ASSET RETIREMENT OBLIGATIONS (Tables)

12 Months Ended

Jul. 31, 2015

Schedule of Asset Retirement Obligation [Table Text Block]

Balance, July 31, 2014	$	3,967,589
Revision in estimate of asset retirement obligations		(365,754	)
Accretion		325,011
Balance, July 31, 2015		3,926,846
Less: current portion of asset retirement obligations		(340,827	)
Long-term asset retirement obligations	$	3,586,019

Schedule of Undiscounted Amounts of Estimated Cash Flows [Table Text Block]

		July 31, 2015		July 31, 2014
Undiscounted amount of estimated cash flows	$	6,600,868	$	6,382,549
Payable in years		2.5 to 15		2.5 to 12
Inflation rate		2.02% to 2.25%		1.56% to 2.43%
Discount rate		6.56% to 8.00%		5.00% to 10.50%

Schedule of Undiscounted Amounts of Estimated Cash Flows, 5 Years [Table Text Block]

Fiscal 2016	$	340,827
Fiscal 2017		1,280,989
Fiscal 2018		635,932
Fiscal 2019		-
Fiscal 2020		-
Remaining balance		4,343,120
	$	6,600,868