INVENTORIES

12 Months Ended

Jul. 31, 2012

INVENTORIES [Text Block]

NOTE 4: INVENTORIES

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

		July 31, 2012		July 31, 2011
Supplies	$	32,489	$	39,263
Work-in-progress		250,951		505,446
Finished goods - uranium concentrates		1,592,660		2,231,238
	$	1,876,100	$	2,775,947

At July 31, 2012, the total non-cash component of inventory was $319,024 (July 31, 2011: $712,317). During Fiscal 2012 and 2011, the Company did not record a write-down of inventories to net realizable value.