XML 31 R21.htm IDEA: XBRL DOCUMENT v3.4.0.3
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2016
SUBSEQUENT EVENTS.  
SUBSEQUENT EVENTS

NOTE 14SUBSEQUENT EVENTS

 

On April 19, 2016, the Company completed the acquisition of the tiered net smelter return royalty (the “Royalty”) on the El Gallo 1 Mine, previously requiring payment of 3.5% of gross revenue less allowable deductions. The purchase price consisted of a $5.25 million payment at closing and a conditional deferred payment of $1.0 million to be made on June 30, 2018, provided that the El Gallo 1 Mine is in operation at that time. The Royalty ceased accruing at the end of March 2016.