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OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS | 12 Months Ended
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Dec. 31, 2011
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS |
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS |
10. OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS Other long-term liabilities and deferred credits on the balance sheet consisted of:
|  | December 31, |
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|  | 2011 |  | 2010 |
Reserve for future restoration and reclamation costs (Asset Retirement Obligations), net of current portion of $1,227,000 and $1,240,000 in 2011 and 2010, respectively. (Note 2) |  | $ | 3,508,634 |  | $ | 3,804,057 |
Royalties payable |  |  | 500,000 |  |  | 500,000 |
|  | $ | 4,008,634 |  | $ | 4,304,057 |
The following table shows the change in the balance of the restoration and reclamation liability (Asset Retirement Obligation) during the years ended December 31, 2011 and 2010:
|  | December 31, |
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|  | 2011 |  | 2010 |
Reserve for future restoration and reclamation costs at January 1, |  | $ | 5,043,645 |  | $ | 5,526,949 |
Changes in cash flow estimates |  |  | 1,101,234 |  |  | 733,981 |
Costs incurred |  |  | (1,530,303 | ) |  | (1,373,228 | )
Accretion expense |  |  | 121,183 |  |  | 155,943 |
Reserve for future restoration and reclamation costs at December 31, |  | $ | 4,735,759 |  | $ | 5,043,645 |

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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