RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

NOTE 7 - RELATED PARTY TRANSACTIONS

During the nine months ended September 30, 2012, the Company incurred $3,000 (2011 -$3,125) in management fees to directors.

During the nine months ended September 30, 2012 the Company incurred $24,769 (2011 - $23,891) in rent and office expenses to a private company controlled by a shareholder.

During the nine months ended September 30, 2012, companies controlled by significant shareholders earned $22,271 (2011 - $27,314) pursuant to the expired portion of deferred compensation agreements (see Note 5).

The following amounts are due to related parties at:

	September 30, 2012		December 31, 2011
Significant shareholders	$	150,217	$	79,071