Inventories, Stockpiles and Mineralized Material on Leach Pads

9 Months Ended

Sep. 30, 2016

Inventories, Stockpiles and Mineralized Material on Leach Pads

Inventories, stockpiles and mineralized materials on leach pads consisted of the following:



	September 30, 2016		December 31, 2015
In-process	$	88,973	$	249,130
Finished goods	—		201,821
Total inventories	$	88,973	$	450,951

Mineralized material on leach pads	$	340,274	$	1,322,211

Total Inventories, Stockpiles and Mineralized Material on Leach Pads	$	429,247	$	1,773,162

At September 30, 2016, the Company’s estimate of recoverable gold ounces on the leach pad increased from previously estimated 87.5% to 88.5%. This change increased our recoverable gold ounces in mineralized material on leach pad during the quarter ended September 30, 2016, by approximately 318 ounces and, as a result, inventories and stockpiles and mineralized material on leach pad increased and costs applicable to mining revenue decreased by approximately $0.5 million during the three months ending September 30, 2016.