INVENTORIES

6 Months Ended

Jan. 31, 2012

INVENTORIES [Text Block]

NOTE 4:              INVENTORIES

In November 2010, the Company commenced uranium production at its Palangana Mine and processing of uranium concentrates at its Hobson Processing Facility. The Company’s inventory consists of the following:

		January 31, 2012		July 31, 2011
Supplies	$	20,584	$	39,263
Work-in-progress		313,246		505,446
Finished goods - uranium concentrates		2,710,427		2,231,238
	$	3,044,257	$	2,775,947

At January 31, 2012, the total non-cash component of inventory was $652,040 (July 31, 2011: $712,317). During the three and six months ended January 31, 2012, the Company did not incur a net realizable value write-down of inventory.