XML 45 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2014
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

NOTE 5   PROPERTY AND EQUIPMENT

 

As at September 30, 2014 and December 31, 2013, property and equipment consisted of the following:

 

 

 

September 30, 2014

 

December 31, 2013

 

 

 

(in thousands)

 

Trucks and trailers

 

$
1,012

 

$
1,041

 

Office furniture and equipment

 
2,057

 
1,163

 

Drill rigs

 
998

 
998

 

Building

 
1,514

 
1,469

 

Land

 
8,699

 
8,672

 

Mining equipment

 
1,452

 
1,206

 

Construction-in-progress

 
6,292

 
3,894

 

Subtotal

 

$
22,024

 

$
18,443

 

Less: accumulated depreciation

 
(3,939

)
(3,300

)

Total

 

$
18,085

 

$
15,143

 

 

The increase in property and equipment from December 31, 2013 to September 30, 2014 was mainly in relation to leasehold improvements to the Company’s corporate office, as well as construction-in-progress assets which include advances the Company made to a supplier for long-lead items for its El Gallo 2 project.

 

Depreciation expense for the three and nine months ended September 30, 2014 was $0.2 million and $0.7 million, respectively (2013 - $0.2 million and $0.7 million, respectively).