ASSET RETIREMENT OBLIGATIONS (Tables)

9 Months Ended

Apr. 30, 2013

Schedule of Asset Retirement Obligation [Table Text Block]

		April 30, 2013			July 31, 2012
Opening balance	$	3,112,374		$	3,027,803
Additions of asset retirement obligations		435,004			567,069
Liabilities settled with cash		(79,999	)		(619,772	)
Accretion		149,117			137,274
		3,616,496			3,112,374
Less: current portion of asset retirement obligations		(53,299	)		(133,298	)
Long-term asset retirement obligations	$	3,563,197		$	2,979,076

Schedule of Undiscounted Amounts of Estimated Cash Flows [Table Text Block]

		April 30, 2013		July 31, 2012
Undiscounted amount of estimated cash flows	$	4,106,195	$	3,662,233
Payable in years		1.8 to 6.8		2.5 to 7.5
Inflation rate		1.56% to 2.43%		1.56% to 2.43%
Discount rate		5.00% to 10.50%		5.00% to 10.50%

Schedule of Undiscounted Amounts of Estimated Cash Flows, 5 Years [Table Text Block]

Undiscounted estimated cash flow for the next five years
July 31, 2013	$	53,299
July 31, 2014		640,714
July 31, 2015		623,964
July 31, 2016		598,202
July 31, 2017		-
Remaining balance		2,190,016
	$	4,106,195