RECLAMATION DEPOSITS

3 Months Ended

Oct. 31, 2012

RECLAMATION DEPOSITS [Text Block]

NOTE 7:              RECLAMATION DEPOSITS

Reclamation deposits include interest and non-interest bearing deposits issued in the States of Arizona, Texas and Wyoming relating to exploration, development, extraction and processing activities in the respective states. Reclamation deposits consist of the following:

		October 31, 2012		July 31, 2012
Palangana Mine	$	3,135,380	$	3,135,380
Hobson Processing Facility		1,910,494		1,910,494
Mount Lucas		472,823		472,823
Arizona		15,000		15,000
Wyoming		813		813
		5,534,510		5,534,510
Interest		10,578		8,530
	$	5,545,088	$	5,543,040

Subsequent to October 31, 2012, the Company paid an additional $492,183 as a reclamation deposit relating to the Palangana Mine’s Production Authorization Area 3.