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PROPERTY AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2012
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT |
NOTE 8 PROPERTY AND EQUIPMENT At September 30, 2012 and December 31, 2011, property and equipment consisted of the following (in thousands):
|  | September 30, 2012 |  | December 31, 2011 |
Trucks and trailers |  | $ | 1,417 |  | $ | 1,247 |
Office furniture and equipment |  | 1,054 |  | 638 |
Drill rigs |  | 1,869 |  | 998 |
Building |  | 1,469 |  | 853 |
Land |  | 8,669 |  | 8,619 |
Mining equipment |  | 1,026 |  | 956 |
Inactive milling equipment |  | 644 |  | 778 |
Subtotal |  | $ | 16,148 |  | $ | 14,089 |
Less: accumulated depreciation |  | (2,665 | ) | (2,317 | )
Total |  | $ | 13,483 |  | $ | 11,772 |
As a result of the acquisition of Minera Andes, the Company increased its net property and equipment by $1.6 million during the first quarter of 2012. In addition, during the first quarter of 2012, the Company invested an additional $1.0 million in drill rigs in Argentina. During the second quarter of 2012, the Company made a decision to sell four drill rigs, which were purchased during the first quarter of 2012, and their related accessories, with a net realizable value of $1.8 million, net of impairment of $0.2 million, from its operations in Argentina since they no longer met the Company’s needs. During the third quarter of 2012, these assets were sold for proceeds of $1.8 million. During 2012, the Company also sold some of its inactive milling equipment, mobile homes and vehicles from its Tonkin property in Nevada, with a net book value of $0.1 million for net proceeds of $1.4 million.

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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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