Property and Equipment

3 Months Ended

Mar. 31, 2012

NOTE 8 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	Estimated Life	March 31, 2012		December 31, 2011
Furniture and fixtures	5 years	$	-	$	20,000
Office and computer equipments	5 years		-		26,606
Land	-		-		266,977
Building and improvements	5 - 25 years		-		727,965
Site costs	10 years		-		1,272,732
Crushing system	20 years		-		2,256,943
Process plant and equipments	10 years		-		3,115,266
Vehicles and mining equipments	5 - 10 years		-		675,079
			-		8,361,568
Less: accumulated depreciation			-		(330,465	)

		$	-	$	8,031,103

Effective February 9, 2012, such property and equipment owned by our former subsidiary, Pershing, were deconsolidated as a result of the reduction of the Company’s ownership interest below 50% and the Company no longer has a controlling financial interest in Pershing (see Note 4).

Depreciation expense for the three months ended March 31, 2012 and 2011 was $80,518 and $2,962, respectively. The depreciation during the three months ended March 31, 2012, includes depreciation expense incurred by Pershing from January 1, 2012 to February 8, 2012.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

Continental Resources Group, Inc. 10-Q