INVENTORIES

9 Months Ended

Apr. 30, 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:

		April 30, 2012		July 31, 2011
Supplies	$	27,816	$	39,263
Work-in-progress		214,806		505,446
Finished Goods - uranium concentrates		4,038,780		2,231,238
	$	4,281,402	$	2,775,947

At April 30, 2012, the total non-cash component of inventory was $850,415 (July 31, 2011: $712,317). During the three and nine months ended April 30, 2012, the Company did not incur a net realizable value write-down of inventory.