Investment

12 Months Ended

Nov. 30, 2011

3.	Investment

On October 25, 2011, the Company incorporated Karasu Texada Madencilik Limited Sti. (“Karasu Holdco”), a limited company, under the provisions of the Turkish Commercial Code of the Republic of Turkey, for the purposes of holding the license related to the Karasu property (Note 4). At November 30, 2011, the Company owns a 50% interest in Karasu. The investment is accounted for using the equity method of accounting as the Company’s 50% interest represents significant influence.

	Year Ended
	November 30, 2011
	Ownership	Net Book Value
	Interest	$
Beginning of year	–	–
Costs incurred to acquire interest	50%	8,132
Equity losses in Karasu	–	–
End of year	50%	8,132

- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

+ References+ Details

Black Sea Metals, Inc. 10-K