INVENTORIES

12 Months Ended

Jul. 31, 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:

		July 31, 2015		July 31, 2014
Supplies	$	16,558	$	26,631
Work-in-progress		35,398		63,257
Finished goods - uranium concentrates		200,043		1,806,587
	$	251,999	$	1,896,475

At July 31, 2015, the total non-cash component of inventory was $41,282 (July 31, 2014: $368,799). No inventory write-down to net realizable value was recorded during Fiscal 2015 (Fiscal 2014: $804,060 ; Fiscal 2013: $425,208).