COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2012

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 19. COMMITMENTS AND CONTINGENCIES

The Company is committed under several non-cancelable operating leases for office premises and mining rights with the terms ranging from 1 to 10 years, with fixed monthly rentals or scheduled payments. Total rent expenses (excluding amortization of prepaid mining rights) for the years ended December 31, 2012 and 2011 was $91,749 and $84,471, respectively.

As of December 31, 2012, the Company has the aggregate future minimum rental payments due under various non-cancelable operating leases in the next five years:

	Operating lease commitments
	Office premises		Mine operating rights		Total
Year ending December 31,
2013	$	98,682	$	2,068,252	$	2,166,934
2014		15,880		4,136,505		4,152,385
2015		-		-		-
2016		-		-		-
2017		-		8,273,009		8,273,009
Total:	$	114,562	$	14,477,766	$	14,592,328