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6. Property and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

6. Property and equipment

The Company acquired property and equipment with a historical cost value of $7,331,655 in the Sulfatos Acquisition in March 2012. See Note 3 - Sulfatos Acquisition. The following table sets forth our property and equipment at the date indicated. These assets, with the exception of land which is not depreciable, are being depreciated over their remaining useful lives. The Company recognized depreciation expense of $85,712 for the period from inception to December 31, 2012.

			December 31, 2012

Buildings		$	164,726
Furniture & fixtures			24,023
Vehicles			131,376
Mining equipment			423,453
Plants/property improvements			3,928,356
Computers			37,018
Lab equipment			65,675
Total fixed assets		$	4,774,626
Less depreciation			(126,810	)
Net fixed assets		$	4,647,816

Land		$	585,040
Congo right to use		$	360,000
Mining property		$	3,720,011
Net property and equipment		$	9,312,867

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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