Organization and Nature of Business | 9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Notes to Financial Statements | |
| Organization and Nature of Business |
As of September 30, 2011 our only significant capital asset is the Gold Bar Mill. During 2010, we disposed of our previous Bolivian properties and assets and we settled litigation with Yukon-Nevada Gold and its subsidiary Queenstake Resources (collectively referred to as “YNG”) following YNG’s termination of the operating agreement for the Jerritt-Canyon Gold Bar Mill.
The Gold Bar Mill (“Mill”), our only remaining significant non-current asset, is currently idle and has been since we acquired it in 2004. We continue to monitor the Mill for impairment on a periodic basis or whenever circumstances arise that indicate the carrying amount of the Mill may not be recoverable. An impairment loss is recognized when the carrying value of the Mill exceeds the estimated undiscounted future cash flows. As of and through September 30, 2011 we have not recognized any impairment on the Mill. |