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RECLAMATION OBLIGATIONS | 6 Months Ended
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Jun. 30, 2017
RECLAMATION OBLIGATIONS |
RECLAMATION OBLIGATIONS | NOTE 6 RECLAMATION OBLIGATIONS The Company is responsible for the reclamation of certain past and future disturbances at its properties. The most significant properties subject to these obligations are the Tonkin property in the state of Nevada, the El Gallo 1 mine in Mexico, and the Timmins properties in the province of Ontario which were acquired through the transaction with Lexam in April 2017. Refer to Note 15 Acquisition of Lexam. A reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2017 and for the year ended December 31, 2016 are as follows:
|  | June 30, 2017 |  | December 31, 2016
Asset retirement obligation liability, beginning of the period |  | $ | 9,843 |  | $ | 7,784
Settlements |  |  | (61) |  |  | (66)
Accretion of liability |  |  | 221 |  |  | 506
Adjustment reflecting updated estimates |  |  | 349 |  |  | 1,619
Asset retirement obligation liability, ending balance |  | $ | 10,352 |  | $ | 9,843
Current portion |  |  | (689) |  |  | (537)
Non-current portion |  | $ | 9,663 |  | $ | 9,306

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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- References No definition available. + Details
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