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PROPERTY AND EQUIPMENT | 12 Months Ended
--- | ---
Dec. 31, 2011
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT |
NOTE 6 PROPERTY AND EQUIPMENT At December 31, 2011 and 2010, property and equipment consisted of the following (in thousands):
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
Trucks and trailers |  | $ | 1,247 |  | $ | 1,005 |
Office furniture and equipment |  |  | 638 |  |  | 591 |
Drill rigs |  |  | 998 |  |  | 460 |
Building |  |  | 853 |  |  | 853 |
Land |  |  | 8,619 |  |  | 1,596 |
Mining equipment |  |  | 956 |  |  | 956 |
Inactive milling equipment |  |  | 778 |  |  | 778 |
Subtotal |  | $ | 14,089 |  | $ | 6,239 |
Less: accumulated depreciation |  |  | (2,317 | ) |  | (1,848 | )
Total |  | $ | 11,772 |  | $ | 4,391 |
Depreciation expense for 2011 was $0.6 million (2010—$0.5 million, 2009—$0.6 million). The underlying fair value of inactive mining equipment in Mexico and inactive milling equipment in Nevada were written-down to the estimated net realizable value calculated by a third party valuator in 2009. As at December 31, 2011, the carrying value of these assets is less than their fair value and as a result, no impairment was recorded. During the current year, the Company invested approximately $7 million to acquire surface rights (land packages) surrounding its El Gallo Complex in order to commence the Phase 2 development of its mining operations in Mexico.

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- Definition The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 + Details
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