AVAILABLE FOR SALE SECURITIES

9 Months Ended

Mar. 31, 2012

AVAILABLE FOR SALE SECURITIES

AVAILABLE FOR SALE SECURITIES

4.             AVAILABLE FOR SALE SECURITIES

The Company’s available for sale securities as of March 31, 2012 and June 30, 2011 consists of the following:

	As of March 31, 2012
			(Amounts in thousands)
			Unrealized
	Cost Basis		Gain		Loss			Fair Value
Non-current:
Seabridge Gold, Inc.	$	28,574	—		(8,248		)	$	20,326
Other	203		—		(55		)	148
	$	28,777	$	—	$	(8,303	)	$	20,474

	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.  Based on the Company’s analysis of its investments and our ability and intent to hold these investments for a reasonable period of time, there were no write downs on our available-for-sale securities during the three or nine months ended March 31, 2012.  The most significant available-for-sale security is the investment in Seabridge Gold, Inc. (“Seabridge”) common stock, acquired in June 2011 and discussed in greater detail within our Fiscal 2011 10-K.  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.