----

Exhibit 11.2 

CODE OF CONDUCT 

| **1.**                   | **Purpose**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 1.1                      | This Code of Business Conduct and Ethics (this "Code") provides a generalstatement of Birch Mountain Resources Ltd.'s (the "Corporation") expectationsregarding the ethical standards that each director, officer and employee shouldadhere to while acting on behalf of the Corporation. Each director, officer andemployee is expected to read and become familiar with this Code and may berequired, from time to time, to affirm his or her agreement to adhere to itsstandards.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 1.2                      | Through this Code, the Corporation endorses the following    principles:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                     | - honest and ethical conduct, including the ethical  handling of actual or apparent conflicts of interest between personal and  professional relationships;
- full, fair, accurate, timely and understandable  disclosure in the Corporation's shareholder reports and in other public  communications and filings of the Corporation;
- compliance with applicable governmental laws, rules  and regulations; and
- accountability by all of the Corporation's  directors, officers and employees for adherence to this Code.            1.3This Code outlines the broad principles of legal and ethical    business conduct embraced by the Corporation. It is a not a complete list of    legal or ethical questions a director, officer or employee might face in the    course of business, and therefore this Code must be applied using common    sense and good judgment. Compliance with the spirit and intent as well as    with the letter of this Code is very important.          **2.****Responsibility**          2.1The Corporation's Board of Directors is responsible for setting    the standards of business conduct contained in this Code and updating these    standards as it deems appropriate to reflect changes in the legal and    regulatory framework applicable to the Corporation, the business practices    within the Corporation's industry, the Corporation's own business practices,    and the prevailing ethical standards of the communities in which the    Corporation operates. While the Corporation's Chief Executive Officer and    Chief Financial Officer will oversee the procedures designed to implement    this Code to ensure that they are operating effectively, it is the    individual responsibility of each director, officer and employee of the    Corporation to comply with this Code. Those who violate this Code will be    subject to disciplinary action.          **3.****Principles of the Code of Conduct**          3.1The principles of the code are the foundation of expected conduct    for directors, officers, and employees and each are also required to be    knowledgeable of and adhere to the policies and procedures of the    organization as such policies and procedures may outline in more detail the    required practices.             *****Compliance with Laws, Rules and Regulations*****      3.2
Obeying the law, both in letter and in spirit, is the foundation on which theCorporation's ethical standards are built. All directors, officers and employeesmust respect and obey the laws and governmental rules and regulations of thecountries, provinces, states, cities and local communities in which theCorporation operates. Although the Corporation does not expect that alldirectors, officers and employees will know and understand the details of all ofthese applicable laws, rules and regulations, the Corporation does expect thatall such persons will be familiar enough with such laws, rules and regulationsto determine when it is appropriate to seek advice.
      ***Conflicts of Interest; Corporate Opportunities***      3.3The Corporation    requires that its directors, officers and employees, as well as its other    agents and representatives, avoid any activity which creates or gives the    appearance of a conflict of interest between their personal interests and    the Corporation's interests. A conflict of interest generally exists when a    person has a direct or indirect personal interest in a transaction or    situation that affects or appears to affect his or her judgment and/or    divides his or her loyalties between two or more competing interests. A    conflict can arise when someone takes action or has an interest that makes    it difficult to perform his or her duties on behalf of the Corporation,    objectively and effectively. In particular, no director, officer or employee    shall:       -  be a consultant to, or a director,  officer or employee of, or otherwise operate an outside business that markets  products or services in competition with the Corporation's current or  potential products and services or that supplies products or services to the  Corporation; or that purchases products or services from the Corporation; 
-  have any financial interest, including shares  ownership, in any such outside business that might create or give the  appearance of a conflict of interest; 
-  seek or accept any personal loan or  services from any such outside business, except from financial institutions or  service providers offering similar loans or services to third parties under  similar terms in the ordinary course of their respective businesses; 
-  be a consultant to, or a director,  officer or employee of, or otherwise operate an outside business if the  demands of the outside business would interfere with the director's, officer's  or employee's responsibilities with the Corporation; 
-  accept any personal loan or guarantee of obligations  from the Corporation, except to the extent such arrangements are legally  permissible; 
-  conduct business on behalf of the  Corporation with immediate family members, which include spouses, children,  parents, siblings and persons sharing the same home whether or not legal  relatives; or 
-  taking for themselves opportunities that are  discovered through the use of the Corporation's property, information or  position. 
      3.4The appearance of a conflict of interest may exist if an immediate family memberof a director, officer or employee of the Corporation is a consultant to, or adirector, officer or employee of, or has a significant financial interest in, acompetitor, supplier or customer of the Corporation, or otherwise does businesswith the Corporation.      3.5Directors and    officers shall notify the Chairman of the Corporation's Audit Committee and    employees who are not directors or officers shall notify the Chief Financial    Officer of the existence of any actual or potential conflict of interest.
    3.6    The Company will consider utilizing related parties where deemed    appropriate. However any related party must submit an engagement letter or    statement of work and this will be provide to the Board for review and    approval. This process ensures any conflicts of interest or potential    conflicts are assessed and that the Board is fully aware of the same.         ***Insider Trading***             3.7    Directors, officers and employees are expected to fully comply with Canadian andUnited States securities laws with respect to the disclosure of "material"corporate information and with respect to trading in the Corporation'ssecurities. These laws provide for substantial civil and criminal penalties forindividuals who fail to comply. Information that reasonably can be expected tohave a significant effect on the market price or value of the Corporation'sshares or to influence an investor's decisions regarding securities transactionsis considered "material." Such information may include financial and keybusiness data; merger, acquisition or divestiture discussions; award orcancellation of a major contract; forecasts of future results; significantlitigation; and/or gain or loss of a significant customer or supplier.             3.8    Insiders are prohibited from transacting in the Corporation's shares withknowledge of material information that has not been disclosed to the public. Forpurposes of these restrictions, an "insider" includes not only directors,officers and employees of the Corporation, but also anyone else with nonpublicmaterial information about the Corporation. You may be deemed to have violatedthese laws even if you innocently pass on non-public information about theCorporation to a friend or family member who then acts on such information andbuys or sells the Corporation's shares. To avoid inadvertent disclosure ofnon-public material information, directors, officers and employees should notdiscuss such information with or in the presence of any unauthorized persons,including family members and friends.         ***Confidentiality***             3.9    Directors, officers and employees shall maintain the confidentiality of all    information entrusted to them by the Corporation or its suppliers, customers    or other business partners, except when disclosure is authorized by the    Corporation or legally required.             3.10    Confidential information includes but is not limited to the following:      - information marked "Confidential," "Private," "For  Internal Use Only," or similar legends;
- technical or scientific information relating to current and  future products, services or research;
- business or marketing plans or projections;
- earnings and other internal financial data;
- personnel information;
- supply and customer lists;
- information from customers, suppliers and other third  parties entrusted to the Corporation; and
- other non-public information that, if disclosed,  might be of use to the Corporation's competitors, or harmful to the  Corporation or its suppliers, customers or other business partners.                   3.11    To avoid inadvertentdisclosure of confidential information, directors, officers and employees shallnot discuss confidential information with or in the presence of any unauthorizedpersons, including family members and friends.           3.12    The obligation to preserveconfidential information continues even after your employment or otherrelationship with the Corporation ends.         3.13    This Code is not intended tomodify any separate confidentiality agreement to which a director, officer oremployee may be subject.     ***Protection and Proper Use of the Corporation's Assets***         3.14    Directors,officers and employees shall ensure the safeguarding of the Corporation's assetswhether owned directly by the Corporation or owned by others and in use by theCorporation's business. Assets of the Corporation should be used for business ofthe Corporation only and not for personal gain of any person.     ***Fair Dealing***         3.15    TheCorporation is committed to promoting the values of honesty, integrity andfairness in the conduct of its business and sustaining a work environment thatfosters mutual respect, openness and individual integrity. Directors, officersand employees are expected to deal honestly and fairly with the Corporation'scustomers, suppliers, competitors and other third parties, includinggovernmental agencies. To this end, directors, officers and employees shall not:     - make false or misleading statements to customers,  suppliers or other third parties;
- make false or misleading statements about  competitors;
- solicit or accept from any person  that does business with the Corporation, or offer to extend to any such person  cash of any amount or gifts, gratuities, meals or entertainment that could  influence or reasonably give the appearance in influencing the Corporation's  business relationship with that person or which go beyond common courtesies  usually associated with accepted business practice;
- solicit or accept any fee, commission or other  compensation for referring customers to third-party vendors; or
- otherwise take unfair advantage of  the Corporation's customers or suppliers, or other third parties, through  manipulation, concealment, abuse of privileged information or any other  unfair-dealing practice.           ***Discrimination and Harassment***               3.16    TheCorporation is committed to providing a collegial working environment in whichall individuals are treated, and treat each other, with respect. Each individualhas the right to work in a professional atmosphere which promotes equalopportunity and prohibits discriminatory practices and harassment on prohibitedgrounds, which prohibited grounds include race, ancestry, place or origin, colour, ethnic origin, citizenship, creed (religion), gender, sexualorientation, age, marital status, same-gender partnership status, and metal orphysical handicap. Improper conduct such as derogatory comments based on racialor ethnic characteristics or religious preferences and unwanted sexual advances,will not be tolerated.           ***Health and Safety***               3.17    TheCorporation strives to provide each of its employees with a safe and healthyworkplace. Each employee has responsibility for maintaining a safe and healthyworkplace for other employees by following health and safety rules and practicesinstituted by the Corporation and by reporting accidents, injuries and unsafeequipment, practices or conditions.          3.18    Violence andthreatening behavior are not permitted. Employees should report to work incondition to perform their duties, free from the influence of illegal drugs oralcohol. The use of illegal drugs in the workplace will not be tolerated. Theuse of alcohol in the workplace, other than during social occasions endorsed bythe Corporation, will not be tolerated.     ***Record Keeping***         3.19    The Corporation requireshonest and accurate recording and reporting of information in order to makeresponsible business decisions.         3.20    All of theCorporation's books, records, accounts and financial statements must bemaintained in reasonable detail and must conform both to applicable legalrequirements and to the Corporation's system of internal controls.         3.21    Businessrecords and communications often become public, and exaggeration, derogatoryremarks and other inappropriate statements about people and other companies mustbe avoided. This applies to e-mail, internal memos and formal reports. Recordsshould always be retained or destroyed in accordance with the Corporation'srecord retention policies.     ***Accurate and Timely Periodic Reports***         3.22    The Corporation is committedto providing investors with full, fair, accurate, timely and understandabledisclosure in the periodic reports that it is required to file. To this end, theCorporation shall:      - comply with generally accepted accounting principles  at all times;
- maintain a system of internal accounting controls  that will provide reasonable assurances to management that all transactions  are properly recorded;
- maintain books and records that accurately and  fairly reflect the Corporation's transactions;
- prohibit the establishment of any undisclosed or  unrecorded funds or assets;
- maintain a system of internal  controls that will provide reasonable assurances to management that material  information about the Corporation is made known to management, particularly  during the periods in which the Corporation's shareholder reports are being  prepared; and
- present information in a clear and orderly manner in the  Corporation's periodic reports.           ***Political Contributions***               3.23    No Corporationassets, including employees' work time, use of the Corporation's facilities orequipment or direct monetary payment, may be contributed to any politicalcandidate, party, political action committee or ballot measure without thepermission of the Corporation's Board of Directors. This does not precludeindividuals from participating in any political activities of their choice on anindividual basis, with their own money and on their own time.           **4.****Reporting and Effect of Violations**               4.1    Directors officers and employees are encouraged to report any conduct which    they believe in good faith to be violation or apparent violation of this    Code. If you believe a violation has occurred, please contact the    Corporation's Chief Financial Officer. If you are concerned about    maintaining anonymity, you may send correspondence to Suzanne L. Loov at Borden Ladner Gervais LLP,    Calgary. Your calls and correspondence, to the extent permitted by law, will    be kept confidential. The Corporation will not allow any retaliation against    a director, officer or employee who acts in good faith in reporting any such    violation.          4.2    The Corporation's Audit Committee will investigate any reported violations    and will oversee an appropriate response, including corrective action and    preventative measures. Directors, officers and employees who violate any    laws, governmental regulations or this Code will face appropriate, case    specific disciplinary action, which may include demotion or discharge.         4.3    As part of the Corporation's procedure for receiving and handling complaints    or concerns about the Corporation's conduct, the Audit Committee of the    Corporation's Board of Directors has established procedures for the receipt,    retention and treatment of complaints received by the Corporation regarding    accounting, internal auditing controls or auditing matters. The process and    procedures that have been established by our Audit Committee for the    receipt, retention and treatment of such complaints may be obtained from the    Chief Financial Officer.     **5.****Waivers**         5.1    The provisions of this Code may be waived for directors or officers only by    a resolution of the Corporation's independent directors. The provisions of    this Code may be waived for employees who are not directors or officers by    the Corporation's Chief Executive Officer. Any waiver of this Code granted    to a director or officer will be publicly disclosed as required by the    securities exchange or association on which the Corporation's securities are    listed for trading. Any change in or waiver of this Code for senior    financial officers will be publicly disclosed as required by the United    States Securities and Exchange Commission.****
   |