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FAIR VALUE ACCOUNTING (Tables)

6 Months Ended

Jun. 30, 2014

FAIR VALUE ACCOUNTING

Schedule of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy

		Fair Value as at June 30, 2014
		Total			Level 1			Level 2			Level 3
		(in thousands)
Assets:
Cash and cash equivalents		$	15,149		$	15,149		$	—		$	—
		$	15,149		$	15,149		$	—		$	—
Liabilities:
Accounts payable and accrued liabilities		$	1,093		$	1,093		$	—		$	—
		$	1,093		$	1,093		$	—		$	—
		Fair Value as at December 31, 2013
		Total			Level 1			Level 2			Level 3
		(in thousands)
Assets:
Cash and cash equivalents		$	24,321		$	24,321		$	—		$	—
		$	24,321		$	24,321		$	—		$	—
Liabilities:
Accounts payable and accrued liabilities		177			177			—			—
		$	177		$	177		$	—		$	—

Schedule of assets measured at fair value on a nonrecurring basis after initial recognition

		Date of Fair Value		Fair Value Measurements for the Six Months Ended June 30, 2014
		Measurement		Total			Level 1			Level 2			Level 3			Total Loss
				(in thousands)
Mineral property interests
Los Azules Copper Project		June 30, 2014		310,792			—			—			310,792			120,398
				$	310,792		$	—		$	—		$	310,792		$	120,398

		Date of Fair Value		Fair Value Measurements for the Year Ended December 31, 2013
		Measurement		Total			Level 1			Level 2			Level 3			Total Loss
				(in thousands)
Mineral property interests
Telken Tenements		June 30, 2013		$	26,442		$	—		$	—		$	26,442		$	13,792
Este Tenements		June 30, 2013		5,337			—			—			5,337			2,784
Piramides Tenements		June 30, 2013		9,736			—			—			9,736			5,079
Tobias Tenements		June 30, 2013		11,645			—			—			11,645			6,074
Limo Complex		December 31, 2013		23,438			—			—			23,438			19,450
Other United States Properties		December 31, 2013		9,610			—			—			9,610			9,497
Investment in MSC		June 30, 2013		176,282			—			—			176,282			95,878
				$	262,490		$	—		$	—		$	262,490		$	152,554

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

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