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ASSET RETIREMENT OBLIGATIONS

9 Months Ended

Sep. 30, 2013

7. ASSET RETIREMENT OBLIGATIONS

The following table shows the change in the balance of the restoration and reclamation liability during the nine months ended September 30, 2013:

Reserve for future restoration and reclamation costs, beginning of year	$	4,498,057
Additions and changes in cash flow estimates	584,025
Costs incurred	(1,269,663		)
Accretion expense	292,305
Reserve for future restoration and reclamation costs, end of period	$	4,104,724

- 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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