Fourth Quarter
Included in the Company’s results for the fourth quarter are write-downs or write-offs of the Company’s capitalized resource property costs, which typically have the largest impact on the Company’s results from operations. Capitalized resource property costs are written-down or written-off when management has determined there to be an impairment of value, where exploration results indicate that no further work is warranted or when the Company has not conducted active exploration on a property for within a period of two to three years. Please see comments under “Critical Accounting Estimates – Long-Lived Assets” for details. Approximately $7.2 million (Comparative Quarter – $8.3 million) was written off in the fourth quarter representing 49.8% (Comparative Quarter – 31.5%) of the total resource property costs written off in the Current Year ($14.5 million). General and administrative expenses decreased from $659,000 in the third quarter to $439,000 in the fourth quarter of the Current Year (Decreased from $1.2 million to $941,000 in the Comparative Quarters).