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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2013

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of change in the balance of the asset retirement obligation

	December 31,

	2013			2012
Reserve for future restoration and reclamation costs at January 1	$	4,498,057		$	4,735,759
Changes in cash flow estimates		584,025			1,444,406
Costs incurred		(1,638,214	)		(1,767,289	)
Accretion expense		389,740			85,181


Reserve for future restoration and reclamation costs at December 31,	$	3,833,608		$	4,498,057

Schedule of liabilities measured at fair value on a recurring basis

	Liabilities at Fair Value, December 31		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

December 31, 2013:
Derivative liability—convertible debenture	$	2,169,408	$	—	$	2,169,408	$	—


Total	$	2,169,408	$	—	$	2,169,408	$	—

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details