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RELATED PARTY TRANSACTIONS

3 Months Ended

Oct. 31, 2016

NOTE 6 - RELATED PARTY TRANSACTIONS

Included in accounts payable and accrued liabilities is $2,541 (July 31, 2016 – $6,700) in amounts due to companies with common management.

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 three month period ended October 31, 2016, the related parties invoiced the Company for the following services and amounts:

	Three month period ended
	October 31, 2016		October 31, 2015

Administrative fees (10%)	$	161	$	364
Shared office and administrative costs		2,953		1,210
Shared project expenditures		-		1,602

	$	3,114	$	3,176

	Three month period ended
	October 31, 2016		October 31, 2015

Kel-Ex Developments Ltd.	$	1,664	$	2,496
Metalex Ventures Ltd.		1,450		680

	$	3,114	$	3,176

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

	As at
	July 31, 2016		July 31, 2016

Kel-Ex Developments Ltd.	$	1,509	$	5,341
Metalex Ventures Ltd.		1,032		1,359

	$	2,541	$	6,700

As at October 31, 2016, the cumulative $315,175 in management fees earned by the Chief Executive Officer and the $80,853 in management fees earned by the Chief Financial Officer pursuant to the Employment Agreements were included as due to related parties.