FAIR VALUE ACCOUNTING (Tables)

12 Months Ended

Dec. 31, 2014

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

	2014
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Investments	$	1,082	$	1,082	$	—	$	—

	$	1,082	$	1,082	$	—	$	—


Liabilities:
Portion of accounts payable and accrued liabilities recorded at fair value	$	355	$	355	$	—	$	—

	$	355	$	355	$	—	$	—

	2013
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Investments	$	2	$	2	$	—	$	—

	$	2	$	2	$	—	$	—


Liabilities:
Portion of accounts payable and accrued liabilities recorded at fair value	$	177	$	177	$	—	$	—

	$	177	$	177	$	—	$	—

Summary of the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements

	2014
	Date of Fair Value Measurement	Valuation Technique	Unobservable Input	Range / Weighted Average
Los Azules Copper Project	December 31, 2014	Market value per pound of copper equivalent mineralized material	Discount to reflect decline in observed market value of comparable transactions from June 2014 (date of the last impairment test) to December 31, 2014	35%
Investment in MSC	December 31, 2014	Discounted cash flow for operating mine	Discount Rate Long Term Gold Price Long Term Silver Price Argentina Inflation Index United States Inflation Index	10% $1,300 per ounce $20.50 per ounce 11.9% 2.1%
Investment in MSC	December 31, 2014	Market value per acre for exploration properties	Discount to observed market value pre acre to reflect Argentina country risk	20%

	2013
	Date of Fair Value Measurement		Valuation Technique	Unobservable Input	Range / Weighted Average
Mineral property interests
Telken Tenements Este Tenements Piramides Tenements Tobias Tenements Cerro Mojon Tenements La Merced Tenements Cabeza de Vaca Tenements El Trumai Tenements Martes 13 Tenements Celestina Tenements Other Santa Cruz Exploration Properties		June 30, 2013	Market value per acre	Discount to observed market value pre acre to reflect Argentina country risk	40%
Investment in MSC		June 30, 2013	Discounted cash flow	Discount Rate Long Term Gold Price Long Term Silver Price Argentina Inflation Index United States Inflation Index	10.0% $1,300 per ounce $22.75 per ounce 10.0% 1.7%

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

		2014
	Date of Fair Value Measurement	2014
	Date of Fair Value Measurement	Total		Level 1		Level 2		Level 3		Total Loss
		(in thousands)
Mineral property interests
Los Azules Copper Project	December 31, 2014	$	202,889	$	—	$	—	$	202,889	$	228,301
Tonkin Complex	December 31, 2014		20,423		—		—		20,423		31,391
Gold Bar Complex	December 31, 2014		51,577		—		—		51,577		25,435
North Battle Mountain Complex	December 31, 2014		2,227		—		—		2,227		1,921
Investment in MSC	December 31, 2014		177,018		—		—		177,018		21,162

		$	454,134	$	—	$	—	$	454,134	$	308,210

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

		$	262,490	$	—	$	—	$	262,490	$	152,554

(1)

The fair values for the Telken, Este, Piramides and Tobias Tenements were determined prior to the transfer of these properties to MSC as part of the vend-in agreement between the Company and Hochschild, as described in Note 7, Investment in Minera Santa Cruz S.A. ("MSC")—San José Mine. In the fourth quarter of 2013, these tenements were transferred to MSC and were therefore not included in the Company's mineral property interests as at December 31, 2013.