INCOME TAXES	9 Months Ended
Sep. 30, 2014
INCOME TAXES
INCOME TAXES	NOTE 8 INCOME TAXES The Company’s income tax expense differs from the amount computed by applying the U.S. federal and state statutory corporate income tax rate of 35% to losses before taxes primarily as a result of valuation allowances being applied to losses and due to changes in the deferred tax liability associated with mineral property interests acquired in the Minera Andes acquisition. This deferred tax liability is impacted by fluctuations in the foreign exchange rate between the Argentine peso and U.S. dollar. For the three and nine months ended September 30, 2014, the Company recorded an income tax recovery of $2.3 million and $23.7 million, respectively, as a result of the Argentine peso devaluation, compared to $9.9 million and $23.6 million for the three and nine months ended September 30, 2013, respectively. Further, the income tax recovery for the nine months ended September 30, 2014 includes $22.5 million associated with the impairment of the Los Azules Project, discussed in Note 3, Mineral Property Interests and Asset Retirement Obligations. This compares to an income tax recovery of $2.2 million and $7.0 million related to mineral property interests sold or impaired in the three and nine months ended September 30, 2013, respectively. Also in the third quarter of 2014, the Company recorded an adjustment to decrease deferred tax liabilities by $5.8 million to record the tax effect of timing differences related to exploration expenditures incurred in Argentina in prior years and deductible for tax purposes in future years. The adjustment is included in deferred tax recovery in the three and nine months ended September 30, 2014.

INCOME TAXES

9 Months Ended

Sep. 30, 2014

NOTE 8 INCOME TAXES

The Company’s income tax expense differs from the amount computed by applying the U.S. federal and state statutory corporate income tax rate of 35% to losses before taxes primarily as a result of valuation allowances being applied to losses and due to changes in the deferred tax liability associated with mineral property interests acquired in the Minera Andes acquisition. This deferred tax liability is impacted by fluctuations in the foreign exchange rate between the Argentine peso and U.S. dollar. For the three and nine months ended September 30, 2014, the Company recorded an income tax recovery of $2.3 million and $23.7 million, respectively, as a result of the Argentine peso devaluation, compared to $9.9 million and $23.6 million for the three and nine months ended September 30, 2013, respectively. Further, the income tax recovery for the nine months ended September 30, 2014 includes $22.5 million associated with the impairment of the Los Azules Project, discussed in Note 3, Mineral Property Interests and Asset Retirement Obligations. This compares to an income tax recovery of $2.2 million and $7.0 million related to mineral property interests sold or impaired in the three and nine months ended September 30, 2013, respectively.

Also in the third quarter of 2014, the Company recorded an adjustment to decrease deferred tax liabilities by $5.8 million to record the tax effect of timing differences related to exploration expenditures incurred in Argentina in prior years and deductible for tax purposes in future years. The adjustment is included in deferred tax recovery in the three and nine months ended September 30, 2014.