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RENTAL EXPENSE AND COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2011
RENTAL EXPENSE AND COMMITMENTS AND CONTINGENCIES |
RENTAL EXPENSE AND COMMITMENTS AND CONTINGENCIES |
NOTE 11 RENTAL EXPENSE AND COMMITMENTS AND CONTINGENCIES The Company had rental expense under operating leases of $0.1 million each in the years December 31, 2011, 2010 and 2009. At December 31, 2011, the Company is obligated under long term leases covering office space, exploration expenditures and option payments on properties for the following minimum amounts:
|  | Lease Obligation |
--- | --- | --- | ---
|  | (in thousands) |
2012 |  | $ | 5,032 |
2013 |  |  | 6,172 |
2014 |  |  | 3,212 |
2015 |  |  | 1,067 |
2016 |  |  | 382 |
During 2010, the Company signed three different option agreements to buy 100% of certain third party mineral concessions in Mexico. Under these option agreements, the Company has the option to make total cash payments of $5.1 million and issue 249,000 shares of its common stock over a period of 36 to 48 months to acquire the concessions, of which $1.4 million and 124,500 shares has already been paid by the end of 2011. During 2011, the Company signed a four-year Exploration Lease and Purchase Option Definitive Agreement ("Definitive Agreement") with respect to the Richardson Mineral Project in the Tintina Gold Belt of Alaska. Under the terms of the Definitive Agreement, the Company will need to spend $5 million in exploration expenditures and $0.5 million of option payments over four years to earn a 60% interest in the project. As at December 31, 2011, the Company spent approximately $1.4 million in exploration expenditures and $0.2 million of option payments. As a result, the Company has met year one spending requirement. The Company has transferred its interest to third parties in several mining properties over the past years. The Company could remain potentially liable for environmental enforcement actions related to its prior ownership of such properties. However, the Company has no reasonable belief that any violation of relevant environmental laws or regulations has occurred regarding these transferred properties. The Company's mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Company has had preliminary discussions with the State of Nevada to commence the process of submitting a proposal with respect to treatment of water that has been collecting from historic drill holes. At this time, the ultimate amount of the Company's potential obligation, if any, is not determinable.

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- Definition Entire disclosure relating to rental expenses of long term leases and contingencies for laws and regulations governing the protection of the environment of reporting entity. + References No definition available. + Details
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