ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2014

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS

8. ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:

	March 31,			December 31,
	2014			2013
Balance, January 1, 2014	$	3,833,608		$	4,498,057
Changes in cash flow estimates	—			584,025
Costs incurred	(209		)	(1,638,214		)
Accretion expense	79,179			389,740
Balance, March 31, 2014	$	3,912,578		$	3,833,608