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PROPERTY AND EQUIPMENT
3 Months Ended
Mar. 31, 2012
PROPERTY AND EQUIPMENT [Text Block]

5. PROPERTY AND EQUIPMENT

Property and equipment costs consist of the following:

    March 31,     December 31,  
    2012     2011  
    (unaudited)        
Land $ 87,114   $ 87,114  
Buildings   2,071,618     2,071,618  
Mine development costs – existing dumps   468,034     468,034  
Mine development costs – new dumps   1,841,080     1,841,080  
Asset retirement obligation   2,708,870     2,708,870  
Mining and other equipment   43,420,383     43,341,482  
Total   50,597,099     50,518,198  
             
Accumulated depreciation, depletion and amortization   (6,444,488 )   (6,313,728 )
Net property and equipment $ 44,152,611   $ 44,204,470  

Total depreciation, depletion and amortization (“DD&A”) of property and equipment charged to operations was $212,271 and $259,304 for the three month periods ended March 31, 2012 and 2011, respectively. The Company allocates DD&A to copper inventories based upon the relative pounds in inventory at each reporting date. Accordingly, as of March 31, 2012 and December 31, 2011, $842,112 and $923,129, respectively, of DD&A costs were included in copper inventories.