DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

12 Months Ended

Jul. 31, 2012

DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS [Text Block]

NOTE 9: DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

During Fiscal 2012, the Company had transactions with certain officers and directors of the Company as follows:

• incurred $126,373 (Fiscal 2011:$122,701; Fiscal 2010: $151,797) in general and administrative costs paid to a company controlled by a direct family member of a current officer; and

• incurred $220,000 (Fiscal 2011: $221,680; Fiscal 2010: $777,000), with an additional $66,667 in prepaid expenses, in consulting fees paid to a company controlled by a former director of the Company. Of the total fees paid in Fiscal 2011, $179,904 relate to finder’s fees for private placements; and,

• Incurred $6,000 (Fiscal 2011 and 2010: $Nil) in consulting fees paid to a company controlled by a current director of the Company.

At July 31, 2012, amounts owed to related parties totaled $47,443 (July 31, 2011: $8,287). These amounts are unsecured, non-interest bearing and due on demand.