Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
Future Accounting Policy Changes
IFRS 9 ‑ Financial Instruments (“IFRS 9”)
IFRS 9, as issued in 2010, reflects the first phase of the IASB’s work on the replacement of IAS 39 and applies to classification and measurement 
of financial assets and financial liabilities as defined in IAS 39. The standard was initially effective for annual periods beginning on or after January 
1, 2013. In November 2013, Chapter 6 of IFRS 9 on hedge accounting was published. At the same time, Chapter 7, containing the effective date 
and transition provisions, was amended to remove the mandatory effective date of IFRS 9. This was intended to provide sufficient time for 
preparers to make the transition to the new requirements. The Company may still choose to apply IFRS immediately, but is not required to do so. 
In subsequent phases, the IASB is addressing impairment of financial assets. The adoption of the first phase of IFRS will have an effect on the 
classification and measurement of the Company’s financial assets, but will not have an impact on the classification measurements of financial 
liabilities. The Company is in the process of assessing the impact IFRS 9 may have on future financial statements.
IFRIC Interpretation 21 ‑ Levies (“IFRIC 21”)
IFRIC 21 clarifies that an entity recognises a liability for a levy when the activity that triggers payment, as identified by the relevant legislation, 
occurs.  IFRIC 21 is effective for annual periods beginning on or after January 1, 2014. The Company is in the process of assessing the impact IFRIC 
21 may have on future financial statements.
Disclosure Controls and Procedures and Internal Controls
The Company’s management, including the Chief Executive Officer and the Chief Financial Officer, does not expect that the Company’s Disclosure 
Controls and Procedures and Internal Controls will prevent or detect all error and all fraud.  Because of the inherent limitations in all control 
systems, an evaluation of controls can provide only reasonable, not absolute, assurance that all control issues and instances of fraud or error, if 
any, within the company have been detected.
Disclosure Controls and Procedures
As of December 31, 2013, the Company’s management evaluated the effectiveness of the operation of its disclosure controls and procedures 
(“Disclosure Controls”), as defined under rules adopted by the Canadian Securities Administrators.  This evaluation was performed under the 
supervision of, and with the participation of, the Chief Executive Officer and the Chief Financial Officer.
Disclosure controls and procedures are designed to ensure that information required to be disclosed in documents filed with securities 
regulatory authorities is recorded, processed, summarized and reported on a timely basis, and is accumulated and communicated to the 
Company’s management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding 
required disclosure.
Based on the evaluation of Disclosure Controls, the Chief Executive Officer and the Chief Financial Officer have concluded that, subject to the 
inherent limitations noted above, the Company’s Disclosure Controls are effective in ensuring that material information relating to the Company 
and its consolidated subsidiaries is made known to the Company’s management on a timely basis by others within those entities, and is included 
as appropriate in this mD&a.
Internal Controls over Financial Reporting
Internal controls over financial reporting (“ICFR”) are designed to provide reasonable assurance regarding the reliability of the Company’s 
financial reporting and its preparation of financial statements for external purposes in accordance with IFRS.  Management’s documentation and