INVENTORIES

12 Months Ended

Jul. 31, 2014

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:

		July 31, 2014		July 31, 2013
Supplies	$	26,631	$	63,859
Work-in-progress		63,257		72,272
Finished goods - uranium concentrates		1,806,587		839,588
	$	1,896,475	$	975,719

At July 31, 2014, the total non-cash component of inventory was $368,799 (July 31, 2013: $148,722). During Fiscal 2014, the Company recorded an inventory write-down to net realizable value totaling $804,060 (Fiscal 2013: $425,208 ; Fiscal 2012: $Nil).