v2.4.0.6

Balance Sheets (USD $)	Nov. 30, 2011	Nov. 30, 2010
Current Assets
Cash	$ 54,123	$ 2,720
Total Current Assets	54,123	2,720
Deposit on mineral property option	200,000	0
Investment	8,132	0
Total Assets	262,255	2,720
Current Liabilities
Accounts payable	168,221	119,963
Accrued liabilities	5,208	180,092
Due to related parties	34,424	33,639
Promissory notes payable	87,500	452,500
Convertible debentures	0	459,285
Total Current Liabilities	295,353	1,245,479
Stockholders' Deficit
Preferred shares, 100,000,000 shares authorized, $0.001 par value; None issued and outstanding	0	0
Common shares, 200,000,000 shares authorized, $0.001 par value; 33,127,479 shares issued and 31,516,763 outstanding (2010 - 25,363,985 shares)	33,127	25,364
Additional paid-in capital	1,272,502	419,568
Common stock subscribed	90,000	0
Deficit accumulated during the exploration stage	(1,428,727)	(1,687,691)
Total Stockholders' Deficit	(33,098)	(1,242,759)
Total Liabilities and Stockholders' Deficit	$ 262,255	$ 2,720

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Black Sea Metals, Inc. 10-K