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8. Asset Retirement Obligation

12 Months Ended

Dec. 31, 2018

8. Asset Retirement Obligation

The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties where there has been or currently is operations. Obligations were established for the New Jersey mill in 2014 and the Golden Chest mine in 2016. Activity for the years ended December 31, 2018 and 2017 is as follows:

		2018		2017
Balance at January 1	$	121,560	$	72,218
Accretion expense		3,901		8,456
Revision of estimated reclamation costs		28,831		40,886
Balance at December 31	$	154,292	$	121,560

During the years ended December 31, 2018 and 2017, the obligations for the Golden Chest and New Jersey mill properties were revised in consideration of additional disturbance activity and timing of future reclamation. The estimated reclamation costs were discounted using credit adjusted, risk-free interest rate of 5.0% from the time the obligation was incurred to the time management expects to pay the retirement obligation.