INVENTORIES

6 Months Ended

Jan. 31, 2014

INVENTORIES [Text Block]

NOTE 3: 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:

		January 31, 2014		July 31, 2013
Supplies	$	35,054	$	63,859
Work-in-progress		47,530		72,272
Finished goods - uranium concentrates		1,706,058		839,588
	$	1,788,642	$	975,719

At January 31, 2014, the total non-cash component of inventory was $356,376 (July 31, 2013: $148,722). During the six months ended January 31, 2014 and 2013, the Company recorded an inventory write-down to net realizable value totaling $392,149 and $Nil, respectively.