Prepaid expenses and other current assets

9 Months Ended

Sep. 30, 2011

Prepaid expenses and other current assets

Prepaid expenses and other current assets

5.   Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:

	September 30,		December 31,
	2011		2010
	(in thousands)
Prepaid insurance	$	308	$	466
Prepaid contractor fees and vendor advances	1,842		785
Deferred leasehold costs	—		156
Deferred tax asset	460		—
Recoupable deposits and other	556		288
	$	3,166	$	1,695

The prepaid contractor fees and vendor advances consist of advance payments made to equipment manufacturers, contractors and suppliers primarily at the Company’s Velardeña mine in Mexico and El Quevar project in Argentina.

Included in non-current assets at September 30, 2011 and December 31, 2010 are approximately $0.3 million and $0.4 million, respectively, of prepaid insurance on which amortization will be recognized through 2015.