RELATED PARTY TRANSACTIONS

12 Months Ended

Jul. 31, 2016

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

During the year ended July 31, 2016, the Company’s director invoiced $2,177 (year ended July 31, 2015 – $7,636) to the Company to cover the Company’s operating expenses. The balance was repaid in full in February 2016.

The Company shares office space with other companies in order to take advantage of cost sharing opportunities and management services. Two of these companies are: Kel-Ex Developments Ltd., a significant shareholder of the Company, which shares the services of the Chief Financial Officer; and Metalex Ventures Ltd., a publicly traded company which shares the services of the CEO and the CFO. During the year ended July 31, 2016, the related parties invoiced the Company for the following services and amounts:

	Year ended
	July 31, 2016		July 31, 2015
Administrative fees (10%)	$	1,444	$	119
Geological consulting fees		1,261		310
Shared office and administrative costs		9,237		290
Shared project expenditures		3,316		7,636
	$	15,258	$	8,355

	Year ended
	July 31, 2016		July 31, 2015
Element 29 Ventures Ltd.	$	2,177	$	7,636
Kel-Ex Developments Ltd.		8,664		719
Metalex Ventures Ltd.		4,417		-
	$	15,258	$	8,355

As at July 31, 2016, the following balances have been included within accounts payable:

	As at
	July 31, 2016		July 31, 2015
Kel-Ex Developments Ltd.	$	5,341	$	1,642
Metalex Ventures Ltd.		1,359		-
	$	6,700	$	1,642

As at July 31, 2016, $609,393 in management fees earned by the Chief Executive Officer pursuant to the CEO Employment Agreement was included as due to a related party (2015 – $149,249); $147,605 in management fees earned by the Chief Financial Officer pursuant to the CFO agreement was included as due to a related party (2015 – $5,507).