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15. Asset Retirement Obligation

9 Months Ended

Sep. 30, 2021

Notes

15. Asset Retirement Obligation

15. 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 are operations. Activity for the nine months ended September 30, 2021 and 2020 is as follows:

	Nine Months Ended September 30,
		2021		2020
Balance at beginning of period	$	173,001	$	163,369
Accretion expense		7,476		7,170
Change in asset retirement obligation estimate		(10,606)		-
Balance at end of period	$	169,871	$	170,539

The change in the asset retirement obligation estimate during the current quarter related to a revision to the estimated start of the reclamation process to a later date at our Golden Chest properties.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2175671

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- References

No definition available.

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