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Mineral Properties (Tables)

6 Months Ended

Jun. 30, 2013

Notes to Financial Statements

Investment in Mineral Property

(in thousands)	June 30,	December 31,
	2013	2012
Development (United States)
Mt. Hamilton	$10,532	$9,275
Exploration
Pachuca (Mexico)	20	20
Norcan (Mexico)	6	6
Aconchi (Mexico)	5	5
Canta Colorado (Peru)	3	3
La Promesa (Peru)	5	5
Cerro Azul (Peru)	-	3
Atico (Peru)	-	5
Jaripo (Mexico)	-	5
Total exploration	39	52
Total mineral property	$10,571	$9,327

Capitalized Development Costs

(in thousands)	Three months ended June 30,		Six months ended June 30,
	2013	2012	2013	2012
Development expenditures	$441	$543	$768	$763
Capitalized interest	193	-	373	-
Property payments	100	160	100	275
Capitalized depreciation	8	6	16	6
Total capitalized costs	742	709	1,257	1,044

Mining Claim Payment

	June 1, 2013	June 1, 2014	June 1, 2015(1)	Remaining years (2)
Solitario common stock shares	35,000	35,000	66,500	-
Target value of Solitario shares (3)(4)	$ 50,000	$ 50,000	$ 95,000	$ -
Cash	50,000	50,000	75,000	190,000
Minimum lease payment value	$100,000	$100,000	$170,000	$190,000
Annual work commitments	-	-	-	$150,000
(1) The leases may be terminated after June 1, 2015. (2) The annual payments accelerate $2,000 per year after June 1, 2016. (3) The target value is determined based upon the 20-day average price on the NYSE-MKT prior to the relevant payment date. (4) To the extent the market value of the shares delivered is below the target value, the difference is paid in cash.

Exploration Expense

(in thousands)	Three months ended June 30,		Six months ended June 30,
	2013	2012	2013	2012
Geologic and field expenses	$247	$334	493	571
Administrative	89	75	205	193
Mt. Hamilton exploration and development	-	145	-	314
Total exploration costs	$ 336	$ 554	698	1,078