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Asset Retirement Obligation

12 Months Ended

Dec. 31, 2011

Asset Retirement Obligation [Text Block]

6. Asset Retirement Obligation

The Company has established asset retirement obligations associated with the ultimate closing of its properties. Below is a reconciliation as of December 31, 2011 and 2010 of the Company’s asset retirement obligations. The estimated reclamation costs were discounted using a credit adjusted, risk-free interest rate of 5.6% .

		2011			2010
Balances at January 1	$	29,385		$	25,913
Changes in obligations due to sale of Silver Strand		(23,632	)
Accretion expense		2,892			3,472
Balances at December 31	$	8,645		$	29,385

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.

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