PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Apr. 30, 2013

PROPERTY, PLANT AND EQUIPMENT [Text Block]

NOTE 6: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

		April 30, 2013							July 31, 2012
				Accumulated			Net Book				Accumulated			Net Book
		Cost		Amortization			Value		Cost		Amortization			Value
Hobson Processing Facility	$	6,671,959	$	(376,817	)	$	6,295,142	$	6,671,959	$	(258,068	)	$	6,413,891
Mining Equipment		2,315,697		(1,122,513	)		1,193,184		2,182,251		(811,016	)		1,371,235
Vehicles		1,852,764		(1,273,618	)		579,146		1,841,119		(1,063,240	)		777,879
Computer Equipment		643,759		(470,600	)		173,159		636,240		(378,651	)		257,589
Furniture and Fixtures		193,013		(133,900	)		59,113		193,013		(108,531	)		84,482
Land		175,144		-			175,144		175,144		-			175,144
Leasehold Improvements		9,970		(9,142	)		828		9,970		(8,956	)		1,014
	$	11,862,306	$	(3,386,590	)	$	8,475,716	$	11,709,696	$	(2,628,462	)	$	9,081,234

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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