Note 3 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

3.

PROPERTY, PLANT AND EQUIPMENT

The following table illustrates the capitalized cost less accumulated depreciation arriving at the net carrying value on our books at

June 30, 2017

and

December 31, 2016.

	June 30 , 2017			December 31, 2016
Plant	$	569,420		$	569,420
Construction in process		972,985			972,985
Machinery and equipment		2,625,318			2,464,894
Computer		116,071			116,071
Office equipment		20,739			20,739
Vehicles		163,899			163,899
Total	$	4,468,432		$	4,308,008
Less: accumulated depreciation		(3,149,763	)		(2,994,757	)
Property, plant and equipment, net	$	1,318,669		$	1,313,251

The Company had

depreciation expense for the

six

months ended

June 30, 2017

and

2016

of

$27,214

and

$53,700,

respectively. The Company had depreciation expense for the

three

months ended

June 30, 2017

and

2016

of

$10,977

and

$27,081,

respectively.

The Company has requested but

not

received substantiation from Linne Mining for advances and amounts drawn down on the Mine Operator's Debt Facility. Equipment and assets for which title has transferred to the Company, and have been received by the Compan

y are recorded as the Company's property, plant and equipment. Construction in process includes the Company's assets which are

not

yet completed and placed in service, such as the new plant at the Toukhmanuk property in Armenia (Pictures of construction progress are available on the Company’s website).