NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Years ended December 31, 2005 and 2004 (in thousands of dollars, except per share amounts)

23. FINANCIAL INSTRUMENTS:

1. Fair values of financial assets and financial liabilities:
   The fair values of the Company's cash, accounts receivable, and accounts payable and accrued liabilities approximate their carrying amounts due to their short-term nature.  The fair value of other assets and the obligation under capital lease is not readily determinable.
   
   
2. Foreign currency risk:
   Accounts receivable include U.S. $ 3,483 (2004 - U.S. $2,441), which is exposed to change in the U.S.-Canadian dollar exchange rate.