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RENTAL EXPENSE AND COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2012
RENTAL EXPENSE AND COMMITMENTS AND CONTINGENCIES |
RENTAL EXPENSE AND COMMITMENTS AND CONTINGENCIES | NOTE 14 RENTAL EXPENSE AND COMMITMENTS AND CONTINGENCIES For the year ended December 31, 2012, the Company had rental expense under operating leases of $0.7 million (2011—$0.1 million; 2010—$0.1 million). The increase in 2012 compared to 2011 and 2010 was mainly due to the relocation of the corporate office. At December 31, 2012, 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) |
2013 |  | $ | 3,971 |
2014 |  |  | 3,861 |
2015 |  |  | 4,883 |
2016 |  |  | 521 |
2017 |  |  | 522 |
During 2010, the Company signed three different option agreements to buy 100% of certain third party mineral concessions in Mexico. During 2012, the Company cancelled two of the option agreements as they no longer meet the Company's criteria for further development. The remaining option agreement required cash payment of $900,000 and 249,000 shares over a period of 36 months, of which $750,000 and 207,500 shares has already been paid by the end of 2012. The final installment will be paid by the end of the first quarter of 2013. The Company has transferred its interest in several mining properties to third parties. 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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