"1.7 Capital Resources

As at April 30, 2014, the Company had cash of $408 (July 31, 2013: $42,608)"

1.9 Transactions with Related Parties

The expenditures charged by related parties to the Company and not disclosed elsewhere in these consolidated financial statements consist of the following:

(a) paid or accrued $45,000 (2013 - $64,675) as consulting fees to the President and to the CEO of the Company.

(b) paid or accrued $45,000 (2013 - $45,000) as consulting fees to the CFO of the

Company. The Company also paid $27,000 ($2013 - $27,000) as accounting fees

to a company controlled by the CFO.

(c) paid or accrued $nil (2013 - $18,250) as management and administration fees to a

Director and Officer of the Company.

(e) stock based compensation was $26,717 for the related parties (2013 - $161,619).

Related party transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. The terms and conditions of the transactions with key management personnel and their related parties are made at terms equivalent to those that prevail on similar

transactions to non-key management personnel related entities at an arm’s length basis

As at April 30, 2014, there was $157,364 (July 31, 2013 - $9,200) due to the related parties.

There are common directors and officers for the Company and St. Elias Mines Ltd.