RELATED PARTIES

12 Months Ended

Dec. 31, 2013

Related Parties

11. RELATED PARTIES

During the year ended December 31, 2013, the Company paid $282,285 (December 31, 2012 - $270,189) for consulting fees and $44,774 (December 31, 2012 - $46,143) for accounting services to Companies controlled by directors and officers of the Company.  Amounts paid to related parties are based on exchange amounts agreed upon by those related parties.

On February 6, 2013, the Company granted 400,000 stock options in consideration for services rendered to the directors and officers of the Company at a purchase price of $0.085, and on May 8, 2013, the Company granted 400,000 (2012 – 600,000) stock options in consideration for services rendered to the directors and officers of the Company at a purchase price of $0.05 for 4.81 years (2012 - $0.13).  The total cost of $51,837 (2012 - $83,149) was recorded in the compensation expense for options granted and was included in the general and administration expense.

On February 6, 2013, the Company granted 300,000 shares of common stock in consideration for services rendered to Officers of the Company.  The price of the shares as of the grant date was $0.085.  The total cost of $25,500 was recorded in the compensation expense for shares granted and was included in the general and administration expense (2012 - $0.14 and $42,000).

On July 23, 2012, the Company received promissory note of CAD$20,000 from the officers of the Company.

	December 31, 2013		December 31, 2012
Unsecured loan CAD$20,000, unconditionally promises to pay with accrued interest equal to the Bank of Montreal’s Prime Lending Rate plus 5.5% per annum.	$	18,804	$	20,102

The promissory notes are payable on demand.  As of December 31, 2013, the accrued interest was $2,443 (CAD$2,599).