Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions

7. Related Party Transactions

Related party transactions not disclosed elsewhere in these consolidated financial statements include:

a) During the fiscal year ended December 31, 2012 consulting fees of $301,714 (December 31, 2011: $295,701) were incurred to directors and officers (or companies of the officers and directors) of the Company. The transactions were recorded at the exchange amount, being the value established and agreed to by the related parties.

b) Coresco (a company that the CEO and CFO are affiliated with) also charged for S1 fund raising and geophysical consulting activities for a total of $79,171 during the 2012 year.

c) Included in accounts payable and accrued expenses and advances payable (related parties) at December 31, 2012 and December 31, 2011 were $126,220 and $Nil respectively payable to officers and directors of the Company for consulting fees and various expenses incurred on behalf of the Company.