6. Property and Equipment

9 Months Ended

11 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Property And Equipment

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 dates 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 $88,139 and $205,265 for the three and nine months ended September 30, 2013 respectively, $25,894 for the three months ended September 30, 2012, $57,821 from inception (January 26, 2012) to September 30, 2012, and $290,977 for the period from inception to September 30, 2013.

	September 30, 2013			December 31, 2012
Buildings	$	172,949		$	164,726
Furniture & fixtures		22,859			24,023
Vehicles		125,010			131,376
Mining equipment		414,325			423,453
Plants/property improvements		4,133,656			3,928,356
Computers		35,696			37,018
Lab equipment		63,342			65,675
Total fixed assets	$	4,967,837		$	4,774,626
Less depreciation		(321,801	)		(126,810	)
Net fixed assets	$	4,646,036		$	4,647,816
Land	$	556,693		$	585,040
Congo right to use	$	360,000		$	360,000
Mining property	$	3,539,768		$	3,720,011
Net property and equipment	$	9,102,497		$	9,312,867

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