Related Party Transactions

6 Months Ended

Jun. 30, 2014

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

During the period ended June 30, 2014 consulting fees of $181,500 (June 30, 2013: $317,000) 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 $32,500 during the period ended June 30, 2014 (June 30, 2013: $63,000).

Included in accounts payable and accrued expenses and advances payable (related parties) as at June 30, 2014 and December 31, 2013 were $258,800 and $42,800 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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