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8. Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2019
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 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, 2019 and 2018 is as follows:

 

 

 

2019

 

2018

 

 

 

 

 

Balance at January 1

$

154,292

$

121,560

Accretion expense

 

9,077

 

3,901

Revision of estimated reclamation costs

 

-

 

28,831

Balance at December 31

$

163,369

$

154,292

During the year ended December 31, 2018, 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.