INVENTORIES

3 Months Ended

Oct. 31, 2013

INVENTORIES [Text Block]

NOTE 3: INVENTORIES

In November 2010, the Company commenced uranium extraction at its Palangana Mine and processing of uranium concentrates at its Hobson Processing Facility. The Company’s inventories consist of the following:

		October 31, 2013		July 31, 2013
Supplies	$	30,411	$	63,859
Work-in-progress		38,907		72,272
Finished goods - uranium concentrates		1,331,768		839,588
	$	1,401,086	$	975,719

At October 31, 2013, the total non-cash component of inventory was $261,622 (July 31, 2013: $148,722). During the three months ended October 31, 2013 and 2012, the Company recorded an inventory write-down to net realizable value totaling $392,149 and $Nil, respectively.