9. ASSET RETIREMENT OBLIGATION
At December 31, 2011, and March 31, 2011, our asset retirement obligation was as follows:
| |
|
Nine
|
|
|
Year
|
|
| |
|
months
|
|
|
ended
|
|
| |
|
ended
|
|
|
March 31,
|
|
| |
|
December
|
|
|
2011
|
|
| |
|
31, 2011
|
|
|
|
|
|
Asset retirement obligation, beginning of period
|
$
|
51,300
|
|
|
-
|
|
|
Incurred
|
|
1,928,733
|
|
$
|
48,254
|
|
|
Accretion
|
|
30,326
|
|
|
3,046
|
|
|
Additions and changes in estimates
|
|
56,836
|
|
|
-
|
|
|
Settlements
|
|
-
|
|
|
-
|
|
|
Asset retirement obligation, end of period
|
$
|
2,067,195
|
|
$
|
51,300
|
|
The asset retirement obligation at March 31, 2011 was calculated based on responsibilities the Company had to reclaim certain disturbed acreage relating to exploration on the Borealis property. The asset retirement obligation at December 31, 2011 includes the Company’s estimate of reclamation costs for Phase 1A of the Borealis Heap Leach Project and in fill drilling that commenced in the quarter ended December 31, 2011.
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