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COMMITMENTS AND CONTINGENCIES | 6 Months Ended
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Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES | NOTE 14 COMMITMENTS AND CONTINGENCIES Reclamation Bonds As part of its ongoing business and operations, the Company is required to provide bonding for its environmental reclamation obligations in the United States. Pursuant to the requirements imposed by Bureau of Land Management (“BLM”), the Company has Nevada bonding obligations of $4.9 million which primarily pertains to the Tonkin property reclamation requirements. Under current Mexican regulations, bonding of projected reclamation costs is not required. Under Canadian regulations, the Company was required to deposit approximately $0.1 million with respect to its properties in Timmins. The $0.1 million is recorded as restricted cash in Other assets. Surety Bonds The Company satisfies its Nevada bonding obligations through the use of surety bonds. These surety bonds are available for draw down by the BLM in the event the Company does not perform its reclamation obligations. When the specific reclamation requirements are met, the BLM will cancel and/or return the instrument to the issuing entity. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements, through existing or alternative means, as they arise. On June 23, 2017, the Company replaced its previous surety facility by entering into a new $20.0 million surety facility, carrying an annual financing fee of 2%, with no requirement for an initial deposit and interest payable only on draw down amounts. The $0.5 million deposit associated with the previous facility was recorded in Other current assets and was received subsequent to June 30, 2017. As of June 30, 2017, the Company had $4.9 million of surety bonds outstanding which primarily pertains to the Tonkin property reclamation requirements. The remaining balance of the facility is available for draw down to satisfy bonding requirements to advance the Gold Bar project.

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