Inventories, Stockpiles and Mineralized Materials on Leach Pads

12 Months Ended

Dec. 31, 2012

Inventories, Stockpiles and Mineralized Materials on Leach Pads [Abstract]

Inventories, Stockpiles and Mineralized Materials on Leach Pads

5. Inventories, Stockpiles and Mineralized Materials on Leach Pads

Inventories, stockpiles and mineralized materials on leach pads at December 31, 2012 consisted of the following:

In-process	$	662,929
Finished goods		-
Total inventories	$	662,929

Stockpiles	$	361,061
Mineralized material on leach pads		3,919,603
Total stockpiles and mineralized material on leach pads	$	4,280,664

There were no inventories, stockpiles or mineralized materials on leach pads at December 31, 2011 as the Company had not yet commenced production.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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