Construction In Progress

9 Months Ended

Sep. 30, 2012

Construction In Progress [Text Block]

4.

Construction in Progress

The construction in progress consists of construction costs related to the construction of the plant and equipment for the Nichols Ranch ISR Uranium Project. Upon completion of construction and commissioning of the plant, these costs will be transferred to property and equipment and categorized for amortization based on the estimated useful life of the plant and the related ore deposits that the plant is expected to service.

	September 30, 2012			December 31, 2011
		Accumulated	Net Carrying		Accumulated	Net Carrying
	Cost	Depreciation	Value	Cost	Depreciation	Value
	$	$	$	$	$	$
Site	2,373,220	–	2,373,220	1,232,431	–	1,232,431
Buildings	4,500,568	–	4,500,568	1,991,156	–	1,991,156
Equipment	6,330,044	–	6,330,044	1,323,042	–	1,323,042
Field equipment	966,217	123,640	842,577	474,320	–	474,320
Well field	8,376,509	–	8,376,509	3,342,056	–	3,342,056
Mine development cost	4,217,152	–	4,217,152	1,391,062	–	1,391,062
	26,763,710	123,640	26,640,070	9,754,067	–	9,754,067