AVAILABLE FOR SALE SECURITIES

6 Months Ended

Dec. 31, 2011

AVAILABLE FOR SALE SECURITIES

AVAILABLE FOR SALE SECURITIES

4.             AVAILABLE FOR SALE SECURITIES

The Company’s available for sale securities as of December 31, 2011 and June 30, 2011 consists of the following:

	As of December 31, 2011
	(Amounts in thousands)
			Unrealized
	Cost Basis		Gain		Loss			Fair Value
Non-current:
Seabridge Gold, Inc.	$	28,574	—		(12,127		)	$	16,447
Other	203		—		(80		)	123
	$	28,777	$	—	$	(12,207	)	$	16,570

	As of June 30, 2011
	(Amounts in thousands)
			Unrealized
	Cost Basis		Gain		Loss			Fair Value
Non-current:
Seabridge Gold, Inc.	$	28,574	—		(28		)	$	28,546
Other	203		127		—			$	330
	$	28,777	$	127	$	(28	)	$	28,876

The Company’s policy for determining whether declines in fair value of available-for-sale securities are other than temporary includes a quarterly analysis of the investments and a review by management of all investments for which the cost exceeds the fair value.  Any temporary declines in fair value are recorded as a charge to other comprehensive income.  If such impairment is determined by the Company to be other than temporary, the investment’s cost basis is written down to fair value and recorded in net income during the period the Company determines such impairment to be other than temporary.  There were no write downs on our available-for-sale securities during the three or six months ended December 31, 2011.  The most significant available-for-sale security is the investment in Seabridge Gold, Inc. (“Seabridge”) common stock, acquired in June 2011.  The Company will continue to evaluate this investment considering additional facts and circumstances as they arise, including, but not limited to, the progress of development of Seabridge’s Kerr-Sulphurets-Mitchell project.