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RECLAMATION OBLIGATIONS
 6 Months Ended
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