Financial Instruments

12 Months Ended

Dec. 31, 2014

14. Fair Value Accounting

The following table sets forth the Company’s assets measured at fair value by level within the fair value hierarchy. As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.


			Fair value at December 31, 2014
			Total		Level 1		Level 3

Assets:
	Marketable securities	$	137	$	137	$	-
	Other Investments (Midas Gold Shares)		6,163		6,163		-
	Mill Equipment		6,500		-		6,500

			Fair value at December 31, 2013
			Total		Level 1		Level 3


Assets:
	Cash equivalents	$	3,000	$	3,000	$	-
	Marketable securities		176		176		-
	Other Investments (Midas Gold Shares)		20,990		20,990		-
	Amayapampa interest (Note 7)		4,813		-		4,813
	Mill Equipment		6,500		-		6,500

Our cash equivalent instruments, marketable securities and investment in Midas Gold Shares are classified as Level 1 of the fair value hierarchy as they are valued at quoted market prices in an active market.

The Company incurred a Level 3 impairment loss on certain mill equipment (Note 6) for the year ended December 31, 2013. This equipment was valued at $6,500 at December 31, 2014 and 2013 based on a third party assessment of the projected sale value, net of commissions and other costs to sell, giving full consideration to current market conditions and an orderly sale process. This valuation was used to determine the Level 3 impairment charge taken in 2013. The mill equipment is categorized as assets held for sale on the Consolidated Balance Sheets.

During 2014, the Company wrote-off the Level 3 non-recurring carrying values of the Amayapampa interest (Note 7) and the Long Valley gold project (Note 5).

At December 31, 2014, the assets classified within Level 3 of the fair value hierarchy represent 51% of the total assets measured at fair value. There were no transfers between levels nor were there any changes in valuation methods in 2014.