (30 September 2005 - $Nil, cumulative -    $5,100) and $900 (30 September 2005 - $Nil, cumulative - $900) respectively    (Notes 7 and 9). These amounts have been recorded as an increase in    expenditures and an increase in additional paid-in capital.
- Capital Stock .
**Authorized**
The total authorized capital is 75,000,000 common shares with a par value    of $0.001 per common share.
**Issued and outstanding**
The total issued and outstanding capital stock is 3,800,000 common shares    with a par value of $0.001 per common share. 
- On 9 February 2006, the Company issued 900,000 common shares valued at    $0.01 per share for the acquisition of a mineral property (Notes 3, 6 and    9). 
- On 20 September 2006, the Company issued 2,000,000 Units (the "Units")    of the Company for cash proceeds of $100,000. Each Unit consists of one    common share of the Company and two share purchase warrants. Each share    purchase warrant entitles the holder to purchase an additional common share    of the Company at a price of $0.10 per common share expiring 19 May 2008.
- During the nine month period ended 30 September 2006, an officer,    director and shareholder of the Company made contributions to capital by the    payment of the Company's expenses (Notes 6 and 9).
**Warrants

The following share purchase warrants were outstanding as at 30 September    2006:
  ** 

Exercise    price **Number   of warrants
 **Remaining   contractual life    (years)
  **$           Warrants 
0.10 
4,000,000 
2          
4,000,000  
 

12
**Mistral Ventures, Inc.  (A Development Stage Company)Notes to Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006**
The following is a summary of warrant activities during the nine month    period ended 30 September 2006:
  **Number of      warrants **Weighted      average      exercise price    **$     Outstanding and exercisable at 31 December     2005 
- 
-     Granted 
4,000,000 
0.10Exercised 
- 
-Expired 
- 
-   Outstanding and exercisable at 30 September     2006 
4,000,000 
0.10   Weighted average fair value of warrants     granted during the nine month period ended 30 September 2006   
0.000002    
The weighted average grant date fair value of warrants issued during the    nine month period ended 30 September 2006 is $0.000002 per warrant. The fair    value of each warrant granted was determined using the Black-Scholes option    pricing model and the following weighted average assumptions:
      **30 September 2006       Risk free interest rate     
4.81%Expected life     
2 yearsAnnualized volatility     
101%Expected dividends     
0%
Because the shares of the Company have not begun trading on any    recognized stock exchange, there is no trading history to establish the    expected volatility. The Company has used the average volatility for two    companies in the same industry or considered to be comparable.

Option pricing models require the input of highly subjective assumptions    including the estimate of the share price volatility. Changes in the    subjective input assumptions can materially affect the fair value estimate,    and therefore, the existing models do not necessarily provide a reliable    single measure of the fair value of the Company's stock options.
**- Income Taxes**
The Company has losses carried forward for income tax purposes to 30  September 2006. There are no current or deferred tax expenses for the period  ended 30 September 2006 due to the Company's loss position. The Company has  fully reserved for any benefits of these losses. The deferred tax consequences  of temporary differences in reporting items for financial statement and income  tax purposes are recognized, as appropriate. Realization of the future tax  benefits related to the deferred tax assets is dependent on many factors,  including the Company's ability to generate taxable income within the net  operating loss carry 

 

13
**Mistral Ventures, Inc.  (A Development Stage Company)Notes to Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006**
forward period. Management has considered these factors in reaching its    conclusion as to the valuation allowance for financial reporting purposes.

The provision for refundable federal income tax consists of the    following:
  **For the nine month      period ended      30      September      2006 **For the      period from      the date of inception on      13 May 2005          to 30      September      2005   **$ **$     Deferred tax asset attributable to:    Current operations 
10,783 
6Contributions to capital by related party -     expenses 
(2,040) 
-Less: Change in valuation allowance 
(8,743) 
(6)   Net refundable amount 
- 
-   
The composition of the Company's deferred tax assets as at 30 September    2006 and 31 December 2005 are as follows:
    **As at 30 September 2006 **As at 31 December 2005 (Audited)    **$ **$       Net income tax operating loss carry forward   
(31,488) 
(5,773)     Statutory federal income tax rate   
34% 
34%Effective income tax rate   
0% 
0%Deferred tax assets   
10,706 
1,963     Net deferred tax asset   
- 
-     
The potential income tax benefit of these losses has been offset by a    full valuation allowance.

As at 30 September 2006, the Company has an unused net operating loss    carry forward balance of approximately $31,488 that is available to offset    future taxable income. This unused net operating loss carry forward balance    for income tax purposes expires between the years 2025 and 2026.

 

14
**Mistral Ventures, Inc.  (A Development Stage Company)Notes to Financial Statements  (Expressed in U.S. Dollars)  (Unaudited)**30 September 2006- Supplemental Disclosures with Respect to Cash Flows**  **For the      period from      the date of      inception on      13 May     2005     to 30      September      2006 **For the      three month      period      ended 30      September      2006 **For the      three month      period      ended 30      September      2005 **For the nine     month      period      ended 30      September      2006 **For the      period from     the date of      inception on      13 May      2005     to 30      September      2005  **$ **$ **$ **$ **$           Cash paid during the year for interest 
- 
- 
- 
- 
-Cash paid during the year for income taxes 
- 
- 
- 
- 
-
During the nine month period ended 30 September 2006, the Company issued    900,000 common shares valued at $9,000 for the acquisition of a mineral    property (Notes 3, 6 and 9).

During the nine month period ended 30 September 2006, an officer, director  and shareholder made contributions to capital for management fees and rent of  $5,100 and $900 respectively (Notes 6 and 7).

 

15
**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.**
The following discussion should be read in conjunction with the information  contained in the audited financial statements and notes thereto for the year  ended December 31, 2005, which can be found in their entirety in our initial  Form SB-2 Registration statement on the SEC website at www.sec.gov, under our  SEC File Number 000-52028.
***General Overview***
Mistral Ventures Inc. (the "**Company**") was incorporated in the State  of Nevada on May 13, 2005 to engage in the acquisition, exploration and  development of natural resource properties. We are an exploration stage  company with no revenues and limited operating history. By "**exploration  stage**" we mean that we are engaged in the search for mineral deposits or  reserves and not in either development or production. Our mining property, the  Gold Bug Project, is located in south central British Columbia, Canada,  centered approximately 3 miles (5km) southwest of Beaverdell, a community that  was involved in silver mining for over 90 years. The Gold Bug Project is  located in British Columbia and, as such, the Canadian Crown owns the  property. Our only rights to the property consist of mining claims that are  owned in the name of our sole director, Mr. John Xinos. Mr. Xinos holds a Free  Miner's Certificate and has registered for a BCeID (British Columbia  electronic Identification).

Our "**Initial Offering**" on Form SB-2 filed April 20, 2006, was  successfully completed on September 24, 2006. Proceeds were transferred the  Proceeds Account, which was subsequently closed, to our Operating Account. On  September 25, 2006 we engaged the services of Madman Mining, professional  geologists, to begin the process of exploring our mineral claims. He informed  us by letter on October 15, 2006 that they would begin work on the property  between October 20th and 24th, 2006. Our mining claims  are without known reserves, although our initial report states *"The Gold  Bug Project (the "Project, Claims or Property") is located within the historic  Beaverdell Mining Camp of southern British Columbia, Canada. Silver was  discovered on Wallace Mountain in 1887, and production of silver commenced in  1901. The camp has produced nearly 50,000,000 ounces of silver to date" (1).*  There is the possibility that no further reserves are contained on the  property, which means that any funds we expend on exploration could be lost.  We will proceed with the exploration in a series of "**go-no-go**" steps to  ensure that investors' funds are protected as much as possible. Even if we  complete our current exploration program and are successful in identifying a  mineral deposit on our claims, we will be required to spend substantial funds  on further drilling and engineering studies before we will know if we have a  commercially viable mineral deposit or reserve.

(1) *Summary Report on the Gold Bug Project - see full report as Exhibit  99.3our SB-2 filed April 20, 2006.*
From inception until the date of this filing, we have had limited operating  activities, have generated no revenues and have incurred a net loss of $37,488to date. Our independent auditors, James Stafford Chartered  Accountants, have rendered an opinion in their audit report expressing  substantial doubt as to our ability to continue as a going concern.

There is no current public market for our securities. As our stock is not  publicly traded, investors should be aware they probably will be unable to  sell their shares and their investment in our securities is not liquid.

Our fiscal year end is December 31.
***Plan of Operation/Milestones for next 12 months***
Our plan of operation for the twelve months is to complete the first phase  of exploration programs on the Gold Bug Project claims consisting of  re-sampling of old workings, geologic mapping, analytical and test surveys. In  addition to the $51,000 ($60,000CDN) we anticipate spending for Phase I of the  exploration program as outlined below, we anticipate spending an additional  40,000 (approx. $46,500CDN) on the early stages of Phase II and approximately  $12,000 in professional fees, including fees payable in connection with  Initial Offering and complying with our subsequent public company reporting  obligations, 

 

16

as well as general and administrative costs. Total expenditures over the  next 12 months are, therefore, expected to be approximately $103,000, which  includes the $100,000 to be raised in our initial public offering and our  existing cash assets. We are relying solely on the funds from our Initial  Offering to proceed with our business plans.

PHASE I: The Phase I exploration program will be funded from the proceeds  of our Initial Offering and will take approximately three weeks to complete  with an additional three weeks required for analysis. This phase will consist  of (1) grid emplacement, that is putting into place a grid for the exploratory  work to be done so that the site is methodically, rather than randomly  examined for possible reserves; and (2) soil sampling, as well as testing the  effectiveness of Mobile Metal Ion and Biogeochemical methods. The additional 3  weeks will include: complete analysis of samples, data compilation and  interpretation, drafting and report writing. Results gained from the program  will lead to a better understanding of, the location of and controls of,  mineralization at known showings as at any new showings and/or anomalous areas  discovered as a result of the Phase I program. (In this case, anomalous areas  refers to a departure from the rock or soil around it which may indicate the  presence of mineralization.) This exploration has commenced and we hope to be  able to finish Phase 1 before winter weather conditions prevent any further  work until the spring of 2007. The estimated cost of the Phase I program is  $51,000 U.S. ($60,000CDN).

PHASE II: The Phase II exploration program is contingent upon the success  of the Phase I program and will be partially funded from the proceeds of tour  Initial Offering. Mechanical trenching and diamond drilling are foreseen to be  the logical next step. We estimate this phase will take approximately three  (3) months to complete, including the collection and interpretation of all  exploration data. Although the funds from the Initial Offering will not allow  us to complete all of the analysis of the data received in the exploratory  work in Phase II, we do believe we will have enough information to know  whether it will likely be viable to proceed or whether we should consider  other alternatives including obtaining a different property. In general, we  would like to have indications that the mineralization within the veins is  worth at least $100 U.S. per ton (gross metal value) to further  explore/develop the claims. If a large mineralized vein system is present, the  project could be developed on a large scale and, conversely, if a smaller  mineralization vein system is present, then the property could be developed on  a smaller scale. The minimum estimated cost of the Phase II program is $86,000  U.S. ($100,000CDN).

***Liquidity and Capital Resources***
Our only asset is our cash in the bank in the approximate amount of  $101,128.97. On April 20, 2006, we filed a registration statement on Form SB-2  with the SEC that was made effective in May. We have subsequently raised  $100,000 (the "**Initial Offering**"), with which we have commenced our  exploration program. We will repay the loan our sole officer and director made  to the Company to pay accounting and audit costs but intend to use as the  remaining funds for exploration, accounting, auditing and any other legal  requirements. At this point, in order to achieve our business plan goals, we  are relying solely on receipt of the proceeds from the Initial Offering.

Our auditors have issued a going concern opinion. This means that there is  substantial doubt that we can continue as a going business for the next twelve  months unless we obtain additional capital. This is because we have not  generated revenues and no revenues are anticipated until we begin removing and  selling minerals from our Property, of which there can be no assurance.
***Results of Operations***
No comparative analysis is made herein, as we have only been in business  since May 13, 2005.

We have had no revenues since inception and have incurred a net loss of  $37,488 since inception on May 13, 2005. Total operating expenses were for the  three-month period ended September 30, 2006. These expenses were mainly  attributed to accounting and professional fees incurred in the preparation and  filing of our initial registration statement, subsequent filings and for start  up costs.

Net loss for the three-month period ended September 30, 2006 was $7,718  ($004 per share).

 

17

At September 30, 2006, a total of $7,500 was payable to our sole officer  and director for expenses advanced on our behalf. This balance is non-interest  bearing, unsecured and has no fixed repayment term.

There were no cash flows investing activities for the three-month period  ended September 30, 2006.

At September 30, 2006, all Units have been sold in our Initial Offering and  notification sent to the Stock Transfer Agent requesting certificates and  warrant certificates be printed for the shareholders.

There were no stock options issued and/or outstanding at September 30,  2006.

While we believe that the initial capital raised through sale of the Units  described in our Initial Offering registration statement will provide  sufficient cash flow to meet our operating and exploration program needs for  the next 12 months, there can be no guarantee.

In the next 12 months, we do not intend to spend any substantial funds on  research and development and do not intend to purchase any major equipment,  other than what has been previously disclosed in our initial Form SB -2  registration statement, which can be found in its entirety on the SEC website  at www.sec.gov, under our CIK Number 0001329944.

We have never had any discussions with any possible acquisition candidate,  nor have we any intention of doing so.

We do not expect to purchase any real estate and do not own any to sell.

We do not expect to hire full time employees until our business operations  are established.
***Off Balance Sheet Arrangements***
We have no off-sheet balance arrangements or obligations or other interests  that could affect finances or operations. Other than the shares offered by  this prospectus, no other source of capital has been has been identified or  sought.
**ITEM 3. CONTROLS AND PROCEDURES*****Critical Accounting Policies***
The financial statements included herein have been prepared pursuant to the  rules and regulations of the Securities and Exchange Commission. Management  believes the disclosures made are adequate to make the information not  misleading. The financial statements and accompanying notes are prepared in  accordance with generally accepted accounting principles. Preparing financial  statements requires Management to make estimates and assumptions that affect  the reported amounts of assets and liabilities and disclosure of contingent  assets and liabilities at the date of the financial statements and the  reported amounts of revenues and expenses during the reporting period. These  estimates and assumptions are affected by Management's application of  accounting policies. These important accounting policies include the  successful efforts method of accounting for property and equipment, revenue  recognition, accounting for income taxes and foreign currency translation.

Management maintains disclosure controls and procedures designed to ensure  that we are able to timely collect the information we are required to disclose  in our reports filed with the U.S. Securities and Exchange Commission. Within  the 90 days prior to the date of this report, we performed an evaluation,  under the supervision and with the participation of our Management, of the  effectiveness of the design and operation of our disclosure controls and  procedures pursuant to Exchange Act Rule 13a-14. Based upon the evaluation,  our Principal Executive Officer and Principal Financial Officer concluded that  the current disclosure controls are effective in timely alerting us to any  material information required to be included in our periodic SEC filings.

 

18

We also maintain a system of internal controls designed to provide  reasonable assurance that (i) transactions are executed in accordance with  Management's general and specific authorization; (ii) transactions are  recorded as necessary to permit preparation of financial statements in  conformity with generally accepted accounting principles and to maintain  accountability for assets; (ii) access to assets is permitted only in  accordance with Management's general or specific authorization; and (iv) the  recorded accountability for assets is compared with the existing assets at  reasonable intervals and appropriate action is taken with respect to any  differences. We believe that our internal controls are effective to provide  reasonable assurance that our financial statements are fairly presented in  conformity with generally accepted accounting principals. Since our most  recent evaluation, there have been no changes in our internal controls or in  other factors that could significantly affect our internal controls, nor were  any corrective actions required with regard to significant deficiencies and  material weaknesses.
**PART II - OTHER INFORMATION****ITEM 1A. RISK FACTORS**
In addition to the other information set forth in this report, you should  carefully consider the factors discussed in the Risk Factors section of our  initial Form SB-2 registration statement, which can be found on the SEC  website (www.sec.gov), under our CIK Number 0001329944. We have raised our  initial start-up capital from sale of the shares offered in the registration  statement but we are still in the development stage and have only commenced  our planned operations within the last week. As such, our projected risks, as  outlined in the registration statement have not changed. However, those risks  may not be 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.
**ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K*****A) Exhibits***
The following exhibits are included herein, except for the exhibits marked  with an asterisk, which are incorporated herein by reference and can be found  in our original Form SB-2 Registration Statement, filed on April 20, 2006,  under our CIK Number 0001329944 at the U.S. Securities and Exchange  Commission's website (www.sec.gov).
**Exhibit No.****Exhibit Title***3(i)Articles of Incorporation*3.2Bylaws31.1Certificate of CEO as Required by Rule    13a-14(a)/15d-1431.2Certificate of CFO as Required by Rule    13a-14(a)/15d-1432.1Certificate of CEO and CFO as Required by Rule    Rule 13a-14(b) and Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of    Chapter 63 of Title 18 of the United States Code
 
***B) Form 8-K Reports***
There were no reports on Form 8-K filed during the period ended September  30, 2006.

 

19
**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.

 

 

November 8, 2006 
**MISTRAL VENTURES, INC.

 

BY:  

    /s/ John Xinos    _______________________________________________

  

 

John Xinos, President, CEO, CFO, Principal Accounting Officer and    Director

 

 

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