ASSET RETIREMENT OBLIGATIONS	12 Months Ended
Dec. 31, 2011
ASSET RETIREMENT OBLIGATIONS	NOTE 23 - ASSET RETIREMENT OBLIGATIONS According to the “Rules on Mineral Resources Administration” and “Rules on Land Rehabilitation” of the PRC, mining companies causing damages to cultivated land, grassland or forest are required to restore the land to a state approved by the local governments. The Company has identified and recognized the asset retirement obligations related to the Company’s mining sites. The Company has deposited approximately $175,000 and $70,000, respectively , in the Company’s bank accounts for the years ended December 31, 2011 and 2010 as guaranteed funds for the company’s future asset retirement obligations.

ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2011

NOTE 23 - ASSET RETIREMENT OBLIGATIONS

According to the “Rules on Mineral Resources Administration” and “Rules on Land Rehabilitation” of the PRC, mining companies causing damages to cultivated land, grassland or forest are required to restore the land to a state approved by the local governments.

The Company has identified and recognized the asset retirement obligations related to the Company’s mining sites. The Company has deposited approximately $175,000 and $70,000, respectively , in the Company’s bank accounts for the years ended December 31, 2011 and 2010 as guaranteed funds for the company’s future asset retirement obligations.

- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

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