Mining Interests. The Borrower, though SCM Subsidiary, holds Good and Defensible Title to the Cerro Xxxxxx Project. Neither the Borrower nor SCM Subsidiary is in material breach or default (and no situation exists which with the passing of time or giving of notice would give rise to such a breach or default) of SCM Subsidiary’s obligations under any of the Cerro Xxxxxx Basic Documents, and no breach or default by any other party to any Cerro Xxxxxx Basic Document (or situation which with the passage of time or giving of notice would give rise to such a breach or default) exists, to the extent such breach or default (whether by SCM Subsidiary or another party to any Cerro Xxxxxx Basic Document) could adversely affect any of the interests of SCM Subsidiary in and to the Cerro Xxxxxx Project. All conditions necessary to maintain the Cerro Xxxxxx Basic Documents in force have been duly performed. To the Knowledge of Borrower, no delinquent unpaid bills or past due charges exist for any labor and materials incurred by or on behalf of the Borrower or SCM Subsidiary related to the exploration, development or operation of the Cerro Xxxxxx Project. No suit, action or proceeding (including, without limitation, tax or environmental demands proceedings) is pending or threatened, which might result in material impairment or loss of title to any of the interests in the Cerro Xxxxxx Project or the material value thereof.
Mining Interests. To the best of the Vendor's knowledge, the mineral interests comprising the Mhakari Vanderbilt Properties have been properly tagged, staked and recorded in accordance with the laws of the State of Nevada. All assessment work has been performed, filed and recorded to maintain the mineral interests comprising the Mhakari Vanderbilt Properties in good standing in accordance with the laws of the State of Nevada.
Mining Interests. The applicant must undertake a preliminary search of mining related titles on Minview or Sharing and Enabling Environmental Data (SEED), free NSW Department of Planning, Industry and Environment mapping applications. These applications are recommended for the purpose of preliminary due diligence. All title types must be added from the layers menu. Current exploration and mining titles as well as applications for coal, petroleum and mineral titles need to be added as layers. The applicant must submit results of the search as part of the BSA application.
Mining Interests. To the best of the Optionor's knowledge, the mineral interests comprising the Coyote Extension have been properly tagged, staked and recorded in accordance with the laws of the State of Nevada. All assessment work has been performed, filed and recorded to maintain the mineral interests comprising the Coyote Extension in good standing in accordance with the laws of the State of Nevada.
Mining Interests. Plant and equipment are recorded at cost with depreciation generally provided either on the unit-of-production method over the estimated economic life of the mine to which they relate or on the straight-line method over their estimated useful lives, which generally range from five to fifteen years. Mining properties and deferred mining expenditures are recorded at cost and are depleted on the unit-of-production method over the estimated economic life of the mine to which they relate. Mining expenditures incurred either to develop new ore bodies or to develop mine areas substantially in advance of current production are capitalized and are depleted on the unit-of-production method. Mine development costs incurred to maintain current production are included in operating expenses. Exploration costs incurred to the date of establishing that a property has reserves which have the potential of being economically recoverable are charged to earnings. Further costs are capitalized. Upon sale or abandonment, the cost of the property, plant and equipment and related accumulated depreciation or depletion are removed from the accounts and any gains or losses thereon are included in operations. PROVISION FOR RECLAMATION COSTS Reclamation costs are accrued on the unit-of-production method using estimates of the total costs for reclamation of the mine sites. REVENUE RECOGNITION Revenues from the sale of bullion and industrial minerals are recognized when title passes to the purchaser. FOREIGN CURRENCY TRANSLATION The United States dollar is the functional currency of the Company's United States operations. The Canadian dollar is the functional currency of the Company's Canadian operations, which is translated into United States dollars using the current rate method. Under this method, all assets F-12 133 and liabilities are translated at the period-end rate of exchange and all revenue and expense items are translated at the average rate of exchange for the year. Exchange differences arising on translation are deferred as a separate component of shareholders' equity.
Mining Interests. DECEMBER 31, --------------------------------------------- JUNE 30, 2000 1999 1998 ---------------------------------- ---------------------------------- -------- ACCUMULATED ACCUMULATED DEPRECIATION DEPRECIATION AND AND COST DEPLETION NET COST DEPLETION NET COST -------- ------------ -------- -------- ------------ -------- -------- Plant and equipment........ $104,781 $ 85,510 $ 19,271 $105,187 $ 85,797 $ 19,390 $106,468 Mining properties and deferred expenditures..... 164,837 55,130 109,707 143,309 55,364 87,945 134,153 -------- -------- -------- -------- -------- -------- -------- $269,618 $140,640 $128,978 $248,496 $141,161 $107,335 $240,621 ======== ======== ======== ======== ======== ======== ========
Mining Interests. All final documents in connection with the joint venture agreement between Borrower and Red Arrow as well as Borrower’s acquisition of a 49% interest in the Mines and all other real estate and mineral rights and claims of Red Arrow; and
