The Company’s restricted cash, current consists of the
following:
|
|
|
As
of |
|
|
As
of |
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2011 |
|
|
2010 |
|
|
|
|
$ |
|
|
$ |
|
| |
|
|
|
|
|
|
| Certificates of deposit
(a) |
|
|
514,336 |
|
|
|
- |
|
| Guaranteed
investment certificate (b) |
|
|
287,500 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
801,836 |
|
|
|
- |
|
The Company’s restricted cash, non-current consists of the
following
| |
|
As
of |
|
|
As
of |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2011 |
|
|
2010 |
|
| |
|
$ |
|
|
$ |
|
| |
|
|
|
|
|
|
| Money market account
(c) |
|
|
189,809 |
|
|
|
- |
|
| Certificates of
deposit (c) |
|
|
3,328,537 |
|
|
|
3,845,050 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
3,518,346 |
|
|
|
3,845,050 |
|
|
(a) |
As a part of a severance agreement,
the Company established a Rabbi Trust. This trust is invested in a
money market account which will be used to pay the severance
obligation in 2012. |
|
(b) |
A guaranteed investment certificate
is security for the Company’s credit cards. If the credit
card account is cancelled, which can be done at any time, the
certificate can either be cashed or will no longer be
encumbered. |
|
(c) |
The bonding requirements for
reclamation obligations on various properties have been agreed to
by the Wyoming Department of Environmental Quality and United
States Department of the Interior. The restricted
certificates of deposits and money market accounts are pledged as
collateral against lines of credit and/or promissory notes
underlying lines of credit which are used to secure potential costs
of reclamation related to those properties. |
|