PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jan. 31, 2014

PROPERTY, PLANT AND EQUIPMENT [Text Block]

NOTE 5: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

		January 31, 2014							July 31, 2013
				Accumulated			Net Book				Accumulated			Net Book
		Cost		Amortization			Value		Cost		Amortization			Value
Hobson Processing Facility	$	7,107,717	$	(505,786	)	$	6,601,931	$	7,107,717	$	(416,403	)	$	6,691,314
Mining Equipment		2,528,194		(1,449,125	)		1,079,069		2,333,572		(1,227,989	)		1,105,583
Vehicles		1,839,927		(1,440,589	)		399,338		1,852,764		(1,334,418	)		518,346
Computer Equipment		620,193		(521,329	)		98,864		648,567		(495,455	)		153,112
Furniture and Fixtures		182,567		(147,708	)		34,859		193,013		(142,001	)		51,012
Land		175,144		-			175,144		175,144		-			175,144
Leasehold Improvements		1,242		(600	)		642		9,970		(9,204	)		766
	$	12,454,984	$	(4,065,137	)	$	8,389,847	$	12,320,747	$	(3,625,470	)	$	8,695,277

Hobson Processing Facility

The Company acquired the Hobson Processing Facility (“Hobson”) as part of the acquisition of South Texas Mining Venture, L.L.P. in December 2009 and commenced processing uranium-loaded resins from the Palangana Mine in November 2010, at which point the Company began depreciating the capitalized costs of Hobson on a straight-line basis over an expected useful life of ten years. Upon further review of the Company’s anticipated satellite mining activities in Texas, the expected useful life of Hobson was determined to have an estimated 12 years remaining from August 1, 2013. Accordingly, the Company began depreciating the remaining undepreciated capitalized costs of Hobson on a straight-line basis over an expected useful life of 12 years effective August 1, 2013.