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ASSET RETIREMENT OBLIGATIONS | 3 Months Ended
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Mar. 31, 2016
ASSET RETIREMENT OBLIGATIONS [Text Block] | 7. ASSET RETIREMENT OBLIGATIONS The following table summarizes the Company’s asset retirement obligations:
|  | March 31, |  |  | December 31, |
|  | 2016 |  |  | 2015 |
Asset retirement obligations, beginning of period | $ | 8,573 |  | $ | 5,683 |
Revision of estimate |  | - |  |  | 877 |
Acquisition of Uranerz |  | - |  |  | 2,145 |
Accretion of liabilities |  | 175 |  |  | 494 |
Settlements |  | (248 | ) |  | (626 | )
Asset retirement obligations, end of period | $ | 8,500 |  | $ | 8,573 |
Asset retirement obligations: |  |  |  |  |  |
Current | $ | 751 |  | $ | 1,000 |
Non-current |  | 7,749 |  |  | 7,573 |
Asset retirement obligations, end of period | $ | 8,500 |  | $ | 8,573 |
Revision of estimates is as a result of a change in estimates of the amount or timing of cash flows to settle asset retirement obligations. Changes to the asset retirement obligations are recorded in profit and loss. The asset retirement obligations of the Company are subject to legal and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by the applicable regulatory authorities. The above provision represents the Company’s best estimate of the present value of future reclamation costs, discounted using credit adjusted risk-free interest rates ranging from 8.5% to 11.5% and an inflation rate of 2.0% (March 31, 2015 – 2.0%). The total undiscounted decommissioning liability as at March 31, 2016 is $32.30 million (March 31, 2015 - $27.40 million). Reclamation costs are expected to be incurred between 2016 and 2038 in the following manner: 2016 – 2020 - $2.83 million, 2021 – 2025 - $2.32 million, 2026 – 2030 - $2.69 million, 2031 – 2035 - $8.78 million, 2036 – 2038 - $15.68 million.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 + Details
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