UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

1

1. INTRODUCTION

This discussion and analysis of financial position and results of operations (‘MD&A’) and cash flows of UC Resources Ltd. (the “Company”) should be read in conjunction with the audited consolidated financial statements of the Company for the year ended June 30, 2008. Additional information relating to the Company is available on SEDAR at

www.sedar.com

. The effective date of this MD&A is October 30, 2008.

The annual financial statements have been prepared by the Company in conformity with generally accepted accounting principles in Canada (“Canadian GAAP”). In this MD&A, all dollar amounts are expressed in Canadian dollars, unless otherwise specified such as “US$” for United States dollars. All references to "common shares" refer to the common shares in our capital stock.

As used in this annual report, the terms "we", "us", "our", the “Company” and "UC Resources" mean UC Resources and our wholly-owned Mexican subsidiaries Minera Planet S.A. de C.V. (“Minera Planet”) and

Minera Silver Creeck S.A. de C.V. (“Silver Creeck”) unless otherwise indicated.

This MD&A contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors” that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

2. OVERVIEW

UC Resources Ltd. is a junior resource exploration company with a focus on silver and gold exploration and production opportunities in the James Bay Lowlands of Northern Ontario and Mexico. UC’s head office is

located in Vancouver, Canada, and its corporate office in Mexico is located in Guadalajara, Coahuila. The Company’s common shares trade on the TSX Venture Exchange under the symbol “UC” and on the Frankfurt

Exchange as “UCD”.

The Company’s flagship exploration property is its property at McFauld’s Lake, in the James Bay Lowlands.

UC Resources has an option to earn an undivided 55% interest in KWG/Spiders properties: McFauld’s Lake

East and West blocks. As part of the option agreement, by spending $4.5 million on the exploration program, the Company will meet its obligations and earn the 55% undivided interest held by Spider and KWG.

Currently this agreement is in the form of a binding LOI, which is being replaced by formal option agreement.

The Company has earned in 10% on an undivided basis by spending $1 million on exploration. On January 31, 2008 as part of the binding LOI, the Company gave notice to its joint venture partners Spider/KWG that it would exercise its right to opt into year two of the McFaulds Lake option agreement. This obligated the Company to expend an additional $1 million by the second anniversary of the option date (March 6, 2009). It is expected that the second earn in will be completed prior to year end 2008 at which time the company will have acquired a 25% interest.

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

2

UC, in conjunction with Noront Resources and other junior mining exploration companies, shared costs for the airborne Aerotem2 geophysical survey. The data provided UC with priority targets for ground geophysics, which would help determine drill targets for an expected drill program in the fall of 2008.

Previous exploration at McFaulds Lake by the joint venture partners had focused on volcanic hosted massive sulphide (“VMS”) occurrences. The drill program in prior years drilled 12,114 metres at McFaulds 3, and

4,715 metres at McFaulds 1. Based on the drill program Scott Wilson RPA developed a resource estimate.

McFaulds 3

INDICATED MINERAL RESOURCES (Table 1)

Tonnage Grade Grade

Deposit

(tonnes) (% Cu) (% Zn)

McFaulds 3

802,000 3.75 1.1

Notes:

1. CIM definitions were followed for mineral resources.

2. The cut-off grade of 1.5% Cu was estimated using a copper price of US$2.50/lb and assumed operating costs.

3. Grade-shell wireframes at 1.5% Cu and a minimum true thickness of two metres were used to constrain the grade interpolation.

4. High copper and zinc grades were cut to 12% Cu and 8.0% Zn prior to compositing to 1.5 metre lengths for the McFaulds 3 deposit,

5. Several blocks less than the cut-off values were included for continuity.

INFERRED MINERAL RESOURCES (Table 2)

Tonnage Grade Grade

Deposit

(tonnes) (% Cu) (% Zn)

McFaulds 1

279,000 2.13 0.58

Notes:

1. CIM definitions were followed for mineral resources.

2. The cut-off grade of 1.5% Cu was estimated using a copper price of US$2.50/lb and assumed operating costs.

3. Grade-shell wireframes at 1.5% Cu and a minimum true thickness of two metres were used to constrain the,grade interpolation.

4. High copper and zinc grades were cut to 5% Cu and 7% Zn prior to compositing to 1.5 metre lengths for the McFaulds 1 deposit.

5. Several blocks less than the cut-off values were included for continuity.

The Company’s main focus in Mexico has been the La Yesca mining project, bringing the mill into production.

This concession contains a resource of 225,750 tonnes of tailings, grading an estimated 220 g/t silver and 2 g/t gold located on the surface of the concession, near the mill. The previous technology, consisting of a unique

copper-ammonium thio-sulphate process, was not viable given the metallurgy of the tailings. The Company undertook to completely reconstruct the plant to use a standard cyanide process. It is forecast that the plant will enter production before 2009, and have a target capacity of 200 tpd.

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

3

In order to fund the exploration program at McFauld’s Lake, complete the reconstruction of the La Yesca Mill, and provide working capital, the Company raised a combined $4.8 million in flow-through and non flowthrough dollars.

The Company’s current key Mexican exploration property is the 1,500 sq. km Copalquin property, which is located in the north western state of Durango in Mexico (the "Copalquin Project"). The expanded Copalquin land package encompasses 23 historically productive silver and gold mines within its boundaries. Previous drill programs at the Copalquin Project have confirmed potentially economic mineralization at three main target areas, Cometa, Refugio and La Soledad. All of the mineralized zones that have been tested are open at depth and along strike and clearly warrant additional drill testing. It is important to note however that, in addition to the zones that have been tested, available data suggests that the extent of the epithermal system at Copalquin may be much larger than has previously been recognized. There are more than twenty known gold and silver occurrences and multiple satellite image anomalies within the expanded concession areas that have not yet been examined by field personnel. During the past year surface sampling and further geological mapping of the expanded property package have occurred. The company plans to resume a more detailed exploration program after successful commercial production at La Yesca. The expanded Copalquin land package which the company staked could be suitable for a JV with an intermediate or major. It should be noted that recent historical reported results include 5.2 metres of mineralization averaging 45 g/tonne gold and 1,563 g/tonne silver during the Phase II drill program in 2006. In 2007, UC intersected 2.45 meters averaging 1.52 Ounces per ton gold and 112.1 ounces per ton silver at La Soledad.

UC Resources’ subsidiary Minera Planet has had a legal claim filed against it by Miguel Angel Matas Martinez and Compañia Minera Copalquin, S.A. de C.V., concessionaires of the Copalquin Project, alleging unspecified damages resulting from their inability to reach a deal with a major international mining company to which they asked for US$20.00 per ounce of gold or its equivalent in other metals that they considered as found in the Copalquin Project.

The Company has had an exhaustive resource calculation completed by a qualified Mexican Engineer regarding the resource at the Copalquin Project in order to determine the purchase price of this project. A payment for US$33,154, based on such calculation, will be deposited with the Mexican court in full settlement of the balance of the purchase price of the Copalquin Project, as part of the requirements of the original contract.

Minera Planet's legal counsel are presently attending to this matter. The Company considers this action frivolous, and without merit. In total, the Copalquin land package is 150,053 hectares in size with this contract only representing 7,005 hectares, which is 4.7% of the entire exploration land package.

Sr. Matas has also charged the Company and its officers with trespass on Copalquin, and claims that the

Company is mining gold and silver. The Company has unfettered legal right to the property, and to date is not mining gold and silver.

It should also be noted that Sr. Matas was also the concessionaire of La Dura, a property that the Company felt was not of economic merit, and decided not to pursue.

The outcome of these legal proceedings is currently not determinable as proceedings are at an early stage. The Company has not recorded any losses relating to this claim and management is confident that the Company will successfully defend this action.

Further information can be found in note 14 of the Financial Statements.

There is no assurance that a commercially viable mineral deposit exists on any of our properties, and further exploration is required before we can evaluate whether any exist and, if so, whether it would be economically and legally feasible to develop or exploit those resources. Even if we complete our current exploration program

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

4

and we are successful in identifying a mineral deposit, we would be required to spend substantial funds on further drilling and engineering studies before we could know whether that mineral deposit will constitute a reserve (a reserve is a commercially viable mineral deposit).

The consolidated financial statements have been prepared on a going-concern basis, which assumes the realization of assets and liquidation of liabilities in the normal course of business.

At June 30, 2008, the Company had working capital of $2,470,015 (2007 - $1,542,694) and an accumulated deficit of $15,318,103 (2007 - $13,162,158). The Company will require additional financing or outside participation to meet funding commitments under mineral property agreements and to undertake further exploration and subsequent development of its mineral properties. The Company’s ability to continue as a going-concern is dependent on the ability of the Company to raise equity financing, the discovery of economic mineral reserves, and ultimately on the attainment of profitable operations. Management intends to continue to raise additional capital through external financings and further share issuances to meet the Company’s liabilities as they become payable.

3 EXPLORATION

This past year the Company’s exploration activities were focused on McFaulds Lake. Prior to year-end, the Company, along with other junior mining exploration companies active in the McFaulds Lake area, jointly participated in an airborne survey contract, which was awarded to Aeroquest International Ltd. using its helicopter-mounted AeroTEM-2 system. This survey provided the Company with high magnetic, low restivity anomalies (which is the signature of the first anomaly Noront drilled, and subsequently became Eagle

1). This was followed-up by ground geophysics, which helped determine which targets are suitable for a fall/winter drill program.

In Mexico, there was no drilling undertaken on any of the Company’s properties. Rather there was some surface sampling undertaken at Copalquin and La Yesca.

4.

PRE-PRODUCTION

The Company has two production assets: Mar and La Yesca. In summary, this is a break-down of the Company’s pre-production projects:

a. La Yesca

La Yesca is 100% owned by the Company’s 100% owned Mexican subsidiary Minera Silver Creeck.

The La Yesca milling project is located near the town of La Yesca, in the state of Nayarit, and is located approximately two hundred kilometers west of Guadalajara, Mexico. In the La Yesca district there are at least 16 known gold and silver mineral discoveries, of which five are reportedly past producing mines. Four of these past producing mines are located on UC Resources’ concession, which covers 600 hectares. The project also includes a modern milling facility capable of milling two hundred (200) tonnes per day of feed. Approximately two hundred thousand (200,000) tonnes of tailings are available to process immediately, with the tailings containing good grades of both gold and silver.

b. Mar

This project is also 100% owned by the Company’s 100% owned Mexican subsidiary Minera Silver Creeck. The Mar project consists of a 100 hectare mining exploitation concession, and contains a surface accumulation of former mine ore, presumably extracted from the nearby historical mine, and

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

5

left at the mine’s adit, which is a horizontal tunnel into the mountain. This material is immediately ready to be evaluated (for grade and metallurgical concerns), sampled and if warranted processed, once a suitable milling facility amenable to the material has been acquired. It is the Company’s intention to add to the land package in due course. The Mur has been added to the Mar, and it is contiguous to the Mar property. It will provide access to drill locations for the Mar and extend any mineralized zones found on the Mar.

5. REVIEW OF OPERATIONS

Results of operations are summarized as follows:

Year Ended

June 30, 2008

Year Ended

June 30, 2007

Stock-based compensation $ 1,030,545 $ 1,921,458

Management fees and consultants 636,838 411,371

Investor relations 141,231 351,514

General and administrative 1,354,000 1,000,678

Future income tax recovery (1,065,121) -

Net Loss $ 2,097,493 $ 3,685,021

A) STOCK-BASED COMPENSATION

The fair value of options granted is recognized as an expense upon grant. During the year ended June 30, 2008, 4,527,778 options were granted with an average exercise price of $0.47. During the year ended June 30, 2007,

5,050,000 options were granted with an average exercise price of $0.43.

B) MANAGEMENT FEES AND CONSULTANTS

The increase for the year ended June 30, 2008 results from additional senior staff required to manage the

expanded scope of operations.

C) INVESTOR RELATIONS

The decrease for the year ended June 30, 2008 results primarily from a more strategic focus in communication activities. In addition, the Company has been able to leverage media interest in the McFauld’s area.

D) GENERAL AND ADMINISTRATIVE

The increase for the year ended June 30, 2008 resulted primarily due to increased overhead in Mexico to accommodate the expansion of the administrative office in Guadalajara, Mexico and additional support staff and costs to support Minera Silver Creeck as the Company was taking the mill through the commissioning process.

E) OUTLOOK

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

6

The Company now has active projects in McFauld’s Lake as well as Mexico.

The Company is mainly focused on bringing the La Yesca mill into production with good grades of gold and silver. The Company has withdrawn from it’s LOI for the La Dura acquisition.

6. SELECTED YEARLY DATA

Quarter ended

June 30, 2008

Quarter ended

Mar. 31, 2008

Quarter ended

Dec. 31, 2007

Quarter ended

Sept. 30, 2007

Loss from operations $ 354,083 $ (585,354) $ (1,446,654) $ (488,936)

Interest income 27,136 27,910 23,054 10,342

Net loss 381,219 (557,444) (1,442,674) (478,594)

Basic and diluted loss per share $ 0.01 $ (0.01) $ (0.01) $ (0.01)

Quarter ended

June 30, 2007

Quarter ended

Mar. 31, 2007

Quarter ended

Dec. 31, 2006

Quarter ended

Sept. 30, 2006

Loss from operations $ (1,287,695) $ (503,477) $ (426,442) $ (1,499,067)

Interest income 15,048 5,752 3,079 7,781

Net loss (1,272,647) (497,725) (423,363) (1,491,286)

Basic and diluted loss per share $ (0.015) $ (0.004) $ (0.006) $ (0.023)

7. LIQUIDITY

To date the Company has not generated significant revenues from its operations and is considered to be in the exploration stage, except for work at La Yesca, which is in the development stage. Working capital on hand at June 30, 2008 was $2,470,015 and is not considered sufficient to finance budgeted exploration, general and administrative expense, investor relations and acquisition commitments for the twelve months ending June 30,

2009. At present the Company is dependent on equity or debt financing for additional funding if required.

Should one of the Company’s projects proceed to the mine development stage, it is expected that a combination of debt and equity financing would be available. If La Yesca is profitable (there has been no economic feasibility undertaken on this resource), it could provide the free cash flow the company would require to fund its operations and activities.

Operating activities

Cash used in operations was $1,912,762 during the twelve months ended June 30, 2008 (2007 - $2,213,146) and

represents expenditures on general, administrative and other expenses as described above

Financing activities

During the year ended June 30, 2008 the Company issued common shares as follows:

2008

Number of Contributed

Shares Amount Surplus

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

7

Balance, beginning of year 89,725,326 $ 21,173,315 $ 2,177,220

Issued during the year

For cash

Private placements, net 10,310,030 4,436,772 -

Exercise of options 900,000 121,300 -

Exercise of warrants 5,272,770 1,760,492 -

16,482,800 6,318,564 -

Non-cash

Reallocation of contributed surplus

for options exercised - 145,542 (145,542)

Future income tax recovery benefit (1,006,669)

Issuance of broker options/warrants - (363,436) 363,436

Stock-based compensation - - 1,030,545

16,482,800 5,094,001 1,248,439

Balance, end of year 106,208,126 $ 26,267,315 $ 3,425,659

Investing activities

During the year ended June 30, 2008, the Company expended $2,420,798 (2007 - $1,615,590) on mineral property acquisition and exploration. Exploration was carried out on the Copalquin Project in both years as discussed above.

During the year ended June 30, 2008, the Company expended $863,126 (2007 - $777,845) on capital assets, most of which was spent on mining and transportation equipment and the La Yesca mill.

Outstanding share data

As at October 30, 2008, there were 106,208,126 common shares outstanding. In addition there were 7,827,778 stock options outstanding with exercise prices ranging from C$0.15 to C$0.50 per share. Share purchase warrants outstanding totalled 6,762,154 ranging in price of C$0.50 to C$1.00 per share and expiring on March

13, 2009 and November 16, 2009.

8. CAPITAL RESOURCES

The Company had no commitments for capital assets at June 30, 2008.

At June 30, 2008, the Company had working capital of $2,470,015. Management believes current resources will not be sufficient to finance budgeted exploration, general and administrative expense, investor relations and acquisition commitments for the twelve months ending June 30, 2009. At present the Company is dependent primarily on equity financing for additional funding if required. Should one of the Company’s projects proceed to the mine development stage, it is expected that a combination of debt and equity financing would be available. The Company received a US$350,000 loan facility from the Mexican Mining Development Trust - Fideicomiso de Fomento Minero (FIFOMI), which is a Mexican government agency, on October 14, 2008. Funds from this loan will be used for the completion of the La Yesca mill, which is now fully funded through to production, and working capital for inventories while cash flow is realized.

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

8

9. OFF-BALANCE SHEET TRANSACTIONS

The Company has no off-balance sheet arrangements except for contractual obligation noted above.

10. TRANSACTIONS WITH RELATED PARTIES

The Company has engaged Billiken Management Services Inc. (“Billiken”), a private company, to manage the McFauld’s Lake and the Mexican properties. The President/CEO of the Company holds a non-controlling interest in Billiken through a private company. Related party transactions are summarized in Note 10 to the audited consolidated financial statements for the year ended June 30, 2008.

11. PROPOSED TRANSACTIONS

Not applicable.

12. CRITICAL ACCOUNTING ESTIMATES

The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the Canada require management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Actual results could differ from these estimates.

The Company follows accounting guidelines in determining the value of stock option compensation, as disclosed in Note 2 to the consolidated financial statements. Unlike other numbers in the accounts, this is a calculated amount not based on historical cost, but on subjective assumptions introduced to an option pricing model, in particular: (1) an estimate for the average future hold period of issued stock options before exercise, expiry or cancellation and (2) future volatility of the Company’s share price in the expected hold period (using historical volatility as a reference). Given that there is no market for the options and they are not transferable, the resulting value calculated is not necessarily the value the holder of the option could receive in an arm’slength transaction.

The carrying value of properties including acquisition costs and deferred exploration expenditures represent costs incurred to date, net of any impairments and do not necessarily reflect present or future values. Net Realizable Values for these properties are realized when they are put into production, sold, or Joint Ventured.

These costs will be depleted over the useful lives of the properties upon commencement of commercial production or written off if the properties are abandoned or the claims allowed to lapse. From time to time, the Company may acquire or dispose of a mineral property interest pursuant to the terms of an option agreement.

As the options are exercisable entirely at the discretion of the optionee, the amounts payable or receivable are not recorded. Option payments are recorded as property costs or recoveries when the payments are made or received.

Impairment exists when the carrying amount of a long-lived asset or asset group exceeds its fair value and is nonrecoverable. As our lawyers and us believe that Sr. Matas’ actions are frivolous and without merit, we do not believe that Copalquin is an impaired asset.

The Company’s accounting policy is to capitalize exploration costs on a project by project basis as allowable under Canadian GAAP. The policy is consistent with that of other exploration companies that have elected to capitalize exploration costs. Management is of the view that its current policy is appropriate for the Company.

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

9

13. CHANGES IN ACCOUNTING POLICIES

A detailed summary of all of the Company’s significant accounting policies and the estimates derived therefrom is included in Note 2 to the annual consolidated financial statements for the year ended June 30, 2008. Accounting policies used in the current year did not differ from those used in the prior year except for the new policies adopted this year. These include Financial Instruments, Accounting changes, and Comprehensive Income, all of which have been included in Note 3 to the annual consolidated financial statements for the year ended June 30, 2008.

14. FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

The Company’s financial assets and liabilities consist of cash and cash equivalents, short-term investments,

receivables, advances, and accounts pay ble and accrued liabilities, some of which are denominated in U.S. dollars and Mexican pesos. These financial instruments are recorded at cost which approximates their estimated fair value due to their short term maturities . The Company is at risk to financial gain or loss as a result of foreign exchange movements against the Canadian dollar. The Company minimizes its foreign exchange risk y maintaining low account balances in currencies other than the Canadian dollar. The Company does not

currently have major commitments to acquire assets in foreign currencies; but historically it has incurred the majority of its exploration costs in foreign currencies.

15. OTHER MD&A REQUIREMENTS

Risks

Mineral exploration and development involve a high degree or risk and few properties are ultimately developed into producing mines. There is no assurance that the Company’s future exploration and development activities will result in any discoveries of commercial bodies of ore. Whether an ore body will be commercially viable depends on a number of factors including the particular attributes of the deposit such as size, grade and proximity to infrastructure, as well as particular attributes of the deposit such as size, grade and proximity to infrastructure, as well as mineral prices and government regulations, including regulations relating to prices,

taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in a mineral deposit being unprofitable.

The company’s main expenditures are in Canadian dollars and Mexican Pesos. The Company does not hedge its currency transactions, and is, therefore, subject to currency risk in valuation of the Mexican Peso.

By becoming a part of the North American Free Trade Agreement (NAFTA), Mexico has reduced the political and sovereign risk of Canadian companies operating in Mexico. The Company believes Mexico is one of the most attractive regulatory and business environments for a junior mining company.

16. Internal Controls over Financial Reporting

Disclosure controls and procedures (“DC&P”) are intended to provide reasonable assurance that information required to be disclosed is recorded, processed, summarized and reported within the time periods specified by securities regulations and that information required to be disclosed is accumulated and communicated to management. Internal controls over financial reporting (“ICFR”) are intended to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purpose in accordance with Canadian generally accepted accounting principles.

UC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

FORM 51-102F1

For the Twelve Months ended June 30, 2008

10

TSX Venture listed companies are not required to provide representations in the annual filings relating to the establishment and maintenance of DC&P and ICFR, as defined in Multinational Instrument 52-109. In particular, the CEO and CFO certifying officers do not make any representations relating to the establishment and maintenance of (a) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation, and (b) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in their certificates regarding the absence of misrepresentations and fair disclosure of financial information. Investors should be aware that inherent limitation on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in Multinational Instrument 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

Additional information relating to the Company can be found on SEDAR at

www.sedar.com