Related Party Transactions

3 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

7. Related Party Transactions

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

a) During the period ended March 31, 2013 consulting fees of $105,000 (March 31, 2012: $110,751) 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 geophysical consulting activities and other exploration management fees for a total of $31,500 during the quarter ended March 31, 2013 (March 31, 2012: $nil)

c) Included in accounts payable and accrued expenses and advances payable (related parties) as at March 31, 2013 and December 31, 2012 were $148,049 and $158,220 respectively payable to officers and directors of the Company for consulting fees and various expenses incurred on behalf of the Company.