PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

NOTE 2 - PROPERTY AND EQUIPMENT

At March 31, 2019 and December 31, 2018, property and equipment were comprised of the following:

	March 31, 2019			December 31, 2018
Processing and rail facility	$	11,630,171		$	11,630,171
Underground equipment		9,438,673			8,717,229
Surface equipment		3,101,518			3,101,518
Mine Development		40,307,068			14,907,068
Land		2,407,193			907,193
Less: Accumulated depreciation		(8,044,966	)		(6,691,259	)
Total Property and Equipment, Net	$	58,839,657		$	32,571,920

Depreciation expense amounted to $816,916 and $615,389 for the periods March 31, 2019 and March 31, 2018, respectively.

The estimated useful lives are as follows:

Processing and Rail Facilities	7-20 years
Surface Equipment	7 years
Underground Equipment	5 years
Mine Development	5-25 years