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RECLAMATION OBLIGATIONS
 9 Months Ended
Sep. 30, 2017
RECLAMATION OBLIGATIONS  
RECLAMATION OBLIGATIONS

NOTE 6   RECLAMATION OBLIGATIONS

 

The Company is responsible for the reclamation of certain past and future disturbances at its properties. The most significant properties subject to these obligations are the Tonkin property in the state of Nevada, the El Gallo 1 mine in Mexico, and the Timmins properties in the province of Ontario which were acquired through the transaction with Lexam VG Gold (“Lexam”) in April 2017.

 

A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2017 and for the year ended December 31, 2016 is as follows:

 

 

 

 

 

 

 

 

 

    

September 30, 2017

    

December 31, 2016

Asset retirement obligation liability, beginning of the period

 

$

9,843

 

$

7,784

Settlements

 

 

(97)

 

 

(66)

Accretion of liability

 

 

337

 

 

506

Current year additions

 

 

570

 

 

 —

Adjustment reflecting updated estimates

 

 

(17)

 

 

1,619

Foreign exchange revaluation

 

 

48

 

 

 —

Asset retirement obligation liability, ending balance

 

$

10,684

 

$

9,843

Current portion

 

 

(689)

 

 

(537)

Non-current portion

 

$

9,995

 

$

9,306