RECLAMATION DEPOSITS

6 Months Ended

Jan. 31, 2013

RECLAMATION DEPOSITS [Text Block]

NOTE 7: RECLAMATION DEPOSITS

Reclamation deposits include interest and non-interest bearing deposits issued in the States of Arizona, Texas and Wyoming relating to exploration, development, extraction and processing activities in the respective states. Reclamation deposits consist of the following:

		January 31, 2013		July 31, 2012
Palangana Mine	$	3,627,563	$	3,135,380
Hobson Processing Facility		1,910,494		1,910,494
Mount Lucas		472,823		472,823
Arizona		15,000		15,000
Wyoming		814		813
		6,026,694		5,534,510
Interest		12,235		8,530
	$	6,038,929	$	5,543,040

During the three months ended January 31, 2013, the Company paid an additional $492,183 as a reclamation deposit relating to the Palangana Mine’s Production Authorization Area 3.