| 1.   | Purpose                of this Policy |
|----------------|---------------------------------------|

| 2.   | To                Whom this Policy Applies |
|----------------|--------------------------------------------|

| 3.   | Responsibility                for this Policy |
|----------------|-----------------------------------------------|

| 4.   | Individuals                Who Are Authorized to Speak on Behalf of the                Corporation |
|----------------|----------------------------------------------------------------------------------------------------|

| 4.1   | Only                the individuals (“Spokespersons”) listed                below are authorized to communicate with analysts, the media and                investors                on behalf of the Corporation and only with respect to the areas noted                opposite their respective names. The list may be changed by the Disclosure                Committee from time to time. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Spokesperson                      | Area |
|-----------------------------------|------|
| Daniel                T. MacInnis | All  |
| Gordon                Neal        | All  |
| Frank                Hallam       | All  |
| John                Foulkes       | All  |

| 4.2   | A                Spokesperson may, from time to time, delegate in writing (1) other                Board                Members, Officers, Employees or Contractors, or (2) with the approval                of                the Disclosure Committee, any other person, to speak on behalf of                the                Corporation as back-ups or to respond to specific                inquiries.  The Spokesperson will advise the Chief Executive                Officer that such a delegation has been                made. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3   | Any                person to whom this Policy applies who is approached by the media,                an                analyst, investor or any other member of the public to comment on                the                affairs of the Corporation, must refer all inquiries to the Chief                Executive Officer and must promptly notify the Chief Executive Officer                that the approach was made. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4   | Notwithstanding                the requirements of this Policy, any Director of the Corporation                is                authorized to speak on behalf of the Corporation if approached by,                an                analyst, investor or any other member of the public so long as such                discussion is restricted to only cover information, statements and                policy                positions already disclosed by the Corporation and therefore already                in                the public domain.  All media enquiries will be directed to a                spokesperson. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Disclosure                of Material Information |
|----------------|---------------------------------------------------|

| 5.1   | “Material                information”                consists of both “material facts” and “material changes”.  A                “material fact”                means a fact that significantly affects, or would reasonably be expected                to have a significant effect on, the market price or value of the                securities of the Corporation.  A “material change”means a                change in the business, operations, assets or ownership of the Corporation                that would reasonably be expected to have a significant effect on                the                market price or value of any of the securities of the Corporation                and                includes a decision to implement such a change if such a decision                is made                by senior management of the Corporation who believe that confirmation                of                the decision by the board of directors of the Corporation (the “Board”) is                probable.  Under U.S. securities legislation, Material                Information also includes any matters to which there is substantial                likelihood that a reasonable investor would attach importance in                making                investment decisions. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | In                making materiality judgments, it is necessary to take into account                a                number of factors that cannot be captured in a simple bright-line                standard                or test.  These include, among other things, the nature of the                information itself, the volatility of the Corporation’s securities and                prevailing market conditions.  The materiality of a particular                event or piece of information may vary between companies according                to                their size, the nature of their operations and many other                factors.  Under volatile market conditions, apparently                insignificant variances between earnings projections and actual results                can have a significant impact on share price once released.  The                Corporation will monitor and assess the market’s reaction to different                information that is publicly disclosed to help make materiality judgments                in the future.  As a guiding principle, if there is any doubt                about whether particular information is material or not, the Corporation                should err on the side of materiality and release the information                publicly. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3   | Any                person to whom this Policy applies who becomes aware of information                that                has the possibility of being Material Information must immediately                disclose that information to a member of the Disclosure                Committee.  Schedule “B” attached hereto lists examples of                Material Information.  That list is not exhaustive and the                Corporation still needs to exercise its own judgment in making materiality                determination. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4   | Material                Information is required to be disclosed immediately except in restricted                circumstances where immediate release of the information would be                unduly                detrimental to the interests of the Corporation.  (See Section                8.2 of this Policy.) The Disclosure Committee, in consultation with                the                Board and others as appropriate, shall determine what is deemed to                be                Material Information and the appropriate public disclosure. Disclosure                must be corrected immediately if the Corporation subsequently learns                that                earlier disclosure by the Corporation contained a material error                at the                time it was given and must be updated if earlier disclosure has become                misleading as a result of intervening                events. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5   | News                releases disclosing Material Information will be transmitted to the                American Stock Exchange and the Toronto Stock Exchange  (the                “Exchanges”), relevant regulatory bodies and major news wire services                (that provide simultaneous distribution in Canada and the U.S.) that                disseminate financial news to the financial press and to daily newspapers                that provide regular coverage of financial news in the areas where                the                Corporation has operations.  When the Exchanges are open for                trading, advance notice of a press release announcing Material Information                must be provided to the Market Surveillance Branch (or similar                departments) of the Exchanges to determine if a halt in trading is                necessary to provide time for the market to digest the                news.  When a press release announcing Material Information is                issued outside of trading hours, the Market Surveillance Branch of                the                Exchanges should be notified before the market opens.  Copies of                all press releases should be supplied to the Market Surveillance                Branch of                the Exchanges and to the relevant securities regulators                immediately. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6   | The                Corporation’s news releases should contain enough detail to enable the                media and investors to understand the substance and importance of                the                change that is being disclosed.  The guiding principle should be                to communicate clearly and accurately the nature of the information,                without including unnecessary details, exaggerated reports or editorial                commentary designed to colour the investment community’s perception of the                announcement one way or another. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.7   | All                news releases must include the name of an officer or director of                the                Corporation who is responsible for the announcement, together with                the                Corporation’s telephone number.  It may also include the name                and telephone number of additional contact                persons. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.8   | News                releases announcing Material Information will be disseminated through                an                approved news wire service that provides simultaneous national (in                Canada                and the U.S.) distribution to stock exchange members, relevant regulatory                bodies and appropriate financial                media. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.9   | All                news releases will be posted on the Corporation’s website promptly after                confirmation of dissemination over the news wire.  The website                will include a notice that advises the reader that the information                posted                was accurate at the time of posting, but may be superseded by subsequent                news disclosures. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.10   | All                news releases will, as soon as practicable after dissemination, be                filed                on SEDAR and be furnished to the U.S. Securities and Exchange Commission                (“SEC”) under cover of Form 6-K on the SEC’s EDGAR                database. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Internet                Chat Rooms and Bulletin Boards |
|----------------|--------------------------------------------------------|

| 6.1   | Board                Members, Officers, Employees and Contractors must not discuss or                post any                information relating to the Corporation or any of its subsidiaries                or                trading in securities of the Corporation in Internet chat rooms,                newsgroups or bulletin boards. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2   | Board                Members, Officers, Employees and Contractors should advise the Disclosure                Committee if they are aware of any discussion of information of the                Corporation in a chat room, newsgroup or bulletin                board. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Rumours |
|----------------|---------|

| 8.   | Confidentiality                of Undisclosed Material Information |
|----------------|--------------------------------------------------------------------|

| 8.1   | “Undisclosed                Material                Information” of the Corporation is the Material Information about                the Corporation that has not been “Generally Disclosed”:                that is, disseminated to the public by way of a news release together                with                the passage of a reasonable amount of time (24 hours, unless                otherwise advised that the period is longer or shorter, depending                on the                circumstances) for the public to analyze the                information. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2   | Where                the immediate disclosure of Material Information concerning the business                and affairs of the Corporation would be unduly detrimental to the                interests of the Corporation, its disclosure may be delayed and kept                confidential temporarily in accordance with applicable securities                laws of                Canada and the U.S. and applicable rules of the Exchanges (e.g.,                in some                cases, immediate disclosure may be required by an Exchange in the                event of                unusual market activity or rumours).  Keeping information                confidential can only be justified where the potential harm to the                Corporation or to investors caused by immediate disclosure may reasonably                be considered to outweigh the undesirable consequences of delaying                disclosure. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Where                the release of information would prejudice the ability of the Corporation                to pursue specific and limited objectives or to complete a transaction                or                series of transactions that are                underway. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Where                the disclosure of the information would provide competitors with                confidential corporate information that would be of significant benefit                to                them. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Where                the disclosure of information concerning the status of ongoing                negotiations would prejudice the successful completion of those                negotiations. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Where                the disclosure of information includes the names of, or reference                to,                partners who have not yet exercised their contractual right to comment                on                such disclosure and their comment may benefit the disclosure by improving                its clarity or accuracy. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3   | Any                person to whom this Policy applies and who has knowledge of Undisclosed                Material Information must treat the Material Information as confidential                until the Material Information has been Generally                Disclosed. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4   | Undisclosed                Material Information shall not be disclosed to anyone except in the                necessary course of business. If Undisclosed Material Information                has been                disclosed in the necessary course of business, anyone so informed                must                clearly understand that it is to be kept confidential, and, in appropriate                circumstances, execute a confidentiality                agreement.  Schedule “C” attached hereto lists                circumstances where securities regulators believe disclosure may                be in the                necessary course of business. When in doubt, all persons to whom                this                Policy applies must consult with a member of the Disclosure Committee                to                determine whether disclosure in a particular circumstance is in the                necessary course of business. For greater certainty, disclosure to                analysts, institutional investors, other market professionals and                members                of the press and other media will not be considered to be in the                necessary                course of business.  “Tipping”, which                refers                to the disclosure of Undisclosed Material Information to third parties                outside the necessary course of business, is                prohibited. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5   | In                order to prevent the misuse of inadvertent disclosure of Undisclosed                Material Information, the procedures set forth below should be observed                at                all times: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Documents                and files containing confidential information should be kept in a                safe                place to which access is restricted to individuals who “need to know” that                information in the necessary course of business and code names should                be                used if necessary; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Confidential                matters should not be discussed in places where the discussion may                be                overheard or on cell phones or other wireless                devices; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Transmission                of documents containing Undisclosed Material Information by electronic                means will be made only where it is reasonable to believe that the                transmission can be made and received under secure conditions such                as a                dedicated server; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Unnecessary                copying of documents containing Undisclosed Material Information                must be                avoided and extra copies of documents must be promptly removed from                meeting rooms and work areas at the conclusion of the meeting and                must be                destroyed if no longer required. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In                certain circumstances the Disclosure Committee may assign a “code name” to                confidential information.  Employees should utilize the “code                name” at all times when discussing the confidential                information.  Printed documents containing confidential                information shall be stored in a secured cabinet and access to these                documents on the Corporation’s computer network must be                restricted. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.6   | In                the event that confidential information, or rumours respecting the                same,                is divulged in any manner (other than in the necessary course of                business), the Corporation is required to make an immediate announcement                on the matter.  The Exchanges must be notified of the                announcement in advance in the usual manner.  This includes                contacting the applicable Exchange and may require requesting that                trading                be halted pending the issuance of a news                release. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Quiet                Period |
|----------------|-----------------------------|

| 9.1   | Each                period (1) beginning on the last day of each fiscal quarter and each                fiscal year, and (2) ending when the earnings for that quarter or                year                have been Generally Disclosed by way of a news release, will be a“Quiet                Period”.  During a Quiet Period, Spokespersons must not                provide any future-oriented information relating to the business                and                affairs of the Corporation or any of its subsidiaries. Spokespersons                are                also prohibited from providing any future oriented information about                the                Corporation or any of its subsidiaries’ prospective business, operations                or capital, including future-oriented financial information (as that                term                is defined under applicable securities law) (“Forward-Looking                Information”) about expected revenues, net income or profit,                earnings per share, expenditure levels, and other information commonly                referred to as earnings guidance (“Earnings Guidance”) or                comments with respect to the financial results for the current fiscal                quarter or current fiscal year.  Notwithstanding these                restrictions, the Company may Generally Disclose Forward-Looking                Information during the Quiet Period when the Forward-Looking Information                constitutes Undisclosed Material Information. During a quiet period,                Spokespersons may respond to unsolicited inquiries about information                either that is not Material Information or that has been Generally                Disclosed.  Notwithstanding the foregoing, project oriented                Forward Looking Information that is unaffected by quarterly or annual                financial results of the Company, such as, without limitation, scoping                studies, pre-feasibility studies and feasibility studies, that are                already                Generally Disclosed can continue to be disclosed in the normal course                of                business during the Quiet Period provided that no information, such                as                without limitation, per share data, is disclosed that would be affected                by                annual or quarterly results. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | Avoiding                Selective Disclosure |
|-----------------|----------------------------------------------|

| 10.1   | Material                Information is required to be publicly disclosed before being disclosed                to                any person or company (e.g. in an interview with an analyst or in                a                telephone conversation with an investor) except disclosing such                information to such person or company prior to public dissemination                is                necessary in the course of business and such person or company is                bound by                an express confidentiality agreement or owes the Corporation a duty                of                trust or confidence with respect to such                information. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2   | When                participating in shareholder meetings, news conferences, analysts’                conferences and private meetings with analysts, Spokespersons must                only                disclose information that either (1) is not Material Information                or (2) is                Material Information but has previously been Generally Disclosed.                For                greater certainty, acceptable topics of discussion include the                Corporation’s business prospects (subject to the provisions of Section 11                of this Policy), the business environment, management’s philosophy and                long-term strategy. Any selective disclosure of Undisclosed Material                Information, including Earnings Guidance, is not                permitted. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3   | To                protect against selective disclosure, the following procedures should                be                followed: |
|------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Spokespersons                who are participating in shareholder meetings, news conferences,                analysts’                conferences and private meetings with analysts should normally script                their comments and prepare answers to anticipated questions in advance                of                the meeting or conference; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Those                scripts should normally be reviewed by the Disclosure Committee before                the                meeting or conference and any Undisclosed Material Information that                is                contained in the script must be Generally Disclosed before the meeting                or                conference or deleted from the script if it is premature for the                information to be Generally                Disclosed. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4   | After                each shareholder meeting, news conference, analysts’ conference or private                meeting with analysts, the Corporation’s participants should normally meet                and review the disclosures made during the course of the meeting                or                conference to determine if any Undisclosed Material Information was                unintentionally disclosed. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5   | If                Undisclosed Material Information was disclosed, the participants                must                advise a member of the Disclosure Committee, who shall take immediate                steps to ensure that the information is Generally                Disclosed. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6   | Pending                the Material Information being Generally Disclosed, the Corporation                must                contact the parties to whom the Material Information was disclosed                and                inform them (1) that the information is Undisclosed Material Information                and (2) of their legal obligations with respect to the Material                Information. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Limitations                on Review, Distribution of Analysts’Reports |
|-----------------|------------------------------------------------------------------------------|

| 11.1   | When                reviewing analysts’ reports in accordance with the procedure set out                below, comments of Board Members, Officers, Employees and Contractors                must                be limited to identifying factual information that has been Generally                Disclosed that may affect an analyst’s model and pointing out inaccuracies                or omissions with respect to information that has been Generally                Disclosed. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2   | Analysts’                reports must not be circulated by Board Members, Officers, Employees                and                Contractors, except when in the necessary course of business, nor                shall                they be posted on, nor linked from the Corporation’s                website. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | Forward-Looking                Information |
|-----------------|--------------------------------------------|

| 12.1   | The                Corporation may from time to time give Earnings Guidance or any other                Forward-Looking Information through voluntary disclosure by way of                a news                release, provided that the cautionary language described in Section                12.2                accompanies the information. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2   | If                Forward-Looking Information is Generally                Disclosed: |
|------------------|--------------------------------------------------------------------------------------|

| ·   | the                information must be clearly stated to be                forward-looking; |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | the                factors and assumptions that were used to arrive at the Forward-Looking                Information must be clearly                described; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                factors that could cause actual results to differ materially must                be                clearly stated, and should be presented with a reasonably possible                range                of outcomes, a sensitivity analysis or other qualitative analysis                that                will assist in assessing the related risks;                and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                information will be                accompanied by a statement that the information is stated as of the                current date and subject to change after that date, and the Corporation                disclaims any intention to update or revise this statement of                forward-looking information, whether as a result of new information,                future events or otherwise. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | Trading                of Securities of the Corporation |
|-----------------|---------------------------------------------------------|

| 13.1   | “Insider                Trading” which                refers to persons in a Special Relationship with the Corporation                purchasing or selling or otherwise monetizing securities of the                Corporation while in possession of Undisclosed Material Information,                is                prohibited. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2   | In                addition to Section 13.1, Board Members, Officers and Head Office                Employees shall not purchase or sell or otherwise monetize securities                of                the Corporation except during a “Trading Window”,                provided there is no “Blackout Period”in                effect, other than pursuant to a pre-approved trading plan that complies                with SEC Rule 10b5-1, provided such trading plan (1) is in writing;                (2) was submitted to the Corporation for review prior to its                adoption; and (3) was not adopted during a Blackout Period or at a                time when the person was in possession of material non-public                information. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3   | Notwithstanding                Section 13.2, a Board Member, Officer, Employee and Contractor may                purchase or sell securities during a Blackout Period with the prior                written consent of the CEO.  The CEO will grant permission to                purchase or sell during a Blackout Period only in the case of a legal                obligation to trade the Corporation’s securities which pre-dates the                Blackout Period or as otherwise permitted by applicable securities                rules. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4   | The                trading prohibitions in Sections 13.1 and 13.2 do not apply to the                acquisition of securities through the exercise of share options or                warrants provided that other conditions are met,                including: |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                options or warrants would otherwise expire during the Blackout                period; |
|--------------------|----------------------------------------------------------------------------------------------------------|

| ·   | the                options or warrants are in-the-money at the time of                exercise; |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | the                Blacked-out party is not in possession of any Material Undisclosed                Information, be it Material Undisclosed Information that is the cause                of                the Blackout period or any other Material Undisclosed Information;                and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                Blacked-out party has delivered written notice to the corporation                of his                or her intent to exercise options prior to such exercise and at the                same                time delivers a written acknowledgement confirming that the above                conditions have been met and that he or she will not trade the shares                received on exercise of the options until such time                that: |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | the                Blackout Period has expired; and |
|----------------|-----------------------------------------------------|

| ii.   | the                Blacked-out party is not otherwise subject to another Blackout Period                or                prohibited by law from trading in such                shares. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.5   | These                trading prohibitions do                apply, however, to any sale of shares as part of a broker-assisted                cashless exercise of an option or warrant, or any other market sale                for                the purpose of generating the cash needed to pay the exercise price                of an                option or warrant. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.   | Trading                in Securities of Other Companies |
|-----------------|---------------------------------------------------------|

| 15.   | Post-Termination                Transactions |
|-----------------|----------------------------------------------|

| 16.   | Insider                Trade Reports; U.S. Beneficial Ownership Reporting                Requirements |
|-----------------|-------------------------------------------------------------------------------------------------------|

| 16.1   | An                Insider of the Corporation is required to file an initial insider                report                within ten (10) days of becoming an Insider and subsequent insider                reports                within ten (10) days following any change in its interest in any                securities of the Corporation. If an Insider of the Corporation does                not                own or have control over or direction over securities of the Corporation,                or if ownership or direction or control over securities of the Corporation                remains unchanged from the last report filed, a report is not                required.  In addition, such Insider is required to disclose in                writing to the Disclosure Committee, any change in its interest in                any                securities of the Corporation within five (5) days of such                change. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2   | In                addition, U.S. law imposes reporting requirements on persons who                acquire                beneficial ownership (as such term is defined in Rule 13d-3 under                the U.S.                Securities Exchange Act of 1934) of more than five per cent of the                Corporation’s common shares.  In general, such persons must                file, within 10 days after such acquisition, a report of beneficial                ownership with the SEC containing the information prescribed by the                regulations under Section 13 of the U.S. Securities Exchange Act of                1934. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.   | Penalties |
|-----------------|-----------|

| (a)   | fines                and penal sanctions; |
|-----------------|-------------------------------------------|

| (b)   | civil                actions for damages; |
|-----------------|-------------------------------------------|

| (c)   | criminal                penalties and incarceration; |
|-----------------|------------------------------------------------------|

| (d)   | an                accounting to the Corporation for any benefit or advantage received;                and |
|-----------------|-----------------------------------------------------------------------------------------------------------|

| (e)   | administrative                sanctions by securities commissions, such as cease trade orders and                removal of exemptions. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 18.   | U.S.                “Control Person” Liability |
|-----------------|------------------------------------------------------------|

| 19.   | Acknowledgment |
|-----------------|----------------|

----

| (1)   | a                Board Member or a Senior Officer of the                Corporation; |
|-----------------|--------------------------------------------------------------------------------------|

| (2)   | a                person who beneficially owns, directly or indirectly, more than 10%                of the                voting securities of the Corporation or who exercises control or                direction                over more than 10% of the votes attached to the voting securities                of the                Corporation (a “10% Shareholder”); |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | a                Board Member or a Senior Officer of a subsidiary of the Corporation;                or |
|-----------------|---------------------------------------------------------------------------------------------------------|

| (4)   | a                Board Member or a Senior Officer of a 10% Shareholder of the                Corporation. |
|-----------------|-----------------------------------------------------------------------------------------------------------|

| (1)   | each                Board Member, Officer, Employee and                Contractor; |
|-----------------|------------------------------------------------------------------------------------|

| (2)   | each                10% Shareholder; |
|-----------------|--------------------------------------|

| (3)   | each                Board Member, officer, employee or contractor of a 10%                Shareholder; |
|-----------------|--------------------------------------------------------------------------------------------------------|

| (4)   | each                member of an operating or advisory committee of the Corporation or                its                subsidiaries; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | each                Board Member, officer, partner and employee of a company that is                engaging                in any business or professional activity with the Corporation or                its                subsidiaries and who routinely comes into contact with Material                Information; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | each                person or company that learned of Material Information with respect                to the                Corporation from a person or company described in (1) though (5)                of this                definition and knew or ought reasonably to have known that the other                person or company was in such a special relationship;                and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)   | any                Immediate Family Member of any individual referred to in (1) through                (6). |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (8)   | A                company is considered to be a “Subsidiary”of another                company if it is controlled by (1) that other, (2) that other and                one or                more companies, each of which is controlled by that other, or (3) two                or more companies, each of which is controlled by that other; or                it is a                subsidiary of a company that is that other’s subsidiary. In general, a                company will control another company when the first company owns                more than                50% of the outstanding voting securities of that other                company. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1)   | the                chair or a vice-chair of the Board  or any of its subsidiaries,                the President, Chief Executive Officer, Chief Financial Officer,                a                Vice-President, the Corporate Secretary, the Treasurer or the Managing                Director of the Corporation or any of its subsidiaries or any of                their                operating divisions; or |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | any                other individual who performs functions for the Corporation or any                of its                subsidiaries similar to those normally performed by an individual                occupying any of the offices listed in (1)                above. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | changes                in share ownership that may affect control of the                company |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | changes                in corporate structure such as major reorganizations, amalgamations,                or                mergers |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| ·   | take-over                bids, issuer bids, or insider bids |
|--------------------|-------------------------------------------------------------|

| ·   | the                public or private sale of additional                securities |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | planned                repurchases or redemptions of                securities |
|--------------------|--------------------------------------------------------------------------------|

| ·   | planned                splits of common shares or offerings of warrants or rights to buy                shares |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | any                share consolidation, share exchange, or stock                dividend |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | changes                in a company’s dividend payments or                policies |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | the                possible initiation of a proxy                fight |
|--------------------|------------------------------------------------------------------------|

| ·   | material                modifications to the rights of security                holders |
|--------------------|----------------------------------------------------------------------------------------|

| ·   | a                significant increase or decrease in near-term earnings                prospects |
|--------------------|--------------------------------------------------------------------------------------------------|

| ·   | unexpected                changes in the financial results for any                period |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | shifts                in financial circumstances, such as cash flow reductions, major asset                write-offs or write-downs |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes                in the value or composition of the company’s                assets |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | any                material change in the company’s accounting                policies |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | any                development that affects the company’s resources, reserves, technology,                products or markets |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a                significant change in capital investment plans or corporate                objectives |
|--------------------|--------------------------------------------------------------------------------------------------------|

| ·   | major                labour disputes or disputes with major contractors or                suppliers |
|--------------------|-----------------------------------------------------------------------------------------------------|

| ·   | significant                new contracts, products, patents, or services or significant losses                of                contracts or business |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | significant                discoveries by resource companies |
|--------------------|--------------------------------------------------------------|

| ·   | changes                to the Board of Directors or executive management, including the                departure                of the company’s CEO, CFO, COO or president (or persons in equivalent                positions) |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                commencement of, or developments in, material legal proceedings or                regulatory matters |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | waivers                of corporate ethics and conduct rules for officers, directors, and                other                key employees |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | any                notice that reliance on a prior audit is no longer                permissible |
|--------------------|--------------------------------------------------------------------------------------------------|

| ·   | de-listing                of the company’s securities or their movement from one quotation system or                exchange to another |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | significant                acquisitions or dispositions of assets, property or joint venture                interests |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| ·   | acquisitions                of other companies, including a take-over bid for, or merger with,                another                company |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                borrowing or lending of a significant amount of                money |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | any                mortgaging or encumbering of the company’s                assets |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | defaults                under debt obligations, agreements to restructure debt, or planned                enforcement procedures by a bank or any other                creditors |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes                in rating agency decisions |
|--------------------|---------------------------------------------------|

| ·   | significant                new credit arrangements |
|--------------------|----------------------------------------------------|

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| ·   | vendors,                suppliers, or strategic partners on issues such as research and                development, sales and marketing, and supply                contracts |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | employees,                officers and board members |
|--------------------|------------------------------------------------------|

| ·   | lenders,                legal counsel, auditors, underwriters, and financial and other                professional advisors to the                Corporation |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | parties                to negotiations |
|--------------------|----------------------------------------|

| ·   | labour                unions and industry associations |
|--------------------|--------------------------------------------------------|

| ·   | government                agencies and non-governmental                regulators |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | credit                rating agencies (provided that the information is disclosed for the                purpose of assisting the agency to formulate a credit rating and                the                agency’s ratings generally are or will be publicly                available) |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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