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Asset Retirement Obligations

9 Months Ended

Sep. 30, 2012

Asset Retirement Obligations [Text Block]

8.	Asset Retirement Obligations

	The following summary sets forth the period changes to the Company’s asset retirement obligation relating to the Company’s Nichols Ranch ISR Uranium Project in Wyoming:

Balance at December 31, 2011	$	339,564
Liabilities incurred		573,088
Accretion expense		31,450
Balance at September 30, 2012	$	944,102

	The current portion of reclamation and remediation are included in accrued liabilities as these remediation activities are conducted on a recurring basis (see Note 6).

- 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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