Related Party Transactions

12 Months Ended

Dec. 31, 2013

7.	Related Party Transactions

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

During the fiscal year ended December 31, 2013 consulting fees of $445,337 (December 31, 2012: $301,714) were incurred to directors and officers (or companies of the officers and directors other than Coresco which is disclosed below) of the Company. The transactions were recorded at the exchange amount, being the value established and agreed to by the related parties.

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 $126,000 during the year ended December 31, 2013 (December 31, 2012: Coresco charged for S1 fund raising and geophysical consulting activities for a total of $79,171).

Included in accounts payable and accrued expenses and advances payable (related parties) as at December 31, 2013 and December 31, 2012 were $42,800 and $126,220 respectively payable to officers and directors of the Company for consulting fees and various expenses incurred on behalf of the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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