5. Long-Term Debt Obligations

Long-term debt obligations consisted of the following:

	March 31,			December 31,
Note Description	2013			2012
Note Payable (Auramet Facility)	$	3,757,488		$	5,422,200
Note Payable (Caterpillar Equipment Facility)		2,945,437			4,405,906
Note Payable (Dayton Resource Area)		2,002,000			2,050,966
Note Payable (Donovan Property)		638,723			647,409
Note Payable (Gold Hill Hotel)		309,651			313,938
Note Payable (White House)		295,572			296,798
Note Payable (Railroad & Gold Property)		229,520			232,421
Notes Payable - Other		334,492			362,017
Subtotal		10,512,883			13,731,655
Less current portion		(5,612,387	)		(7,720,764	)
Long-term portion of long-term debt obligations	$	4,900,496		$	6,010,891

In July 2012, the Company entered into an agreement with Resource Income Fund ("RIF"), with Auramet Trading, LLC ("Auramet") acting as gold agent, pursuant to which the Company may borrow up to $5 million outstanding at any one time (the "Auramet Facility"). The Company's obligations under the Auramet Facility are secured by a security interest in all personal property of the Company and certain real estate owned by the Company.

The Auramet Facility is repaid through the delivery of 3,720 ounces of gold payable in 12 semi-monthly deliveries of 310 ounces each beginning February 2013 and ending July 2013, or December 2013, if any amounts are redrawn under the agreement. The agreement is non-interest bearing except in the event of a default, in which case the balance would then bear interest at the lesser rate of 15% per annum or the highest applicable rate allowed by law. This arrangement also contains a covenant that requires the Company to maintain a minimum liquidity balance of $3 million (including cash and cash equivalents and short-term securities).

During the quarter ended March 31, 2013, the Company reduced the outstanding balance due on the Auramet Facility by $1,664,712. At March 31, 2013, all remaining obligations due on this facility are classified as current.

In July 2012, the Company entered into a Master Loan and Security Agreement and other arrangements with Caterpillar Financial Services Corporation (the "Cat Equipment Facility") pursuant to which the Company may borrow up to $5 million secured by certain equipment of the Company. The Cat Equipment Facility bears interest at a rate of 5.85% with a term of 30 months except in the event of a default, including the occurrence of certain liquidity events, in which case the principal balance will bear interest at a rate of the lesser of 18% per annum or the highest applicable rate allowed by law.

During the three months ended March 31, 2013, the Company reduced the outstanding balance due on the Cat Equipment Facility by $1,460,469, of which $1,028,180 resulted from the transfer of mining vehicles.

In addition to the above, the Company made timely payments on all of its other outstanding obligations within the normal course of business.

The Company did not incur any additional long-term debt obligations during the first quarter of 2013.