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Reclamation and Remediation | 6 Months Ended
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Jun. 30, 2018
Reclamation And Remediation |
Reclamation and Remediation | 10. Reclamation and Remediation The Company’s reclamation and remediation obligations primarily relate to the Aguila Project. The following table presents the changes in reclamation and remediation obligations for the six months ended June 30, 2018 and year ended December 31, 2017:
|  | 2018 |  | 2017
|  | (in thousands)
Reclamation liabilities – balance at beginning of period |  | $ | 2,005 |  | $ | 1,907
Changes in estimate |  |  | - |  |  | 10
Foreign currency exchange (gain) loss |  |  | (15) |  |  | 88
Reclamation liabilities – balance at end of period |  |  | 1,990 |  |  | 2,005
Asset retirement obligation – balance at beginning of period |  |  | 941 |  |  | 518
Changes in estimate |  |  | - |  |  | 366
Accretion expense |  |  | 40 |  |  | 35
Foreign currency exchange (gain) loss |  |  | (10) |  |  | 22
Asset retirement obligation – balance at end of period |  |  | 971 |  |  | 941
Total period end balance |  | $ | 2,961 |  | $ | 2,946
The Company’s reclamation and remediation obligations as of June 30, 2018 and December 31, 2017 were discounted using a discount rate of 8%. The Company is required to post bonds with the Bureau of Land Management (“BLM”) for reclamation of planned mineral exploration and development programs associated with the Company’s mineral properties located on BLM lands in the United States. As a part of the permitting process for the Isabella Pearl project, the Company is currently required to have a reclamation bond of approximately $9.2 million held with the BLM. The Company purchased a surety contract for the reclamation bond which did not require any cash collateral. The Company is required to maintain the reclamation bond until all abandonment and remediation obligations have been completed to the satisfaction of the BLM. The surety contract names the Company’s subsidiary Walker Lane Minerals Corp. as an indemnitor to the surety agreement. The surety may require additional collateral to be placed into the reclamation deposit account at their discretion. As of June 30, 2018, the Company did not incur any significant disturbances related to the Isabella Pearl project, therefore no reclamation and remediation liability has been recorded.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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