Transactions with Related Parties

Transactions with Related Parties

Related party during the years ended April 30, 2009 and 2008 are as follows:

a) As at April 30, 2009, the amounts due to related parties consisted of the following (expressed in thousands of Canadian dollars):

These amounts are non-interest bearing, unsecured and are due on demand.

a) Pursuant to an amended agreement with International Northair Mines Ltd. (“Northair”), a company with an officer in common, the Company paid a monthly administrative fee for office space and will reimburse Northair for administrative services and expenses as incurred. During the current fiscal period, administrative fees totalling $Nil (2008- $3,600) were paid or accrued as payable to Northair for its services.

b) During the year ended April 30, 2009, the Company paid or accrued as payable $70,000 (2008 – $109,200) for reimbursement of administrative and technical time and rent to Strongbow Exploration Inc.

c) In May 2007, the Company entered into a sub-lease agreement with Agnico-Eagle Mines Limited (“Agnico-Eagle”), a significant shareholder and a company with a director in common, for additional premises. The Company is committed to annual lease payments of approximately $105,000 in respect of these premises through June 30, 2010. A portion of these payments may be recovered through sub-leases.

d) During the year ended April 30, 2009, the Company paid, or accrued as payable on behalf of the Eastern Ungava JV, $169,000 (2008 – $388,100) to Agnico-Eagle, of which the Company’s share is 50%, for work completed by Agnico-Eagle related to a preliminary assessment at the Renard Project (Foxtrot Property).

The above transactions, occurring in the normal course of operations, are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.