Fair Value Accounting

3 Months Ended

Mar. 31, 2015

9. 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 March 31, 2015
			Total		Level 1		Level 3
Assets:
	Cash equivalents	$	7,500	$	7,500	$	-
	Marketable securities		84		84		-
	Other investments (Midas Gold Shares)		2,653		2,653		-
	Mill equipment, held for sale		6,500		-		6,500

			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, held for sale		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 mill equipment is classified as Level 3 of the fair value hierarchy as its value is based on a third party assessment of the projected sale value less costs to sell giving full consideration to current market conditions and an orderly sale process. The mill equipment is categorized as assets held for sale on the Condensed Consolidated Balance Sheets.

At March 31, 2015, the assets classified within Level 3 of the fair value hierarchy represent 39% of the total assets measured at fair value. There have been no transfers between levels in 2015 nor have there been any changes in valuation techniques.