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8. Asset Retirement Obligation | 12 Months Ended
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Dec. 31, 2015
Notes |
8. Asset Retirement Obligation | 8. Asset Retirement Obligation The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties. Below is a reconciliation as of December 31, 2015 and 2014 of the Company’s asset retirement obligations. The estimated reclamation costs were originally discounted using a credit adjusted, risk-free interest rate of 5.4%.
|  | 2015 |  | 2014
Balances at January 1 | $ | 23,366 | $ | 10,949
Accretion expense (net true up) |  | 5,291 |  | (4,608)
Incurred |  |  |  | 17,025
Balance December 31 | $ | 28,656 | $ | 23,366
Upon completion of Gold Hills lease at the Golden Chest Gold Hill remediated their disturbances.

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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 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 + Details
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