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INVENTORIES

9 Months Ended

Apr. 30, 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:

		April 30, 2014			July 31, 2013
Supplies	$	27,015		$	63,859
Work-in-progress		69,884			72,272
Finished goods - uranium concentrates		1,719,054			839,588
	$	1,815,953		$	975,719

At April 30, 2014, the total non-cash component of inventory was $358,408 (July 31, 2013: $148,722). During the three and nine months ended April 30, 2014, the Company recorded an inventory write-down to net realizable value totaling $338,101 and $730,250, respectively. No inventory write-down was recorded for the three and nine months ended April 30, 2013.

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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