This discussion and analysis should be read in conjunction with the unaudited consolidated financial statements of the Company for the nine months ended September 30, 2006 and the consolidated financial statements of the Company for the years ended December 31, 2005 and 2004 and the notes thereto. The consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”), with the Canadian dollar as the reporting currency. This discussion and analysis is prepared as of November 28, 2006.