Exhibit 95.1

Mine Safety Disclosures

Our operations and exploration properties are subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). MSHA inspects our mines on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA significantly increased the numbers of citations and orders charged against mining operations. The dollar penalties assessed for citations issued has also generally increased in recent years.

The following disclosures are provided pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Financial Reform Act”), which became effective in July 2010, and requires certain disclosures by companies required to file periodic reports under the Exchange Act that operate mines regulated under the Mine Act. Pursuant to the Financial Reform Act, the SEC issued regulations in January 2012 to carry out provisions of the Financial Reform Act.

Mine Safety Information

Whenever MSHA believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the operator (e.g., our subsidiary, Hycroft Resources & Development Inc.) must abate the alleged violation. In some situations, such as when MSHA believes that conditions pose a hazard to miners, MSHA may issue an order removing miners from the area of the mine affected by the condition until the alleged hazards are corrected. When MSHA issues a citation or order, it generally proposes a civil penalty, or fine, as a result of the alleged violation, that the operator is ordered to pay. Citations and orders can be contested and appealed, and as part of that process, are often reduced in severity and amount, and are sometimes dismissed.

The following table shows, for each of the Company’s mines for which the Company is an operator and that is subject to the Mine Act and administered by the MSHA, the information required by Section 1503(a) of the Financial Reform Act. The proposed assessments for the quarter ended June 30, 2012 were taken from the MSHA data retrieval system as of July 25, 2012. Section references below are to sections of the Mine Act.

 

    Quarter Ended June 30, 2012  

Mine or Operation1:

  Total # of
“Significant
and
Substantial”
Violations
Under

§1042
    Total #
of
Orders
Issued
Under
§104(b)3
    Total #
of
Citations
and
Orders
Issued
Under
§104(d)4
    Total # of
Flagrant
Violations
Under

§110(b)(2)5
    Total # of
Imminent
Danger
Orders
Under

§107(a)6
    Total
Amount of
Proposed

Assessments
from
MSHA
under the
Mine Act7
    Total # of
Mining-
Related
Fatalities8
    Pending
Legal
Actions as
of
March 31,
20129
    Legal
Actions
Instituted
During
Quarter
Ended
March 31,
201210
    Legal
Actions
Resolved
During
Quarter
Ended
March 31,
201211
 

Hycroft Mine (MSHA ID# 2601962)

    11        0        0        0        0      $ 687        0        0        0        0   

 

1 

MSHA assigns an identification number to each mine or operation and may or may not assign separate identification numbers to related facilities. The definition of “mine” under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and minerals preparation facilities.

2 Represents the total number of citations issued by MSHA under Section 104 of the Mine Act for violations of health or safety standards that could significantly and substantially contribute to a serious injury if left unabated.
3 Represents the total number of orders issued under Section 104(b) of the Mine Act, which represents a failure to abate a citation under Section 104(a) of the Mine Act within the period prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines the violation has been abated.
4 Represents the total number of citations and orders issued by MSHA under Section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards.
5 Represents the total number of flagrant violations identified by MSHA under Section 110(b)(2) of the Mine Act.
6 Represents the total number of imminent danger orders issued under Section 107(a) of the Mine Act.


7 Amounts represent the total United States dollar value of proposed assessments received from MSHA during the quarter ended June 30, 2012.
8 Represents the total number of mining-related fatalities at mines subject to the Mine Act pursuant to Section 1503(a)(1)(G) of the Financial Reform Act.
9 Represents the total number of legal actions pending as of June 30, 2012 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.
10 Represents the total number of legal actions instituted during the quarter ended June 30, 2012 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.
11 Represents the total number of legal actions resolved during the quarter ended June 30, 2012 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.

Pattern or Potential Pattern of Violations

In addition, as required by the reporting requirements regarding mine safety included in Section 1503(a)(2) of the Financial Reform Act, for the quarter ended June 30, 2012, none of the Company’s mines of which the Company is an operator has received written notice from MSHA of:

(a) a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of coal or other mine health or safety hazards under Section 104(e) of the Mine Act; or

(b) the potential to have such a pattern.