18. RELATED PARTY TRANSACTIONS
The following is a summary of the Company’s related party transactions during the period:
a) Exploration costs
Costs of $6,451,711 (year-ended February 28, 2011: $2,705,631), incurred in connection with the Company’s
exploration costs, were paid to a Company controlled by a director. At February 29, 2012 there was $288,241
in exploration costs owing to this Company.
b) Administration fees
Administration fees of $96,000 (year-ended February 28, 2011: $96,000), incurred in connection with the
Company’s exploration costs, were paid to a Company controlled by a director.
c) Legal Fees
Legal fees of $298,428 (year-ended February 28, 2011: $232,660), incurred in connection with the Company’s
financings as well as general corporate matters, were paid to a law firm of which one partner was a director
of the Company.
d) Building acquisition
The Company acquired a building for a purchase price of $80,000 (year-ended February 28, 2011: $Nil) from a
Company controlled by a director.
e) Key Management Compensation
Key management personnel compensation comprised:
February 29, 2012 February 28, 2011
Short term employee benefits and director fees $ 397,000 $ 352,833
Share-based payments 3,056,448 631,479
$ 3,453,448 $ 984,312
Barkerville Gold Mines Ltd.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year-ended February 29, 2012
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18. RELATED PARTY TRANSACTIONS (CONTINUED)
f) Balance receivable:
The amounts receivable from related parties, which are non-interest bearing, and unsecured are comprised of
the following:
February 29, 2012 February 28, 2011
Due from other companies with certain common
directors $ - $ 2,400
Due from director - -
$ - $ 2,400
At February 28, 2012, the balance receivable from other companies with certain common directors relates
primarily to general administrative costs incurred by the Company for other public companies with certain
common directors and officers.
g) Balance payable:
The amounts receivable from related parties, which are non-interest bearing, and unsecured are comprised of
the following:
February 29, 2012 February 28, 2011
Due to other companies with certain common
directors $ 355,787 $ 7,747
Due to director 66,905 18,783
$422,692 $ 26,530
At February 28, 2012, the balance payable to companies with certain common directors relates primarily to
ongoing drilling and exploration costs incurred by the Company. Amounts payable have been paid in the
subsequent period. The balance is payable on demand, is interest free, unsecured and on normal commercial
terms.
A director was reimbursed for expenditures incurred on behalf of the Company for $1,381,562 during the year
ended February 29, 2012 (2011: $1,152,757).