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Restricted Cash
12 Months Ended
Dec. 31, 2013
Cash And Cash Equivalents [Abstract]  
Restricted Cash

NOTE D – RESTRICTED CASH

As required by the original mortgage loan entered into with Fifth Third Bank (the “Bank”) on July 11, 2008, $500,000 was deposited into an interest-bearing account from which principal and interest payments are made. On each anniversary of the mortgage, we were required to deposit into the account an amount sufficient to ensure a balance of $500,000 for principal and interest payments for the subsequent year of the mortgage. This mortgage loan matured and was extended to July 2016. This new loan calls for a restricted cash balance of $400,000 to be funded annually (see NOTE L). The balance in the restricted cash account is held as additional collateral by the Bank and is not available for operations. The balance in this account at December 31, 2013, was $405,626.

During July 2013, we entered into a $10.0 million project term loan with the Bank (see NOTE L). This loan matures in July 2014. Per the agreement, we deposited, from the loan proceeds, $500,000 into a restricted bank account to cover principal and interest payments. This account balance is also pledged as additional security for the loan. There is no requirement to fund this account in the future. The balance in this account at December 31, 2013, was $280,106. Also used as collateral for this loan is $10 million in restricted cash from silver monetized from the Gairsoppa project during the fourth quarter of 2013. These funds are held in a separate account with the Bank.