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8. Asset Retirement Obligation

12 Months Ended

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

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X

- References

No definition available.

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