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INVENTORIES

9 Months Ended

Apr. 30, 2015

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 consisted of the following:

		April 30, 2015			July 31, 2014
Supplies	$	17,393		$	26,631
Work-in-progress		64,156			63,257
Finished goods - uranium concentrates		2,112,339			1,806,587
	$	2,193,888		$	1,896,475

At April 30, 2015, the total non-cash component of inventory was $422,167 (July 31, 2014: $368,799). For the three and nine months ended April 30, 2015, no inventory write-down to net realizable value was recorded (three and nine months ended April 30, 2014: $338,101 and $730,250).

At April 30, 2015, we had 84,000 pounds of finished goods inventories - uranium concentrates that were available for sale. Subsequent to April 30, 2015, the Company sold 80,000 pounds of finished goods - uranium concentrates generating gross sales of $3,080,000, subject to certain royalty and overriding royalty interests.

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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