Due to Related Parties and Related Party Transactions

3 Months Ended

Mar. 31, 2013

Due To Related Parties And Related Party Transactions

Due to Related Parties and Related Party Transactions

NOTE 5 – DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

Amounts due to related parties are non-interest bearing, unsecured and due on demand.

As at March 31, 2013, the amount due to related parties includes $23,080 (2012 – $23,080) payable to a company controlled by a director of the Company for exploration and field expenses paid on behalf of the Company.

As at March 31, 2013, the amount due to related parties includes $21,637 (2012 – $21,637) payable to a director of the Company related to unpaid consulting fees.

As at March 31, 2013, the amount due to related parties includes $2,948 (2012 – $2,948) payable to, a company controlled by a director of the Company related unpaid management fees.

As at March 31, 2013, the amount due to related parties includes $20,000 (2012 – $20,000) payable to a director of the Company related to unpaid management fees.

As at March 31, 2013, the amount due to related parties include $100 (2012 – $100) payable to a company controlled by a director of the Company related to expenses paid on behalf of the Company.

As at March 31, 2013, the amount due to related parties include $75,041 (2012 – $75,041) payable to a company controlled by a director of the Company related to unpaid management fees.

As at March 31, 2013, the amount due to related parties include $31,416 (2012 – $31,416) payable to a director of the Company related to expenses paid on behalf of the Company.

As at March 31, 2013, the amount due to related parties include $13,549 (2012 – $Nil) payable to the Chief Executive Officer and a director of the Company related to expenses paid on behalf of the Company.

As at March 31, 2013, the amount due to related parties include $9,980,000 (2012 – $Nil) payable to two companies controlled by the Chief Executive Officer and a director of the Company as a result of assumption of Debts in acquiring the iPMine intellectual property. (Note 2) On May 10, 2013, the Company modified $9,980,000 of its related party debt to add a conversion feature at $1.00 per share with a maturity of eighteen months.

During the year ended 31 December 2010, the Company accepted a loan from a company owned by a family member of a director of the Company in the amount of $150,000 bearing interest at a rate of 10% per annum (Note 3).

During the three month period ended March 31, 2013, the Company paid or accrued management fees of $Nil (March 31, 2012 – $8,400) to a company controlled by the Chief Executive Officer of the Company.

During the year ended 31 December 2010, the Company accepted a loan from a company owned by a family member of a director of the Company in the amount of $150,000 bearing interest at a rate of 10% per annum (Note 3).