INVENTORIES

3 Months Ended

Oct. 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 consisted of the following:

		October 31, 2014		July 31, 2014
Supplies	$	22,768	$	26,631
Work-in-progress		39,813		63,257
Finished goods - uranium concentrates		1,949,806		1,806,587
	$	2,012,387	$	1,896,475

At October 31, 2014, the total non-cash component of inventory was $395,923 (July 31, 2014: $368,799). For the three months ended October 31, 2014, no inventory write-down to net realizable value was recorded (three months ended October 31, 2013: $392,149).