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PLANT AND EQUIPMENT AND MINERAL PROPERTIES

3 Months Ended

Mar. 31, 2016

PLANT AND EQUIPMENT AND MINERAL PROPERTIES [Text Block]

6. PLANT AND EQUIPMENT AND MINERAL PROPERTIES

The following is a summary of plant and equipment:

					March 31,									December 31,
					2016									2015
					Accumulated									Accumulated			Net Book
		Cost			Depreciation			Net Book Value			Cost			Depreciation			Value
Plant and equipment
Nichols Ranch	$	29,210		$	(3,472	)	$	25,738		$	29,210		$	(2,370	)	$	26,840
Equipment and other		13,198			(11,021	)		2,177			13,107			(10,878	)		2,229
Plant and equipment total	$	42,408		$	(14,493	)	$	27,915		$	42,317		$	(13,248	)	$	29,069

The net book value for Nichols Ranch includes the value ascribed to the processing plant and equipment. The mineral properties acquired as part of the acquisition of Uranerz Energy Corporation ("Uranerz") in 2015 are recorded as mineral properties, as the Company does not have proven and probable reserves under SEC Industry Guide 7. Accordingly, all subsequent expenditures at the Nichols Ranch plant and equipment, which do not have any alternative use, and expenditures on mineral properties are expensed as incurred.

For the three months ended March 31, 2016, the Company recorded $1.10 million ( 2015 —Nil) of depreciation expense related to Nichols Ranch, which is included in the costs and expenses applicable to revenue in the Statement of the operations and comprehensive income for the three months ended March 31, 2016.

The following is a summary of mineral properties:

		March 31,			December 31,
		2016			2015
Mineral properties
In-situ Recovery
Uranerz ISR properties	$	36,065		$	36,096
In-situ Recovery total	$	36,065		$	36,096
Conventional
Sheep Mountain		34,183			34,183
Roca Honda		19,465			19,465
Other		1,287			1,287
Conventional total		54,935			54,935
Mineral Properties total	$	91,000		$	91,031