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

Page 42 of 57

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).