8. Long-Term Reclamation Liability and Retirement Obligation Asset

We have accrued a long-term liability of $4,527,043 and $2,007,605 as of September 30, 2012 and December 31, 2011, respectively, for our obligation to reclaim our mine facility based on our most recent reclamation plan, as revised, submitted and approved by the Nevada State Environmental Commission and Division of Environmental Protection. In conjunction with recording the reclamation liability, we recorded a retirement obligation asset that is being amortized over the period of the anticipated land disturbance. Such costs are based on management's current estimate of then expected amounts for the remediation and remediation work, assuming the work is performed within current laws and regulations. It is reasonably possible that, due to uncertainties associated with the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology, the ultimate cost of reclamation and remediation could change in the future. As mine operation plans expand or change these obligations will change. Any such increases in future costs could materially impact the amounts charged to earnings for reclamation and remediation. We periodically review the accrued reclamation liability for information indicating that our estimated liabilities may change.

Following is a reconciliation of the aggregate reclamation liability associated with our reclamation plan for the mining projects for the nine months ended September 30, 2012 and September 30, 2011:

Following is a reconciliation of the aggregate retirement obligation asset associated with our reclamation plan for our mining projects for the nine months ended September 30, 2012 and September 30, 2011: