PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

NOTE 8 PROPERTY AND EQUIPMENT

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

	2014			2013
	(in thousands)
Trucks and trailers	$	1,012		$	1,041
Office furniture and equipment		1,404			1,163
Leasehold improvements		661			—
Drill rigs		998			998
Building		1,514			1,469
Land		8,699			8,672
Mining equipment		1,548			1,206
Construction-in-progress		6,286			3,894

Subtotal	$	22,122		$	18,443
Less: accumulated depreciation		(4,226	)		(3,300	)

Total	$	17,896		$	15,143

Additions to property and equipment during the year ended December 31, 2014 are 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 2014 was $1.0 million (2013—$0.9 million, 2012—$1.0 million).

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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