RECLAMATION DEPOSITS

12 Months Ended

Jul. 31, 2014

RECLAMATION DEPOSITS [Text Block]

NOTE 6: RECLAMATION DEPOSITS

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

		July 31, 2014		July 31, 2013
Palangana Mine	$	3,689,666	$	3,627,562
Hobson Processing Facility		1,957,476		1,910,494
Mount Lucas		-		472,823
Arizona		15,000		15,000
Wyoming		815		814
		5,662,957		6,026,693
Interest		15,672		14,216
	$	5,678,629	$	6,040,909

On May 2, 2014, the Texas Commission on Environmental Quality, with concurrence from the U.S. Nuclear Regulatory Commission, approved the Company’s application for release of the Mt. Lucas site to unrestricted use, marking the successful completion of the Mt. Lucas reclamation and resulting in the release of all related reclamation deposits.