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NOTE 1: NATURE OF OPERATIONS Uranium Energy Corp. was incorporated in the State of Nevada on May 16, 2003. Uranium Energy Corp. and its subsidiary companies and a controlled partnership (collectively, the “Company”) are engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States and Paraguay. Although planned principal operations have commenced from which significant revenues from sales of uranium concentrates were realized for the fiscal years ended July 31, 2013 (“Fiscal 2013”) and 2012 (“Fiscal 2012”), the Company has yet to achieve profitability and has had a history of operating losses and significant negative cash flow since inception. No revenue from uranium sales was realized for the fiscal year ended July 31, 2014 (“Fiscal 2014”). Historically, the Company has been reliant primarily on equity financings from the sale of its common stock and debt financing in order to fund its ongoing operations. During Fiscal 2013 and 2012, the Company also relied on cash flows generated from its mining activities. The Company’s reliance on equity and debt financings is expected to continue for the foreseeable future. Existing cash resources and anticipated sources of financing are expected to provide sufficient funds to carry out the Company’s plan of operations for the fiscal year ending July 31, 2015. The Company’s continuation as a going concern for a period beyond July 31, 2015 will be dependent upon its ability to obtain adequate additional financing, as the Company’s operations are capital intensive and future capital expenditures are expected to be substantial. The continued operations of the Company, including the recoverability of the carrying values of its assets, are dependent ultimately on the Company’s ability to achieve and maintain profitability and positive cash flow from its operations. At July 31, 2014, the Company had working capital of $9.3 million and an accumulated deficit of $168.7 million.

9300000 168700000

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation These consolidated financial statements are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of Uranium Energy Corp. and its wholly-owned subsidiaries, UEC Resources Ltd., UEC Paraguay Corp. and its subsidiary, Piedra Rica Mining S.A., Cue Resources Ltd. and its subsidiary, Transandes Paraguay S.A., UEC Concentric Merge Corp., URN Texas GP, LLC, URN South Texas Project, Ltd. and a controlled partnership, South Texas Mining Venture, L.L.P. All significant inter-company transactions and balances have been eliminated upon consolidation. Exploration Stage The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects, including the Palangana Mine. Furthermore, the Company has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that the Company commenced extraction of mineralized materials at the Palangana Mine in November 2010, the Company remains in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established. Since the Company commenced extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves. In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred. Companies in the Production Stage as defined under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. The Company is in the Exploration Stage which has resulted in the Company reporting larger losses than if it had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of the Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if the Company had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, the Company’s consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage. Development Stage Entity Prior to the quarter ended October 31, 2011 (“Fiscal 2012 Q1”), the Company met the definition of a Development Stage Entity as defined under Accounting Standards Codification Section 915: Development Stage Entities (“ASC 915”) and presented the additional financial statement disclosures required by a Development Stage Entity under ASC 915, including the presentation of cumulative amounts since inception for the consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows. During Fiscal 2012 Q1, the Company generated significant revenue from its planned principal operations by completing its first sale of uranium concentrates and no longer met the definition of a Development Stage Entity. Accordingly, and starting with the Company’s Form 10-Q for Fiscal 2012 Q1, the additional financial statement disclosures required by a Development Stage Entity under ASC 915 were no longer presented. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management's estimates and assumptions include determining the fair value of transactions involving common stock, valuation and impairment losses on mineral rights and properties, valuation of stock-based compensation, valuation of variable share forward contract, net realizable value of inventory and valuation of long-term debt and asset retirement obligations. Other areas requiring estimates include allocations of expenditures to inventories, depletion and amortization of mineral rights and properties and depreciation of property, plant and equipment. Actual results could differ from those estimates. Foreign Currency Translation The functional currency of the Company, including its subsidiaries, is the United States dollar. UEC Resources Ltd. and Cue Resources Ltd. maintain their accounting records in their local currency, the Canadian dollar. Piedra Rica Mining S.A. and Transandes Paraguay S.A. maintain their accounting records in their local currency, the Paraguayan Guarani. In accordance with ASC 830, Foreign Currency Matters, the financial statements of the Company's subsidiaries are translated into United States dollars using period-end exchange rates as to monetary assets and liabilities and average exchange rates as to revenues and expenses. Non-monetary assets are translated at their historical exchange rates. Net gains and losses resulting from foreign exchange translations and foreign currency exchange gains and losses on transactions occurring in a currency other than the Company's functional currency are included in the determination of net income (loss) in the period. Cash and Cash Equivalents The Company considers all highly-liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. Financial Instruments The fair values of cash and cash equivalents, available-for-sale securities, accounts and interest receivable, accounts payable and accrued liabilities and due to related parties were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. The reclamation deposits are deposits mainly invested in short-term funds at major financial institutions and their fair value was estimated to approximate their carrying value. The Company's operations and financing activities are conducted primarily in United States dollars and as a result, the Company is not subject to significant exposure to market risks from changes in foreign currency rates. The Company is exposed to credit risk through its cash and cash equivalents, but mitigates this risk by keeping deposits at major financial institutions. Fair Value Measurements The Company measures its available-for-sale securities and variable share forward contracts at fair value in accordance with ASC 820, Fair Value Measurements. ASC 820 specifies a valuation hierarchy based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions. These two types of inputs have created the following fair value hierarchy: <ul style="text-align: justify;"> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Level 1: Quoted prices for identical instruments in active markets;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</li> </ul> The Company has determined that its available-for-sale securities are Level 1 financial instruments and its variable share forward contract was a Level 2 financial instrument. Inventories Inventories are comprised of supplies, uranium concentrates and work-in-progress. Expenditures include mining and processing activities that result in extraction of uranium concentrates and depreciation and depletion charges. Mining and processing costs include labor, chemicals, directly attributable uranium extraction expenditures and overhead related to uranium extraction. Inventories are carried at the lower of cost or net realizable value and are valued and charged to cost of sales using the average costing method. Mineral Rights Acquisition costs of mineral rights are capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the Exploration Stage by establishing proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred. Where proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable reserves upon commencement of production using the units-of-production method. Where proven and probable reserves have not been established, such capitalized expenditures are depleted over the estimated production life upon commencement of extraction using the straight-line method. The Company has not established proven or probable reserves for any of its projects. The carrying values of the mineral rights are assessed for impairment by management on a quarterly basis or when indicators of impairment exist. Should management determine that these carrying values cannot be recovered, the unrecoverable amounts are written off against earnings. Databases Expenditures relating to mineral property databases are capitalized upon acquisition while those developed internally are expensed as incurred. Mineral property databases are tested for impairment whenever events or changes indicate that the carrying values may not be recoverable. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Mineral property databases are amortized using the straight-line method over a five-year period over which management believes these assets will contribute to the Company’s cash flows. Databases are included in Mineral Rights and Properties on the balance sheet. Land Use Agreements Expenditures relating to mineral property land use agreements are capitalized upon acquisition. Mineral property land use agreements are tested for impairment whenever events or changes indicate that the carrying values may not be recoverable. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Mineral property land use agreements are amortized using the straight-line method over a ten-year period over which management believes these assets will contribute to the Company’s cash flows. Land use agreements are included in Mineral Rights and Properties on the balance sheet. Property, Plant and Equipment Property, plant and equipment are recorded at cost and are depreciated to their estimated residual values using the straight-line method over their estimated useful lives as follows: <ul style="text-align: justify;"> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Hobson processing facility - 12 years </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Computer equipment - 3 years </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Mining equipment, vehicles and furniture and fixtures - 5 years </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Leasehold improvements - term of lease</li> </ul> Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability of these assets is measured by comparison of the carrying amounts to the future undiscounted cash flows expected to be generated by the assets. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income for the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. The Company recognizes deferred taxes on unrealized gains directly within other comprehensive income, and concurrently releases part of the valuation allowance resulting in no impact within other comprehensive income or on the balance sheet. The Company’s policy is to accrue any interest and penalties related to unrecognized tax benefits in its provision for income taxes. Additionally, ASC 740, Income Taxes, requires that the Company recognize in its financial statements the impact of a tax position that is more likely than not to be sustained upon examination based on the technical merits of the position. Restoration and Remediation Costs (Asset Retirement Obligations) Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its mine projects to the pre-existing mine area average quality after the completion of mining. Future reclamation and remediation costs, which include extraction equipment removal and environmental remediation, are accrued at the end of each period based on management's best estimate of the costs expected to be incurred for each project. Such estimates are determined by the Company's engineering studies which consider the costs of future surface and groundwater activities, current regulations, actual expenses incurred, and technology and industry standards. In accordance with ASC 410, Asset Retirement and Environmental Obligations, the Company capitalizes the measured fair value of asset retirement obligations to mineral rights and properties. The asset retirement obligations are accreted to an undiscounted value until the time at which they are expected to be settled. The accretion expense is charged to earnings and the actual retirement costs are recorded against the asset retirement obligations when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred will be recorded as a gain or loss in the period of settlement. On a quarterly basis, the Company reviews the assumptions used to estimate the expected cash flows required to settle the asset retirement obligations, including changes in estimated probabilities, amounts and timing of the settlement of the asset retirement obligations, as well as changes in the legal obligation requirements at each of its mineral projects. Changes in any one or more of these assumptions may cause revision of asset retirement obligations for the corresponding assets. Convertible Debentures During Fiscal 2012, the Company settled all outstanding convertible debentures through cash payments and issuance of shares of the Company. Pursuant to ASC 815, Derivatives and Hedging, the convertible debentures were initially measured at fair value in its entirety, without separating associated elements such as the convertible feature. Subsequent to the initial recognition, the fair value of the convertible debentures is revalued and recognized in the applicable period as an unrealized change in fair value of the convertible debentures in the consolidated statements of operations and comprehensive loss. The Company’s fair value measurement for the convertible debentures is calculated using a probability-weighted discounted cash flow model (level 3 fair value measurement) which includes the Company’s assessment of the outstanding principal, the accrued interest and the applicable discount rate. Upon exercise under the convertible provision, the financial liability is derecognized and common shares of the Company would be issued at the exercise price, with any differences recorded as a gain or loss in the consolidated statements of operations and comprehensive loss. Upon settlement of the convertible debentures, the financial liability is derecognized and any difference between the carrying value of the financial liability and the settlement amount is recorded as a gain or loss of convertible debenture settlement in the consolidated statements of operations and comprehensive loss. Debt Financing Costs Pursuant to ASC 835, direct and incremental costs related to debt financing including internal costs meeting the incremental and direct criteria are capitalized and reported as deferred financing costs on the consolidated balance sheet. Amounts paid to the purchaser of the debt when the debt finance transaction is consummated are a reduction in the proceeds received by the Company and are considered a component of the discount on the debt issuance. The debt discount is reported in the balance sheet as an adjustment to the carrying amount of the long-term debt. In connection with the debt financing, the Company issued shares and share purchase warrants, which are detachable and identified as freestanding instruments. Allocation of the net debt proceeds to these instruments is also included as discounts on the debt issuance. Deferred financing costs are recognized and recorded as additional interest expense over the contractual life of the long-term debt using the straight-line method. The discount on the debt issuance is recognized and recorded as additional interest expense over the contractual life of the long-term debt under the effective interest method. Variable Share Forward Contract Pursuant to ASC 480, a variable share forward contract is defined as an equity contract that requires the issuer to settle a fixed amount of monetary obligations by issuing a variable number of its equity shares, which should be classified as a liability and measured at fair value initially and subsequently with any differences reported on the consolidated statement of operations. Revenue Recognition The recognition of revenue from the sale of uranium concentrates is in accordance with the guidelines outlined in ASC Section 605-10-25, Revenue Recognition. The Company delivers its uranium concentrates to a uranium storage facility and once the product is confirmed to meet the required specifications, the Company receives credit for a specified quantity measured in pounds. Future sales of uranium concentrates are expected to generally occur under uranium supply agreements or through the uranium spot market. Once a sale of uranium concentrates is negotiated, the Company will notify the uranium storage facility with instructions for a title transfer to the customer. Revenue is recognized once a title transfer of the uranium concentrates is confirmed by the uranium storage facility at which point the customer is invoiced by the Company. Stock-Based Compensation The Company follows ASC 718, Compensation - Stock Compensation, which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted for using the fair value method. Awards of shares for property or services are recorded at the more readily measurable of the fair value of the stock and the fair value of the service. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock option awards under ASC 718. The fair value is charged to earnings depending on the terms and conditions of the award, and the nature of the relationship of the recipient of the award to the Company. The Company records the grant date fair value in line with the period over which it was earned. For employees and management, this is typically considered to be the vesting period of the award. For consultants the fair value of the award is recorded over the term of the service period, and unvested amounts are revalued at each reporting period over the service period. The Company estimates the expected forfeitures and updates the valuation accordingly. From time to time, the Company issues shares as compensation to various consulting services. The fair values of the shares are measured using the closing price of the Company’s shares on the issuance date. Earnings (Loss) per Common Share Basic earnings (loss) per share includes no potential dilution and is computed by dividing the earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution of securities that could share in the earnings (loss) of the Company. Accounting Policies Not Yet Adopted In May 2014, the Financial Accounting Standards Board issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition to achieve the objective of recognizing revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The five-step model includes: (1) identifying the contract; (2) identifying the separate performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the separate performance obligations; and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt the standard on August 1, 2017. Companies are allowed to use either full retrospective or modified retrospective adoption. The Company is currently evaluating which transition approach to use and the impact of the adoption of this standard on its consolidated financial statements.

Basis of Presentation and Principles of Consolidation These consolidated financial statements are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of Uranium Energy Corp. and its wholly-owned subsidiaries, UEC Resources Ltd., UEC Paraguay Corp. and its subsidiary, Piedra Rica Mining S.A., Cue Resources Ltd. and its subsidiary, Transandes Paraguay S.A., UEC Concentric Merge Corp., URN Texas GP, LLC, URN South Texas Project, Ltd. and a controlled partnership, South Texas Mining Venture, L.L.P. All significant inter-company transactions and balances have been eliminated upon consolidation.

Exploration Stage The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects, including the Palangana Mine. Furthermore, the Company has no plans to establish proven or probable reserves for any of its uranium projects for which the Company plans on utilizing in-situ recovery (“ISR”) mining, such as the Palangana Mine. As a result, and despite the fact that the Company commenced extraction of mineralized materials at the Palangana Mine in November 2010, the Company remains in the Exploration Stage as defined under Industry Guide 7, and will continue to remain in the Exploration Stage until such time proven or probable reserves have been established. Since the Company commenced extraction of mineralized materials at the Palangana Mine without having established proven or probable reserves, any mineralized materials established or extracted from the Palangana Mine should not in any way be associated with having established or produced from proven or probable reserves. In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the Exploration Stage by establishing proven or probable reserves. Expenditures relating to exploration activities such as drill programs to establish mineralized materials are expensed as incurred. Expenditures relating to pre-extraction activities such as the construction of mine wellfields, ion exchange facilities and disposal wells are expensed as incurred until such time proven or probable reserves are established for that project, after which expenditures relating to mine development activities for that particular project are capitalized as incurred. Companies in the Production Stage as defined under Industry Guide 7, having established proven and probable reserves and exited the Exploration Stage, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. The Company is in the Exploration Stage which has resulted in the Company reporting larger losses than if it had been in the Production Stage due to the expensing, instead of capitalization, of expenditures relating to ongoing mill and mine development activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of the Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if the Company had been in the Production Stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, the Company’s consolidated financial statements may not be directly comparable to the financial statements of companies in the Production Stage.

Development Stage Entity Prior to the quarter ended October 31, 2011 (“Fiscal 2012 Q1”), the Company met the definition of a Development Stage Entity as defined under Accounting Standards Codification Section 915: Development Stage Entities (“ASC 915”) and presented the additional financial statement disclosures required by a Development Stage Entity under ASC 915, including the presentation of cumulative amounts since inception for the consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows. During Fiscal 2012 Q1, the Company generated significant revenue from its planned principal operations by completing its first sale of uranium concentrates and no longer met the definition of a Development Stage Entity. Accordingly, and starting with the Company’s Form 10-Q for Fiscal 2012 Q1, the additional financial statement disclosures required by a Development Stage Entity under ASC 915 were no longer presented.

Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management's estimates and assumptions include determining the fair value of transactions involving common stock, valuation and impairment losses on mineral rights and properties, valuation of stock-based compensation, valuation of variable share forward contract, net realizable value of inventory and valuation of long-term debt and asset retirement obligations. Other areas requiring estimates include allocations of expenditures to inventories, depletion and amortization of mineral rights and properties and depreciation of property, plant and equipment. Actual results could differ from those estimates.

Foreign Currency Translation The functional currency of the Company, including its subsidiaries, is the United States dollar. UEC Resources Ltd. and Cue Resources Ltd. maintain their accounting records in their local currency, the Canadian dollar. Piedra Rica Mining S.A. and Transandes Paraguay S.A. maintain their accounting records in their local currency, the Paraguayan Guarani. In accordance with ASC 830, Foreign Currency Matters, the financial statements of the Company's subsidiaries are translated into United States dollars using period-end exchange rates as to monetary assets and liabilities and average exchange rates as to revenues and expenses. Non-monetary assets are translated at their historical exchange rates. Net gains and losses resulting from foreign exchange translations and foreign currency exchange gains and losses on transactions occurring in a currency other than the Company's functional currency are included in the determination of net income (loss) in the period.

Cash and Cash Equivalents The Company considers all highly-liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents.

Financial Instruments The fair values of cash and cash equivalents, available-for-sale securities, accounts and interest receivable, accounts payable and accrued liabilities and due to related parties were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. The reclamation deposits are deposits mainly invested in short-term funds at major financial institutions and their fair value was estimated to approximate their carrying value. The Company's operations and financing activities are conducted primarily in United States dollars and as a result, the Company is not subject to significant exposure to market risks from changes in foreign currency rates. The Company is exposed to credit risk through its cash and cash equivalents, but mitigates this risk by keeping deposits at major financial institutions.

Fair Value Measurements The Company measures its available-for-sale securities and variable share forward contracts at fair value in accordance with ASC 820, Fair Value Measurements. ASC 820 specifies a valuation hierarchy based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions. These two types of inputs have created the following fair value hierarchy: <ul style="text-align: justify;"> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Level 1: Quoted prices for identical instruments in active markets;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</li> </ul> The Company has determined that its available-for-sale securities are Level 1 financial instruments and its variable share forward contract was a Level 2 financial instrument.

Inventories Inventories are comprised of supplies, uranium concentrates and work-in-progress. Expenditures include mining and processing activities that result in extraction of uranium concentrates and depreciation and depletion charges. Mining and processing costs include labor, chemicals, directly attributable uranium extraction expenditures and overhead related to uranium extraction. Inventories are carried at the lower of cost or net realizable value and are valued and charged to cost of sales using the average costing method.

Mineral Rights Acquisition costs of mineral rights are capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the Exploration Stage by establishing proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study. Expenditures relating to exploration activities are expensed as incurred and expenditures relating to pre-extraction activities are expensed as incurred until such time proven or probable reserves are established for that project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred. Where proven and probable reserves have been established, the project’s capitalized expenditures are depleted over proven and probable reserves upon commencement of production using the units-of-production method. Where proven and probable reserves have not been established, such capitalized expenditures are depleted over the estimated production life upon commencement of extraction using the straight-line method. The Company has not established proven or probable reserves for any of its projects. The carrying values of the mineral rights are assessed for impairment by management on a quarterly basis or when indicators of impairment exist. Should management determine that these carrying values cannot be recovered, the unrecoverable amounts are written off against earnings. Databases Expenditures relating to mineral property databases are capitalized upon acquisition while those developed internally are expensed as incurred. Mineral property databases are tested for impairment whenever events or changes indicate that the carrying values may not be recoverable. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Mineral property databases are amortized using the straight-line method over a five-year period over which management believes these assets will contribute to the Company’s cash flows. Databases are included in Mineral Rights and Properties on the balance sheet. Land Use Agreements Expenditures relating to mineral property land use agreements are capitalized upon acquisition. Mineral property land use agreements are tested for impairment whenever events or changes indicate that the carrying values may not be recoverable. An impairment loss is recognized if it is determined that the carrying value is not recoverable and exceeds fair value. Mineral property land use agreements are amortized using the straight-line method over a ten-year period over which management believes these assets will contribute to the Company’s cash flows. Land use agreements are included in Mineral Rights and Properties on the balance sheet.

Property, Plant and Equipment Property, plant and equipment are recorded at cost and are depreciated to their estimated residual values using the straight-line method over their estimated useful lives as follows: <ul style="text-align: justify;"> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Hobson processing facility - 12 years </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Computer equipment - 3 years </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Mining equipment, vehicles and furniture and fixtures - 5 years </li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Leasehold improvements - term of lease</li> </ul>

Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability of these assets is measured by comparison of the carrying amounts to the future undiscounted cash flows expected to be generated by the assets. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income for the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. The Company recognizes deferred taxes on unrealized gains directly within other comprehensive income, and concurrently releases part of the valuation allowance resulting in no impact within other comprehensive income or on the balance sheet. The Company’s policy is to accrue any interest and penalties related to unrecognized tax benefits in its provision for income taxes. Additionally, ASC 740, Income Taxes, requires that the Company recognize in its financial statements the impact of a tax position that is more likely than not to be sustained upon examination based on the technical merits of the position.

Restoration and Remediation Costs (Asset Retirement Obligations) Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its mine projects to the pre-existing mine area average quality after the completion of mining. Future reclamation and remediation costs, which include extraction equipment removal and environmental remediation, are accrued at the end of each period based on management's best estimate of the costs expected to be incurred for each project. Such estimates are determined by the Company's engineering studies which consider the costs of future surface and groundwater activities, current regulations, actual expenses incurred, and technology and industry standards. In accordance with ASC 410, Asset Retirement and Environmental Obligations, the Company capitalizes the measured fair value of asset retirement obligations to mineral rights and properties. The asset retirement obligations are accreted to an undiscounted value until the time at which they are expected to be settled. The accretion expense is charged to earnings and the actual retirement costs are recorded against the asset retirement obligations when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred will be recorded as a gain or loss in the period of settlement. On a quarterly basis, the Company reviews the assumptions used to estimate the expected cash flows required to settle the asset retirement obligations, including changes in estimated probabilities, amounts and timing of the settlement of the asset retirement obligations, as well as changes in the legal obligation requirements at each of its mineral projects. Changes in any one or more of these assumptions may cause revision of asset retirement obligations for the corresponding assets.

Convertible Debentures During Fiscal 2012, the Company settled all outstanding convertible debentures through cash payments and issuance of shares of the Company. Pursuant to ASC 815, Derivatives and Hedging, the convertible debentures were initially measured at fair value in its entirety, without separating associated elements such as the convertible feature. Subsequent to the initial recognition, the fair value of the convertible debentures is revalued and recognized in the applicable period as an unrealized change in fair value of the convertible debentures in the consolidated statements of operations and comprehensive loss. The Company’s fair value measurement for the convertible debentures is calculated using a probability-weighted discounted cash flow model (level 3 fair value measurement) which includes the Company’s assessment of the outstanding principal, the accrued interest and the applicable discount rate. Upon exercise under the convertible provision, the financial liability is derecognized and common shares of the Company would be issued at the exercise price, with any differences recorded as a gain or loss in the consolidated statements of operations and comprehensive loss. Upon settlement of the convertible debentures, the financial liability is derecognized and any difference between the carrying value of the financial liability and the settlement amount is recorded as a gain or loss of convertible debenture settlement in the consolidated statements of operations and comprehensive loss.

Debt Financing Costs Pursuant to ASC 835, direct and incremental costs related to debt financing including internal costs meeting the incremental and direct criteria are capitalized and reported as deferred financing costs on the consolidated balance sheet. Amounts paid to the purchaser of the debt when the debt finance transaction is consummated are a reduction in the proceeds received by the Company and are considered a component of the discount on the debt issuance. The debt discount is reported in the balance sheet as an adjustment to the carrying amount of the long-term debt. In connection with the debt financing, the Company issued shares and share purchase warrants, which are detachable and identified as freestanding instruments. Allocation of the net debt proceeds to these instruments is also included as discounts on the debt issuance. Deferred financing costs are recognized and recorded as additional interest expense over the contractual life of the long-term debt using the straight-line method. The discount on the debt issuance is recognized and recorded as additional interest expense over the contractual life of the long-term debt under the effective interest method.

Variable Share Forward Contract Pursuant to ASC 480, a variable share forward contract is defined as an equity contract that requires the issuer to settle a fixed amount of monetary obligations by issuing a variable number of its equity shares, which should be classified as a liability and measured at fair value initially and subsequently with any differences reported on the consolidated statement of operations.

Revenue Recognition The recognition of revenue from the sale of uranium concentrates is in accordance with the guidelines outlined in ASC Section 605-10-25, Revenue Recognition. The Company delivers its uranium concentrates to a uranium storage facility and once the product is confirmed to meet the required specifications, the Company receives credit for a specified quantity measured in pounds. Future sales of uranium concentrates are expected to generally occur under uranium supply agreements or through the uranium spot market. Once a sale of uranium concentrates is negotiated, the Company will notify the uranium storage facility with instructions for a title transfer to the customer. Revenue is recognized once a title transfer of the uranium concentrates is confirmed by the uranium storage facility at which point the customer is invoiced by the Company.

Stock-Based Compensation The Company follows ASC 718, Compensation - Stock Compensation, which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted for using the fair value method. Awards of shares for property or services are recorded at the more readily measurable of the fair value of the stock and the fair value of the service. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock option awards under ASC 718. The fair value is charged to earnings depending on the terms and conditions of the award, and the nature of the relationship of the recipient of the award to the Company. The Company records the grant date fair value in line with the period over which it was earned. For employees and management, this is typically considered to be the vesting period of the award. For consultants the fair value of the award is recorded over the term of the service period, and unvested amounts are revalued at each reporting period over the service period. The Company estimates the expected forfeitures and updates the valuation accordingly. From time to time, the Company issues shares as compensation to various consulting services. The fair values of the shares are measured using the closing price of the Company’s shares on the issuance date.

Earnings (Loss) per Common Share Basic earnings (loss) per share includes no potential dilution and is computed by dividing the earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution of securities that could share in the earnings (loss) of the Company.

Accounting Policies Not Yet Adopted In May 2014, the Financial Accounting Standards Board issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition to achieve the objective of recognizing revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The five-step model includes: (1) identifying the contract; (2) identifying the separate performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the separate performance obligations; and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt the standard on August 1, 2017. Companies are allowed to use either full retrospective or modified retrospective adoption. The Company is currently evaluating which transition approach to use and the impact of the adoption of this standard on its consolidated financial statements.

12 3 5

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: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2014 </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%">July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Supplies</td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="12%"> 26,631 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 63,859 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Work-in-progress</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 63,257 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 72,272 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Finished goods - uranium concentrates</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,806,587 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 839,588 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 1,896,475 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 975,719 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> At July 31, 2014, the total non-cash component of inventory was $368,799 (July 31, 2013: $148,722). During Fiscal 2014, the Company recorded an inventory write-down to net realizable value totaling $804,060 (Fiscal 2013: $425,208 ; Fiscal 2012: $Nil).

26631 63859 63257 72272 1806587 839588 1896475 975719 368799 148722 804060 425208 0

NOTE 4: MINERAL RIGHTS AND PROPERTIES Mineral Rights At July 31, 2014, the Company had mineral rights in the States of Arizona, Colorado, New Mexico, Texas and Wyoming and the Republic of Paraguay. These mineral rights were acquired through staking and lease or option agreements and are subject to varying royalty interests, some of which are indexed to the sale price of uranium. At July 31, 2014, annual maintenance payments of approximately $1,185,000 were required to maintain these mineral rights. Mineral rights and property acquisition costs consist of the following: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2014</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Mineral Rights and Properties, Unproven</td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Palangana Mine</td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="12%"> 6,664,260 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="12%"> 7,045,457</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Goliad Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 8,689,127 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 8,689,127</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Burke Hollow Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,495,750 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,495,750</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Channen Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 428,164</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Longhorn Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 116,870 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 78,392</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Salvo Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 364,710 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 363,645</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Nichols Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 154,774 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 154,774</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Anderson Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 9,154,268 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 9,154,268</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Workman Creek Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,372,008 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,287,158</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Los Cuatros Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 257,250 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 257,250</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Slick Rock Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 661,271 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 653,213</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Todilto Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 166,720</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Yuty Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 11,947,144 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 11,947,144</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Coronel Oviedo Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1,133,412 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1,133,412</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">  Other Property Acquisitions</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 262,115 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 316,256</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 42,272,959 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 43,170,730</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Accumulated Depletion</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (3,454,533 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (2,278,053</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 38,818,426 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 40,892,677</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td bgcolor="#e6efff">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="12%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="12%">  </td> <td bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Databases</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 2,405,038 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 2,345,038</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Accumulated Amortization</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (1,928,901 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (1,685,011</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 476,137 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 660,027</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td bgcolor="#e6efff">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="12%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="12%">  </td> <td bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Land Use Agreements</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 390,155 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 390,155</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Accumulated Amortization</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (196,019 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (157,007</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 194,136 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 233,148</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 39,488,699 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 41,785,852</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> During Fiscal 2014, the Company abandoned the Channen Project located in Texas with an acquisition cost of $428,164, the Todilto Project located in New Mexico with an acquisition cost of $166,720 and certain other interests located in Arizona, Colorado and Texas with a combined acquisition cost of $58,340. As a result, an impairment loss on mineral properties of $653,224 is reported on the consolidated statement of operations in Fiscal 2014 (Fiscal 2013: Nil; Fiscal 2012: Nil). The Company has not established proven or probable reserves, as defined by the SEC under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its mineral projects. The Company has established the existence of mineralized materials for certain uranium projects, including the Palangana Mine. Since the Company commenced uranium extraction at the Palangana Mine without having established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated. No revenues were generated from the sale of U3O8 during Fiscal 2014. Historically, the Palangana Mine has been the Company’s sole source for the U3O8 sold to generate its revenues during Fiscal 2013 and 2012, with no revenues generated prior to Fiscal 2012. The economic viability of the Company’s mining activities, including the expected duration and profitability of the Palangana Mine and of any future satellite ISR mines, such as the Goliad Project, located within the South Texas Uranium Belt, has many risks and uncertainties. These include, but are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly higher than expected extraction costs; (v) significantly lower than expected uranium extraction; (vi) significant delays, reductions or stoppages of uranium extraction activities; and (vii) the introduction of significantly more stringent regulatory laws and regulations. The Company’s mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract mineralized materials from will result in profitable mining activities. The estimated depletion and amortization of mineral rights and properties for the next five fiscal years is as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);"> Fiscal 2015</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 1,234,021</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Fiscal 2016</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1,679,722</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Fiscal 2017</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,592,110</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Fiscal 2018</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1,575,533</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Fiscal 2019</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,199,724</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> Total</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 7,281,110</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> Mineral property expenditures incurred by major projects are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="7" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended July 31,</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2014</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2013</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2012</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Mineral Property Expenditures</td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Palangana Mine</td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="12%"> 2,566,770 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="12%"> 4,347,025</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="12%"> 7,597,102</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Goliad Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1,747,619 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 540,853</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 646,314</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Burke Hollow Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,094,089 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,225,132</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,176,101</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Channen Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 728 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 843,243</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 190,009</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Longhorn Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 71,497 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 16,335</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 10,163</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Salvo Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 14,384 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 54,329</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1,113,659</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Anderson Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 254,840 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 117,008</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 375,058</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Workman Creek Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 32,290 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 33,573</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 50,069</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Slick Rock Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 66,525 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 147,043</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 47,691</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Yuty Project</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 451,464 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 424,411</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 627,623</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Coronel Oviedo Project</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 759,804 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 632,454</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,207,255</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  Other Mineral Property Expenditures</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,100,638 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 629,285</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 897,678</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 9,160,648 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 10,010,691</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 14,938,722</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> Palangana Mine, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Palangana Mine, a 7,094-acre property located in Duval County, Texas approximately 100 miles south of the Hobson Processing Facility. These agreements are subject to certain royalty and overriding royalty interests indexed to the sale price of uranium and generally have an initial five-year term with extension provisions. Effective December 18, 2009, the Company acquired the Palangana Mine as part of the acquisition of South Texas Mining Venture, L.L.P. (“STMV Acquisition”) with an estimated fair value of $3,911,800 at acquisition. During Fiscal 2014, certain changes in the assumptions related to the asset retirement obligations (“ARO”) of the Palangana Mine resulted in a reduction of the respective ARO assets and liabilities of $381,197 (See Note 9). Upon commencement of uranium extraction during the second quarter of Fiscal 2011, the Company began depleting the capitalized costs of the Palangana Mine over a 30 to 42-month period. At July 31, 2014, capitalized costs of the Palangana Mine were $6,664,260 (July 31, 2013: $7,045,457), less accumulated depletion of $3,454,533 (July 31, 2013: $2,278,053), for a net book value of $3,209,727 (July 31, 2013: $4,767,404). Goliad Project, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Goliad Project, a 1,862-acre property located in Goliad County, Texas. These agreements are subject to certain royalty interests indexed to the sale price of uranium and have an initial five-year term with extension provisions. At July 31, 2014, capitalized costs totaled $8,689,127 (July 31, 2013: $8,689,127). Burke Hollow Project, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Burke Hollow Project, a 19,335-acre property located in Bee County, Texas. These agreements are subject to certain royalty interests indexed to the sale price of uranium and have an initial five-year term with extension provisions. At July 31, 2014, capitalized costs totaled $1,495,750 (July 31, 2013: $1,495,750). Longhorn Project, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Longhorn Project, a 651-acre property located in Live Oak County, Texas. These agreements are subject to certain royalty interests indexed to the sale price of uranium and have an initial five-year term with extension provisions. At July 31, 2014, capitalized costs totaled $116,870 (July 31, 2013: $78,392). Salvo Project, Texas The Company holds various mining lease and surface use agreements granting the Company the exclusive right to explore, develop and mine for uranium at the Salvo Project, a 5,345-acre property located in Bee County, Texas. These agreements are subject to certain royalty interests indexed to the sale price of uranium and have an initial five-year term with extension provisions. At July 31, 2014, capitalized costs totaled $364,710 (July 31, 2013: $363,645). Nichols Project, Texas The Company holds a mining lease and surface use agreement granting the Company the exclusive right to explore, develop and mine for uranium at the Nichols Project, a 909-acre property located in Karnes County, Texas. The agreement is subject to certain royalty interests indexed to the sale price of uranium and has an initial five-year term with extension provisions. At July 31, 2014, capitalized costs totaled $154,774 (July 31, 2013: $154,774). Anderson Project, Arizona The Company holds an undivided 100% interest in contiguous mineral lode claims and state leases in the Anderson Project, a 9,214-acre property located in Yavapai County, Arizona, acquired originally from Concentric Energy Corp. (“Concentric”) through a Merger Agreement and Plan of Merger dated May 5, 2011 and effective September 9, 2011 (the “Merger Agreement”). As part of the Merger Agreement, the Company assumed the obligations of certain convertible debentures previously issued by Concentric with a combined estimated fair value of $1,707,938. During 2012, these convertible debentures were settled in full by cash payments totaling $1,370,486 and the issuance of 128,508 shares of the Company with a fair value of $699,340 for an aggregate value of $1,757,619, resulting in the recognition of a loss on settlement of convertible debentures of $312,207. During Fiscal 2012, the Company also recognized a loss in fair value of convertible debentures of $49,681. During Fiscal 2012, the Company settled certain accounts payable and accrued liabilities assumed as part of the Merger Agreement totaling $640,415 by cash payments totaling $292,045 and the issuance of 40,312 shares of the Company with a fair value of $158,426, resulting in the recognition of a gain on settlement of current liabilities of $189,944. At July 31, 2014, capitalized costs totaled $9,154,268 (July 31, 2013: $9,154,268). Workman Creek Project, Arizona The Company holds an undivided 100% interest in contiguous mineral lode claims in the Workman Creek Project, a 4,036-acre property located in Gila County, Arizona, acquired originally from Cooper Minerals, Inc. (“Cooper”) through a Property Acquisition Agreement dated November 7, 2011, as amended on November 25, 2011, and effective November 30, 2011. The Workman Creek Project is subject to a 3.0% net smelter royalty requiring an annual advance royalty payment of $100,000. The Company has an exclusive right and option to acquire one-half ( 1.5%) of the net smelter royalty for $1,000,000 at any time until January 21, 2024. Additionally, certain individuals hold an option to acquire a 0.5% net smelter royalty exercisable by paying the Company the sum of $333,340 at any time until January 21, 2024. During Fiscal 2014, the Company paid the annual advance royalty by a cash payment of $50,000 and the issuance of 30,304 shares of the Company with a fair value of $34,850. At July 31, 2014, capitalized costs totaled $1,372,008 (July 31, 2013: $1,287,158). Los Cuatros Project, Arizona The Company holds an undivided 100% interest in a state lease in the Los Cuatros Project, a 640 -acre property located in Maricopa County, Arizona. At July 31, 2014, capitalized costs totaled $257,250 (July 31, 2013: $257,250). Slick Rock Project, Colorado The Company holds an undivided 100% interest in contiguous mineral lode claims in the Slick Rock Project, a 6,773-acre property located in San Miguel County, Colorado. Certain claims of the Slick Rock Project are subject to a 1.0% or 3.0% net smelter royalty, the latter requiring an annual advance royalty payment of $30,000 beginning in November 2017. As of July 31, 2014, capitalized acquisition and addition costs totaled $661,271 (July 31, 2013: $653,213). Coronel Oviedo Project, Paraguay The Company holds an undivided 100% interest in two prospecting permits in the Coronel Oviedo Project, a 494,000-acre property located in Paraguay, acquired originally from three private Paraguayan companies through a Property Acquisition Agreement dated October 14, 2011, as amended on February 28, 2012 and March 31, 2012. The Coronel Oviedo Project is subject to a 1.5% gross overriding royalty over which the Company has an exclusive right and option at any time to acquire one-half percent ( 0.5%) for $500,000 and a right of first refusal to acquire all or any portion of the remaining one percent ( 1.0%) . At July 31, 2014, capitalized costs totaled $1,133,412 (July 31, 2013: $1,133,412). Yuty Project, Paraguay The Company holds an undivided 100% interest in four prospecting permits in the Yuty Project, a 492,000-acre property located in Paraguay, acquired originally from Cue Resources Ltd. (“Cue”) through an Arrangement Agreement dated January 20, 2012 and effective March 30, 2012 (the “Arrangement Agreement”). Pursuant to a Settlement and Release Agreement dated and effective August 7, 2012 (the “Settlement Agreement”), the Company renegotiated certain acquisition and royalty agreement terms previously agreed to between Cue and the original property vendors of the Yuty Project. The Settlement Agreement confirms an overriding royalty payable to the property vendors of $0.21 for each pound of uranium produced from the Yuty Project, and supersedes all prior agreements entered into between Cue and the original property vendors. As consideration for the Settlement Agreement, the Company paid $50,000 in cash and issued 75,000 restricted shares with a fair value of $190,500. At July 31, 2014, capitalized costs totaled $11,947,144 (July 31, 2013: $11,947,144).

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2014 </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%">July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Mineral Rights and Properties, Unproven </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Palangana Mine</td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="12%"> 6,664,260 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 7,045,457 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Goliad Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 8,689,127 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 8,689,127 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Burke Hollow Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,495,750 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,495,750 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Channen Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 428,164 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Longhorn Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 116,870 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 78,392 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Salvo Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 364,710 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 363,645 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Nichols Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 154,774 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 154,774 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Anderson Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 9,154,268 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 9,154,268 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Workman Creek Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,372,008 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,287,158 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Los Cuatros Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 257,250 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 257,250 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Slick Rock Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 661,271 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 653,213 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Todilto Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 166,720 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Yuty Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 11,947,144 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 11,947,144 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Coronel Oviedo Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,133,412 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,133,412 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Other Property Acquisitions</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 262,115 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 316,256 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 42,272,959 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 43,170,730 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Accumulated Depletion</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (3,454,533 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (2,278,053 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 38,818,426 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 40,892,677 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Databases </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 2,405,038 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 2,345,038 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Accumulated Amortization</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (1,928,901 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (1,685,011 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 476,137 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 660,027 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Land Use Agreements </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 390,155 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 390,155 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Accumulated Amortization</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (196,019 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (157,007 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 194,136 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 233,148 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 39,488,699 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 41,785,852 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 6664260 7045457 8689127 8689127 1495750 1495750 0 428164 116870 78392 364710 363645 154774 154774 9154268 9154268 1372008 1287158 257250 257250 661271 653213 0 166720 11947144 11947144 1133412 1133412 262115 316256 42272959 43170730 -3454533 -2278053 38818426 40892677 2405038 2345038 -1928901 -1685011 476137 660027 390155 390155 -196019 -157007 194136 233148 39488699 41785852 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);">Fiscal 2015</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 1,234,021 </td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Fiscal 2016</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,679,722 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Fiscal 2017</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,592,110 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Fiscal 2018</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,575,533 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Fiscal 2019</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,199,724 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);">Total</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 7,281,110 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 1234021 1679722 1592110 1575533 1199724 7281110 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="7" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended July 31, </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2014 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2013</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2012</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Mineral Property Expenditures </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Palangana Mine</td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,566,770 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 4,347,025 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 7,597,102 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Goliad Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,747,619 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 540,853 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 646,314 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Burke Hollow Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,094,089 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,225,132 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,176,101 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Channen Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 728 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 843,243 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 190,009 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Longhorn Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 71,497 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 16,335 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 10,163 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Salvo Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 14,384 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 54,329 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,113,659 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Anderson Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 254,840 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 117,008 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 375,058 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Workman Creek Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 32,290 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 33,573 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 50,069 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Slick Rock Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 66,525 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 147,043 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 47,691 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Yuty Project</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 451,464 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 424,411 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 627,623 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Coronel Oviedo Project</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 759,804 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 632,454 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,207,255 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Other Mineral Property Expenditures</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,100,638 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 629,285 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 897,678 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 9,160,648 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 10,010,691 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 14,938,722 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 2566770 4347025 7597102 1747619 540853 646314 2094089 2225132 1176101 728 843243 190009 71497 16335 10163 14384 54329 1113659 254840 117008 375058 32290 33573 50069 66525 147043 47691 451464 424411 627623 759804 632454 2207255 1100638 629285 897678 9160648 10010691 14938722 1185000 428164 166720 58340 653224 7094 100 3911800 381197 30 42 6664260 7045457 3454533 2278053 3209727 4767404 1862 8689127 8689127 19335 1495750 1495750 651 116870 78392 5345 364710 363645 909 154774 154774 1.00 9214 1707938 1370486 128508 699340 1757619 312207 49681 640415 292045 40312 158426 189944 9154268 9154268 1.00 4036 0.03 100000 0.015 1000000 0.005 333340 50000 30304 34850 1372008 1287158 1.00 640 257250 257250 1.00 6773 0.01 0.03 30000 661271 653213 1.00 494000 0.015 0.005 500000 0.01 1133412 1133412 1.00 492000 0.21 50000 75000 190500 11947144 11947144

NOTE 5: PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> July 31, 2014 </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 0px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">July 31, 2013</td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="left" nowrap="nowrap" width="9%"> </td> <td align="left" nowrap="nowrap" width="2%"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="right" nowrap="nowrap" width="9%"> Accumulated </td> <td align="left" nowrap="nowrap" width="2%"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="right" nowrap="nowrap" width="9%"> Net Book </td> <td align="left" nowrap="nowrap" style="border-bottom: 0px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="left" nowrap="nowrap" width="9%"> </td> <td align="left" nowrap="nowrap" width="2%"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="right" nowrap="nowrap" width="9%">Accumulated</td> <td align="left" nowrap="nowrap" width="2%"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="right" nowrap="nowrap" width="9%">Net Book</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Cost </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Depreciation </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Value </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Cost</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Depreciation</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Value</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Hobson Processing Facility</td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="9%"> 7,107,717 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="9%"> (595,169 </td> <td align="left" bgcolor="#e6efff" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="9%"> 6,512,548 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="9%"> 7,107,717 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="9%"> (416,403 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="9%"> 6,691,314 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Mining Equipment</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 2,587,206 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (1,678,958 </td> <td align="left" width="2%"> ) </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 908,248 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 2,333,572 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (1,227,989 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 1,105,583 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Vehicles</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 1,855,451 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (1,559,850 </td> <td align="left" bgcolor="#e6efff" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 295,601 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 1,852,764 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (1,334,418 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 518,346 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Computer Equipment</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 645,622 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (551,633 </td> <td align="left" width="2%"> ) </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 93,989 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 648,567 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (495,455 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 153,112 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Furniture and Fixtures</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 182,568 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (163,278 </td> <td align="left" bgcolor="#e6efff" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 19,290 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 193,013 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (142,001 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 51,012 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Land</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 175,144 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 175,144 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 175,144 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 175,144 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Leasehold Improvements</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,242 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (725 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 517 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 9,970 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (9,204 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 766 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 12,554,950 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (4,549,613 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 8,005,337 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 12,320,747 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (3,625,470 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 8,695,277 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> </div> 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, subsequently extended to 12 years effective August 1, 2013 upon further review of the Company’s anticipated satellite mining activities in Texas.

7107717 -595169 6512548 7107717 -416403 6691314 2587206 -1678958 908248 2333572 -1227989 1105583 1855451 -1559850 295601 1852764 -1334418 518346 645622 -551633 93989 648567 -495455 153112 182568 -163278 19290 193013 -142001 51012 175144 0 175144 175144 0 175144 1242 -725 517 9970 -9204 766 12554950 -4549613 8005337 12320747 -3625470 8695277 12 NOTE 6: RECLAMATION DEPOSITS Reclamation deposits include interest and non-interest bearing deposits issued in the States of Arizona, Texas and Wyoming pursuant to exploration, pre-extraction, extraction and reclamation activities in the respective states. Reclamation deposits consist of the following: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2014 </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%">July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Palangana Mine</td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="12%"> 3,689,666 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 3,627,562 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Hobson Processing Facility</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,957,476 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,910,494 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Mount Lucas</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 472,823 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Arizona</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 15,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 15,000 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Wyoming</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 815 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 814 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 5,662,957 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 6,026,693 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Interest</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 15,672 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 14,216 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 5,678,629 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 6,040,909 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> On May 2, 2014, the Texas Commission on Environmental Quality, with concurrence from the U.S. Nuclear Regulatory Commission, approved the Company’s application for release of the Mt. Lucas site to unrestricted use, marking the successful completion of the Mt. Lucas reclamation and resulting in the release of all related reclamation deposits. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2014 </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%">July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Palangana Mine</td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="12%"> 3,689,666 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 3,627,562 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Hobson Processing Facility</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,957,476 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,910,494 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Mount Lucas</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 472,823 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Arizona</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 15,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 15,000 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Wyoming</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 815 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 814 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 5,662,957 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 6,026,693 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Interest</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 15,672 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 14,216 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 5,678,629 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 6,040,909 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 3689666 3627562 1957476 1910494 0 472823 15000 15000 815 814 5662957 6026693 15672 14216 5678629 6040909

NOTE 7: DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS During Fiscal 2014, the Company had transactions with certain officers and directors of the Company as follows: <ul style="text-align: justify;"> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> incurred $152,090 (Fiscal 2013: $176,099 ; Fiscal 2012: $126,373) in general and administrative costs paid to a company controlled by a direct family member of a current officer; and</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> incurred $33,000 (Fiscal 2013: $36,000;  Fiscal 2012: $6,000) in consulting fees paid to a company controlled by a former director of the Company.</li> </ul> During Fiscal 2012, the Company incurred $220,000, in consulting fees paid to a company controlled by a former director of the Company. At July 31, 2014, amounts owed to related parties totaled $11,234 (July 31, 2013: $9,571). These amounts are unsecured, non-interest bearing and due on demand.

152090 176099 126373 33000 36000 6000 220000 11234 9571

NOTE 8: LONG-TERM DEBT Pursuant to an Amended and Restated Credit Agreement dated and effective March 13, 2014 (the “Amended Credit Facility”), which supersedes in its entirety the Credit Agreement dated and effective July 30, 2013 (the “Credit Facility”), the Company entered into a $20,000,000 senior secured credit facility (the “Facility Amount”) with certain lenders including Sprott Resource Lending Partnership and CEF (Capital Markets) Limited (collectively, the “Lenders”), under which: <ul style="text-align: justify;"> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> initial funding of $10,000,000 was received by the Company upon closing of the Credit Facility on July 30, 2013; and</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> additional funding of $10,000,000 was received by the Company upon closing of the Amended Credit Facility on March 13, 2014.</li> </ul> The Amended Credit Facility is non-revolving with a four-year term maturing on July 31, 2017 with security over the lease and related rights comprising the Hobson Processing Plant and the mineral and related rights comprising the Goliad Project, and subject to the following terms: <ul style="text-align: justify;"> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> an interest rate of 8% per annum on the principal balance outstanding, compounded and payable on a monthly basis;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> a structuring fee of $175,000 payable upon closing of the Credit Facility;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> a one-time fee $150,000 payable in cash or shares of the Company, at the Lenders’ option, on the first anniversary of the closing of the Credit Facility, and in the case of shares, based on a 10% discount to the five trading-day, volume-weighted average closing price of the Company’s shares at that time;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> a one-time extension fee payable by the issuance of 100,000 shares of common stock of the Company upon closing of the Amended Credit Facility;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> an annual extension fee of $50,000 payable in cash on July 31, 2015 and 2016 under the Amended Credit Facility, provided a principal balance remains outstanding on such dates, if any;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> issuance of bonus shares for a total 594,318 shares of common stock of the Company with a total value of 4.5% of the Facility Amount or $900,000 based on a 10% discount to the five trading-day, volume-weighted average closing price of the Company’s shares, with 407,239 shares issued at closing of the Credit Facility and held in escrow until the determination of the final number of bonus shares on July 30, 2014, the first anniversary of the closing of the Credit Facility, on which date a further 187,079 shares of common stock of the Company were issued. Thereafter, annual bonus shares are payable in shares of common stock of the Company on August 1, 2015 and 2016, with a total value of 4.5% of the principal balance outstanding on such dates, if any, based on a 10% discount to the five trading-day, volume-weighted average closing price of the Company’s shares;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> issuance of bonus warrants comprised of 2,600,000 share purchase warrants, each warrant exercisable for one share of common stock of the Company at an exercise price of $2.50 per share until an original expiry on July 30, 2016, extended by two years to July 30, 2018 under the Amended Credit Facility, subject to accelerated expiry whereby, upon notification by the Company, the warrant holders will have 30 days to exercise should the 30 trading-day, volume-weighted average closing price of the Company’s shares equals or exceeds $5.00 ;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> reimbursement by the Company of legal fees and certain due diligence expenses incurred by the Lenders;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> monthly principal repayments equal to one twelfth of the principal balance then outstanding commencing on July 31, 2016, with mandatory repayment obligations triggered under certain post-closing events; and</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> voluntary prepayments of the principal balance outstanding may occur on the last day of any month (on ten days prior notice) provided that not less than six months interest has been paid to the Lenders.</li> </ul> Under the Credit Facility, a standby fee of 4% per annum on the undrawn balance of the Facility Amount was payable on a monthly basis. The Company is required to use the proceeds of the Amended Credit Facility for the development, operation and maintenance of the Hobson Processing Facility, the Goliad Project and the Palangana Mine and for working capital purposes. In connection with the closing of the Credit Facility, the Company incurred various fees and expenses totaling $418,477 which were recorded as deferred financing costs on the consolidated balance sheet. The current portion of deferred financing costs represents costs that will be expensed over the next twelve months. The bonus warrants issued on July 30, 2013 were valued using the Black-Scholes option pricing model with the following assumptions: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);"> Expected Life in Years</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 3.00</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Expected Annual Volatility</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 67.15%</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Expected Risk Free Interest Rate</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 0.62%</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Expected Dividend Yield</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 0.00%</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> The incremental value associated with the two-year extension of the bonus warrants was valued using the Black-Scholes option pricing model with the following assumptions: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);"> Expected Life in Years</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 4.38</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Expected Annual Volatility</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 63.98%</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Expected Risk Free Interest Rate</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.285%</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Expected Dividend Yield</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 0.00%</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> At July 31, 2014, long-term debt consisted of the following: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2014</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Principal amount</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 20,000,000 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 10,000,000</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td>  </td> <td width="1%">  </td> <td width="12%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="12%">  </td> <td width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Discount on long-term debt - cash</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);">      Payments to lenders for fees and expenses</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (621,110 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (594,054</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Net proceeds received</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 19,378,890 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 9,405,946</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Discount on long-term debt - non-cash</td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Allocated fair value of bonus shares</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> (749,473 </td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> (1,065,400</td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> </tr> <tr valign="top"> <td align="left">      Allocated fair value of bonus warrants</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> (936,327 </td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> (1,237,910</td> <td align="left" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Allocated fair value of extension fee shares</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> (174,347 </td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);">      Annual fees</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (150,000 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (150,000</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (2,010,147 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (2,453,310</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Discount on long-term debt</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (2,631,257 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (3,047,364</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Long-term debt, net of discount</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 17,368,743 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 6,952,636</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">      Accumulated amortization of debt discount</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,336,394 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 4,583</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 18,705,137 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 6,957,219</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> On July 30, 2014, the first anniversary of the closing of the Credit Facility, the Company paid the one-time fee of $150,000 through the issuance of 99,755 shares of the Company with a fair value of $170,581, resulting in the recognition of a loss on settlement of current liabilities of $20,581. The aggregate yearly maturities of long-term debt based on principal amounts outstanding at July 31, 2014 are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);"> Fiscal 2015</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%">   -</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Fiscal 2016</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1,666,667</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Fiscal 2017</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 18,333,333</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> Total</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 20,000,000</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> Variable Share Forward Contract On July 30, 2013, the Company issued 407,239 shares of the Company at a price of $2.21 per share as bonus shares with a total value of $900,000. These bonus shares were held in escrow until the determination of the final number of bonus shares on July 30, 2014, on which date the initial 407,239 shares of the Company were released from escrow and a further 187,079 shares of the Company were issued. The final number of bonus shares totaled 594,318 shares of the Company valued at a price of $1.51 per share based on a 10% discount to the five trading-day, volume-weighted average closing price of the Company’s shares for a total value of $900,000. This feature of adjusting the number of shares for issuance at a future date to settle a fixed amount of monetary obligation is considered to be a variable share forward contract with a nominal initial value at July 31, 2013. At July 31, 2014, the fair value of the variable share forward contract immediately before settlement resulting from the issuance of additional shares is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> July 31, 2013</td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Number of shares issued</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 407,239</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Variable share forward contract</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">   -</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td bgcolor="#e6efff">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="12%">  </td> <td bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> July 31, 2014</td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Number of shares issued</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 594,318</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Adjustment in number of shares issued</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 187,079</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Share price at July 31, 2014</td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="12%"> 1.77</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Variable share forward contract before settlement</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 331,130</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Loss on valuation of variable share forward contract</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 331,130</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> As a result, the Company recognized a loss on fair value of variable share forward contract of $331,130 on the consolidated statement of operations.

20000000 10000000 -621110 -594054 19378890 9405946 -749473 -1065400 -936327 -1237910 -174347 0 -150000 -150000 -2010147 -2453310 -2631257 -3047364 17368743 6952636 1336394 4583 18705137 6957219

0 1666667 18333333 20000000 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left">July 31, 2013</td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Number of shares issued</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 407,239 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Variable share forward contract</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">   - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2014</td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Number of shares issued</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 594,318 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Adjustment in number of shares issued</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 187,079 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Share price at July 31, 2014</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 1.77 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Variable share forward contract before settlement</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 331,130 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Loss on valuation of variable share forward contract</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 331,130 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 407239 0 594318 187079 1.77 331130 331130 20000000 10000000 10000000 0.08 175000 150000 0.10 100000 50000 594318 0.045 900000 0.10 407239 187079 0.045 0.10 2600000 2.50 30 30 5.00 0.04 418477 150000 99755 170581 20581 407239 2.21 900000 407239 187079 594318 1.51 0.10 900000 331130

NOTE 9: ASSET RETIREMENT OBLIGATIONS The Company's asset retirement obligations ("ARO") relates to site restoration and reclamation for the Hobson Processing Facility, Palangana Mine and Mt. Lucas assumed as part of the STMV Acquisition. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> July 31, 2014</td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Opening balance</td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="15%"> 4,078,080 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="15%"> 3,112,374</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Revision in estimate of asset retirement obligations</td> <td align="left" width="1%">  </td> <td align="right" width="15%"> (381,197 </td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="15%"> 435,758</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Additions of asset retirement obligations</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="15%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="15%"> 435,004</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Liabilities settled with cash</td> <td align="left" width="1%">  </td> <td align="right" width="15%"> (23,382 </td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="15%"> (109,916</td> <td align="left" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Accretion</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> 294,088 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> 204,860</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  </td> <td align="left" width="1%">  </td> <td align="right" width="15%"> 3,967,589 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="15%"> 4,078,080</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Less: current portion of asset retirement obligations</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> (198,816 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> (836,073</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Long-term asset retirement obligations</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> 3,768,773 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> 3,242,007</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> July 31, 2014</td> <td align="left" nowrap="nowrap" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> July 31, 2013</td> <td align="left" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Undiscounted amount of estimated cash flows</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> 6,382,549 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> 5,975,265</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td>  </td> <td width="1%">  </td> <td width="15%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="15%">  </td> <td width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Payable in years</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="15%"> 2.5 to 12 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="15%"> 2.5 to 12</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Inflation rate</td> <td align="left" width="1%">  </td> <td align="right" width="15%"> 1.56% to 2.43% </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="15%"> 1.56% to 2.43%</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Discount rate</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="15%"> 5.00% to 10.50% </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="15%"> 5.00% to 10.50%</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> During Fiscal 2014, the Company settled asset retirement obligations of $12,146 with cash of $13,551. In connection with the release of the Mount Lucas Project to the unrestricted use, the Company derecognized the remaining ARO liabilities of $11,236 associated with the Mount Lucas Project. As a result, the Company recognized a gain on settlement of asset retirement obligations of $9,831. During Fiscal 2013, the Company settled asset retirement obligations of $109,916 (Fiscal 2012: $619,772) with cash of $142,305 (Fiscal 2012: $1,064,220). As a result, the Company recognized a loss on settlement of asset retirement obligations of $32,389 (Fiscal 2012: $444,448). The undiscounted amounts of estimated cash flows for the next five years and beyond are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);"> Fiscal 2015</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 198,816</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Fiscal 2016</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 340,827</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Fiscal 2017</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,082,173</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Fiscal 2018</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 635,932</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Fiscal 2019</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Remaining balance</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 4,124,801</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 6,382,549</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table>

4078080 3112374 -381197 435758 0 435004 -23382 -109916 294088 204860 3967589 4078080 -198816 -836073 3768773 3242007 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> July 31, 2014 </td> <td align="left" nowrap="nowrap" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="15%">July 31, 2013</td> <td align="left" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Undiscounted amount of estimated cash flows</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> 6,382,549 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="15%"> 5,975,265 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="15%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="15%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Payable in years</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="15%"> 2.5 to 12 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="15%"> 2.5 to 12 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Inflation rate</td> <td align="left" width="1%"> </td> <td align="right" width="15%"> 1.56% to 2.43% </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="15%"> 1.56% to 2.43% </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Discount rate</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="15%"> 5.00% to 10.50% </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="15%"> 5.00% to 10.50% </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 6382549 5975265 2.5 12 2.5 12 0.0156 0.0243 0.0156 0.0243 0.0500 0.1050 0.0500 0.1050 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);">Fiscal 2015</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 198,816 </td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Fiscal 2016</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 340,827 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Fiscal 2017</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,082,173 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Fiscal 2018</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 635,932 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Fiscal 2019</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Remaining balance</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 4,124,801 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 6,382,549 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 198816 340827 1082173 635932 0 4124801 6382549 12146 13551 11236 9831 109916 619772 142305 1064220 32389 444448

NOTE 10: CAPITAL STOCK Capital Stock At July 31, 2014, the Company’s capital stock was 750,000,000 authorized common shares with a par value of $0.001 per share. Equity Financing On October 23, 2013, the Company completed a public offering of 3,380,954 units at a price of $2.10 per unit for gross proceeds of $7,100,003 pursuant to a prospectus supplement to the Company’s effective shelf registration statement on Form S-3 previously filed with the SEC (the “2011 Shelf” as described below). Each unit was comprised of one share of common stock of the Company and 0.55 of one share purchase warrant, each whole warrant exercisable at a price of $2.60 for a three year period to purchase one share of common stock of the Company. The shares were valued at the Company’s closing price of $1.89 at October 23, 2013. The share purchase warrants were valued using the Black-Scholes option pricing model with the following assumptions: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);"> Expected Risk Free Interest Rate</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 0.60%</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Expected Annual Volatility</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 66.34%</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Expected Contractual Life in Years</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.00</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Expected Annual Dividend Yield</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 0%</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> The net proceeds from the equity financing were allocated to the fair values of the shares and share purchase warrants. The relative fair values of the shares and share purchase warrants calculated from the allocation is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);"> Fair Value of Shares</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 6,390,003</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value of Share Purchase Warrants</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 627,775</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Total Fair Value Before Allocation to Net Proceeds</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 7,017,778</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td>  </td> <td width="1%">  </td> <td width="12%">  </td> <td width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Gross Proceeds</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 7,100,003</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Share Issuance Costs</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (567,880</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Net Proceeds Received</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 6,532,123</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td>  </td> <td width="1%">  </td> <td width="12%">  </td> <td width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Relative Fair Value Allocation to:</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Shares</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 5,947,792</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Share Purchase Warrants</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 584,331</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 6,532,123</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> The Company previously filed a Form S-3 “Shelf” Registration Statement effective September 2, 2011 (the “2011 Shelf”) providing for the public offer and sale of certain securities of the Company from time to time, at its discretion, up to an aggregate amount of $50 million. A total of $34.4 million of the 2011 Shelf was utilized through public offers and sales of shares and units ($22.5 million in gross proceeds through an offering of the Company’s shares on April 10, 2012, $7.1 million in gross proceeds through an offering of units consisting of the Company’s shares and share purchase warrants on October 23, 2013, and $4.8 million representing the aggregate exercise price of those share purchase warrants should they be exercised in full). The Company filed a further registration statement effective December 31, 2013 providing for the public offer and sale of certain securities of the Company representing an additional 20%, or $3.1 million, of the then remaining $15.6 million available under the 2011 Shelf, which increased the remaining amount available under the 2011 Shelf to $18.7 million. On December 31, 2013, the Company filed a prospectus supplement to the 2011 Shelf, providing for the public offer and sale of the Company’s shares having an aggregate offering price of up to $18.7 million through one or more “at-the-market” offerings (the “ATM Offering”) pursuant to a Controlled Equity OfferingSM Sales Agreement effective December 31, 2013 between Cantor Fitzgerald & Co., as sales agent, and the Company. At July 31, 2014, no public offer and sale of the Company's shares was completed under the ATM Offering and transaction costs totaling $291,697 were recorded and included in the prepaid expenses and deposits on the Company’s consolidated balance sheets. Subsequent to July 31, 2014, a public offer and sale of 280,045 shares of the Company at a price of $1.70 per share for gross proceeds of $474,788 was completed under the ATM Offering. The 2011 Shelf expired on September 2, 2014. As a result, no further public offer and sale of the Company’s shares may be completed through the ATM Offering under the 2011 Shelf. During Fiscal 2014, the Company filed a second Form S-3 “Shelf” Registration Statement effective January 10, 2014 providing for the public offer and sale of certain securities of the Company from time to time, at its discretion, up to an aggregate offering of $100 million. On April 10, 2012, the Company completed a public offering of its common stock for net proceeds of $20,968,743 through the sale of 6,246,078 shares of the Company at a price of $3.60 per share pursuant to a prospectus supplement to the 2011 Shelf. The Company issued an additional 38,692 shares under this financing as share issuance costs. Share Transactions <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="center" style="border-top: 1pt solid;">  </td> <td align="left" style="border-top: 1pt solid;" width="1%">  </td> <td style="text-align: center; border-top: 1pt solid;" width="12%">   Common</td> <td align="left" style="border-top: 1pt solid;" width="2%">  </td> <td align="left" style="border-top: 1pt solid;" width="1%">  </td> <td colspan="4" rowspan="1" style="text-align: center; border-top: 1pt solid; border-bottom: 1px solid rgb(0, 0, 0);" width="12%">   Value per Share    </td> <td align="left" style="border-top: 1pt solid;" width="2%">  </td> <td align="left" style="border-top: 1pt solid;" width="1%">  </td> <td align="center" style="border-top: 1pt solid;" width="12%">  </td> <td align="left" style="border-top: 1pt solid;" width="2%">  </td> </tr> <tr valign="top"> <td style="border-bottom: 1px solid rgb(0, 0, 0); text-align: center;">   Period / Description</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); text-align: center;" width="12%"> Shares Issued</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> Low</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> High</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">   Issuance Value  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Balance, July 31, 2011</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 73,487,337</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Equity Financing</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 6,284,770</td> <td align="left" width="2%">  </td> <td align="left" width="1%"> $</td> <td align="right" width="12%"> 3.60</td> <td align="left" width="2%">  </td> <td align="left" width="1%"> $</td> <td align="right" width="12%"> 3.60</td> <td align="left" width="2%">  </td> <td align="left" width="1%"> $</td> <td align="right" width="12%"> 20,968,743</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Mineral Property Acquisition</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 4,520,669</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.29</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.90</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 15,957,832</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Options Exercised (1)</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 191,872</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 0.33</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 3.72</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 198,728</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Database Acquisition</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 159,236</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.21</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.21</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 511,148</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Settlement of Convertible Debentures</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 128,508</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 3.18</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 3.96</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 699,340</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Warrants Exercised</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 112,451</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.10</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 4.25</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 355,392</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Service Agreements</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 50,000</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 2.95</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 4.02</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 167,374</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">      Settlement of Accounts Payable</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 40,312</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 3.93</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 3.93</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 158,426</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Balance, July 31, 2012</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 84,975,155</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Debt Financing</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 407,239</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.35</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.35</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,065,400</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Options Exercised (2)</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 459,891</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 0.33</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 0.45</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 46,464</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Service Agreements</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 60,000</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.00</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.00</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 120,000</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Everest Settlement Agreement</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 55,000</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 3.54</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 3.54</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 194,700</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">      Yuty Settlement Agreement</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 75,000</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2.54</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2.54</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 190,500</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Balance, July 31, 2013</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 86,032,285</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Equity Financing</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 3,380,954</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.76</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.76</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 5,947,792</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Extension Fees for Debt Amendment</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 100,000</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1.74</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1.74</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 174,347</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Annual Fee Shares for Debt Facility</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 99,755</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.71</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.71</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 170,581</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Bonus Adjustment Shares for Debt Facility</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 187,079</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1.77</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 1.77</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 331,130</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Service Agreements</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 635,303</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.06</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.41</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,101,932</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Options Exercised (3)</td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 470,492</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 0.33</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 0.45</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="12%"> 27,401</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Share Bonuses</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 30,386</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.81</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.81</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 55,000</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">      Advance Royalty for Workman Creek</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 30,304</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1.15</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1.15</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 34,850</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Balance, July 31, 2014</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 90,966,558 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> (1)</td> <td> 115,000 options were exercised on a cashless basis resulting in 34,247 net shares issued. </td> </tr> <tr> <td valign="top" width="5%"> (2)</td> <td> 406,615 options were exercised on a cashless basis resulting in 346,598 net shares issued. </td> </tr> <tr> <td valign="top" width="5%"> (3)</td> <td> 631,250 options were exercised on a cashless basis resulting in 387,842 net shares issued. </td> </tr> </table> Share Purchase Warrants A continuity schedule of exercisable and outstanding share purchase warrants for the underlying common shares at July 31, 2014, and the changes during the year, is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="14%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="14%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="18%"> Weighted Average</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  </td> <td align="left" width="1%">  </td> <td align="right" nowrap="nowrap" width="14%"> Number of</td> <td align="left" nowrap="nowrap" width="2%">  </td> <td align="left" nowrap="nowrap" width="1%">  </td> <td align="right" nowrap="nowrap" width="14%"> Weighted Average</td> <td align="left" nowrap="nowrap" width="2%">  </td> <td align="left" nowrap="nowrap" width="1%">  </td> <td align="right" nowrap="nowrap" width="18%"> Remaining Contractual</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> Warrants</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> Exercise Price</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> Term (Years)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Balance, July 31, 2011</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 4,348,983</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="14%"> 3.57</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="18%"> 0.79</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Issued</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 1,276,280</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 9.36</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="18%"> 0.75</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">  Exercised</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> (112,451</td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 3.16</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="18%"> 1.32</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  Expired</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> (3,954,000</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 4.90</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> -</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Balance, July 31, 2012</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 1,558,812</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 4.95</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="18%"> 1.45</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  Issued</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 2,600,000</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 2.50</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="18%"> 5.00</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">  Expired</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> (1,008,812</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 7.06</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Balance, July 31, 2013</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 3,150,000</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 2.25</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="18%"> 4.55</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">  Issued</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 1,859,524</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 2.60</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> 3.00</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> Balance, July 31, 2014</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 5,009,524 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 2.38 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="18%"> 3.08 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> On March 13, 2014, as part of the terms of the Amended Credit Facility, the expiry date of the bonus warrants originally issued under the Credit Facility was extended by two years. These bonus warrants are comprised of 2,600,000 share purchase warrants, each warrant exercisable for one share of common stock of the Company at a price of $2.50 per share until expiry originally on July 30, 2016, extended to July 30, 2018. Refer to Note 8: Long-Term Debt Stock Options At July 31, 2014, the Company had one stock option plan, the 2014 Stock Incentive Plan (the “2014 Plan”). The 2014 Plan provides for 7,500,000 shares of the Company that may be issued pursuant to awards that may be granted and an additional 7,958,941 shares of the Company that may be issued pursuant to stock options previously granted under the Company’s prior 2013 Stock Incentive Plan. The 2014 Plan supersedes and replaces the Company’s prior 2013 Stock Incentive Plan, which superseded and replaced the Company’s prior 2009 and 2006 Stock Option Plans, such that no further shares are issuable under these prior plans. During Fiscal 2014, the Company did not grant any stock options under the 2014 Plan. Subsequent to July 31, 2014, stock options were granted under the 2014 Plan to the Company’s directors, officers, employees and consultants to purchase a total of 7,540,000 shares of the Company exercisable at a price of $1.32 per share over a five-year term with vesting provisions over an 18 -month period. A continuity schedule of outstanding stock options for the underlying common shares at July 31, 2014, and the changes during the period, is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="14%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="14%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="18%"> Weighted Average</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left">  </td> <td align="left" width="1%">  </td> <td align="right" nowrap="nowrap" width="14%"> Number of Stock</td> <td align="left" nowrap="nowrap" width="2%">  </td> <td align="left" nowrap="nowrap" width="1%">  </td> <td align="right" nowrap="nowrap" width="14%"> Weighted Average</td> <td align="left" nowrap="nowrap" width="2%">  </td> <td align="left" nowrap="nowrap" width="1%">  </td> <td align="right" nowrap="nowrap" width="18%"> Remaining Contractual</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> Options</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> Exercise Price</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> Term (Years)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Balance, July 31, 2011</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 8,579,750</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="14%"> 1.79</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="18%"> 7.40</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Issued</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 1,372,521</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 3.00</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="18%"> 9.29</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Exercised</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> (272,625</td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 1.93</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="18%"> 6.21</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">      Forfeited</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> (120,375</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 3.18</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> 9.08</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Balance, July 31, 2012</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 9,559,271</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 1.95</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="18%"> 6.52</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Issued</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 155,000</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 2.27</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="18%"> 9.51</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Exercised</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> (519,909</td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 0.37</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="18%"> 3.53</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Expired</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> (42,673</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 5.37</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="18%"> -</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">      Forfeited</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> (185,500</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 2.79</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> 7.22</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Balance, July 31, 2013</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 8,966,189</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 2.02</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="18%"> 5.72</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Exercised</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> (713,900</td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 0.41</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="18%"> 2.75</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Expired</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> (41,575</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 4.85</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="18%"> -</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">      Forfeited</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> (223,500</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 3.46</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> 5.48</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> Balance, July 31, 2014</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 7,987,214 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 2.10 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="18%"> 4.97 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> In Fiscal 2012, as a result of the acquisition of Cue effective March 30, 2012 and in exchange for Cue stock options and broker options, the Company issued the following stock options which were not issued pursuant to, and are not subject to the terms and conditions of, any of the Company’s stock option plans: <ul style="text-align: justify;"> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Stock options to purchase 48,748 shares of the Company exercisable at prices ranging from $5.13 to $23.08 per share until expiry ranging from July 15, 2013 to August 3, 2016, of which stock options to purchase 28,273 shares of the Company remained outstanding at July 31, 2014 and are included in the above continuity schedule, while the remainder expired unexercised; and</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;"> Broker options to purchase 38,773 shares of the Company exercisable at a price of $3.59 per share which expired on November 10, 2012.</li> </ul> The aggregate intrinsic value under the provisions of ASC 718 of all outstanding options at July 31, 2014 was estimated at $2,795,225 (vested: $2,795,225 and unvested: $Nil). As at July 31, 2014, unrecognized compensation cost related to non-vested stock options granted under the Company’s Stock Option Plans was $21,906, which is expected to be recognized over 1.36 years. A summary of options outstanding and exercisable at July 31, 2014 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="4" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Options Outstanding</td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 0px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="4" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Options Exercisable</td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Range of Exercise Prices</td> <td align="left" width="1%">  </td> <td align="right" nowrap="nowrap" width="14%"> Outstanding at</td> <td align="left" nowrap="nowrap" width="2%">  </td> <td align="left" nowrap="nowrap" width="1%">  </td> <td align="right" nowrap="nowrap" width="14%"> Weighted Average</td> <td align="left" nowrap="nowrap" style="border-bottom: 0px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" width="1%">  </td> <td align="right" nowrap="nowrap" width="14%"> Exercisable at</td> <td align="left" nowrap="nowrap" width="2%">  </td> <td align="left" nowrap="nowrap" width="1%">  </td> <td align="right" nowrap="nowrap" width="14%"> Weighted Average</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> July 31, 2014</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> Exercise Price</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> July 31, 2014</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> Exercise Price</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> $0.33 to $0.70</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 2,001,191</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="14%"> 0.41</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="14%"> 2,001,191</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="14%"> 0.41</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> $0.71 to $2.45</td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 3,790,250</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 2.37</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 3,770,250</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="14%"> 2.37</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> $2.46 to $5.90 (1)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 2,195,773</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 3.19</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 2,192,440</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 3.19</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 7,987,214</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 2.10</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 7,963,881</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 2.10</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> (1) Options include 28,273 options issued in connection with the acquisition of Cue, which were not issued pursuant to, and are not subject to the terms and conditions of, any of the Company’s stock option plans Stock-Based Compensation A summary of stock-based compensation expense for Fiscal 2014, 2013 and 2012 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="7" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended July 31,</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2014</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2013</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2012</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Stock-Based Consulting Fees</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="12%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">      Common stock issued for consulting services</td> <td align="left" width="1%"> $</td> <td align="right" width="12%"> 1,101,932 </td> <td align="left" width="2%">  </td> <td align="left" width="1%"> $</td> <td align="right" width="12%"> 120,000</td> <td align="left" width="2%">  </td> <td align="left" width="1%"> $</td> <td align="right" width="12%"> 167,374</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Common stock issued for Yuty Settlement Agreement</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 190,500</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">      Options issued to consultants</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 74,992 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 297,400</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 763,848</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,176,924 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 607,900</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 931,222</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Stock-Based Management Fees</td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">      Common stock issued for bonuses</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> 55,000 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="12%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">      Options issued to management</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> -</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 834,219</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 55,000 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 834,219</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Stock-Based Wages and Benefits</td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="left" width="12%">  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">      Options issued to employees</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 82,321 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 407,887</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,144,062</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 82,321 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 407,887</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,144,062</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td bgcolor="#e6efff">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="12%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="12%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="12%">  </td> <td bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Stock-based compensation charged to inventory</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (4,795 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (53,872</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (166,813</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 1,309,450 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 961,915</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 2,742,690</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table>

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="center" style="border-top: 1pt solid;"> </td> <td align="left" style="border-top: 1pt solid;" width="1%"> </td> <td style="text-align: center; border-top: 1pt solid;" width="12%">   Common </td> <td align="left" style="border-top: 1pt solid;" width="2%"> </td> <td align="left" style="border-top: 1pt solid;" width="1%"> </td> <td colspan="4" rowspan="1" style="text-align: center; border-top: 1pt solid; border-bottom: 1px solid rgb(0, 0, 0);" width="12%">   Value per Share     </td> <td align="left" style="border-top: 1pt solid;" width="2%"> </td> <td align="left" style="border-top: 1pt solid;" width="1%"> </td> <td align="center" style="border-top: 1pt solid;" width="12%"> </td> <td align="left" style="border-top: 1pt solid;" width="2%"> </td> </tr> <tr valign="top"> <td style="border-bottom: 1px solid rgb(0, 0, 0); text-align: center;">   Period / Description </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); text-align: center;" width="12%"> Shares Issued </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> Low </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> High </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">   Issuance Value   </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Balance, July 31, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 73,487,337 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Equity Financing</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 6,284,770 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="12%"> 3.60 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="12%"> 3.60 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="12%"> 20,968,743 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Mineral Property Acquisition</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 4,520,669 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.29 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.90 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 15,957,832 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">      Options Exercised (1) </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 191,872 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 0.33 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 3.72 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 198,728 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Database Acquisition</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 159,236 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.21 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.21 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 511,148 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Settlement of Convertible Debentures</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 128,508 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 3.18 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 3.96 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 699,340 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Warrants Exercised</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 112,451 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 3.10 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 4.25 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 355,392 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Service Agreements</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 50,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 2.95 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 4.02 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 167,374 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">     Settlement of Accounts Payable</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 40,312 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 3.93 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 3.93 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 158,426 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Balance, July 31, 2012</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 84,975,155 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Debt Financing</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 407,239 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.35 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.35 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,065,400 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">      Options Exercised (2) </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 459,891 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 0.33 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 0.45 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 46,464 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Service Agreements</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 60,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.00 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.00 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 120,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Everest Settlement Agreement</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 55,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 3.54 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 3.54 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 194,700 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">     Yuty Settlement Agreement</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 75,000 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2.54 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2.54 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 190,500 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Balance, July 31, 2013</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 86,032,285 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Equity Financing</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 3,380,954 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.76 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.76 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 5,947,792 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Extension Fees for Debt Amendment</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 100,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1.74 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1.74 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 174,347 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Annual Fee Shares for Debt Facility</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 99,755 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.71 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.71 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 170,581 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Bonus Adjustment Shares for Debt Facility</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 187,079 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1.77 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1.77 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 331,130 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Service Agreements</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 635,303 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.06 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2.41 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1,101,932 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">      Options Exercised (3) </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 470,492 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 0.33 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 0.45 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 27,401 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Share Bonuses</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 30,386 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.81 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 1.81 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 55,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">     Advance Royalty for Workman Creek</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 30,304 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1.15 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1.15 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 34,850 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Balance, July 31, 2014 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 90,966,558 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table>

73487337 6284770 3.60 3.60 20968743 4520669 2.29 3.90 15957832 191872 0.33 3.72 198728 159236 3.21 3.21 511148 128508 3.18 3.96 699340 112451 3.10 4.25 355392 50000 2.95 4.02 167374 40312 3.93 3.93 158426 84975155 407239 2.35 2.35 1065400 459891 0.33 0.45 46464 60000 2.00 2.00 120000 55000 3.54 3.54 194700 75000 2.54 2.54 190500 86032285 3380954 1.76 1.76 5947792 100000 1.74 1.74 174347 99755 1.71 1.71 170581 187079 1.77 1.77 331130 635303 1.06 2.41 1101932 470492 0.33 0.45 27401 30386 1.81 1.81 55000 30304 1.15 1.15 34850 90966558 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="14%"> </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="14%"> </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-top: 1px solid rgb(0, 0, 0);" width="18%"> Weighted Average </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="right" nowrap="nowrap" width="14%"> Number of </td> <td align="left" nowrap="nowrap" width="2%"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="right" nowrap="nowrap" width="14%"> Weighted Average </td> <td align="left" nowrap="nowrap" width="2%"> </td> <td align="left" nowrap="nowrap" width="1%"> </td> <td align="right" nowrap="nowrap" width="18%"> Remaining Contractual </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> Warrants </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> Exercise Price </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> Term (Years) </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Balance, July 31, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="14%"> 4,348,983 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="14%"> 3.57 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="18%"> 0.79 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Issued</td> <td align="left" width="1%"> </td> <td align="right" width="14%"> 1,276,280 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="14%"> 9.36 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="18%"> 0.75 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Exercised</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="14%"> (112,451 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="14%"> 3.16 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="18%"> 1.32 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Expired</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> (3,954,000 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 4.90 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Balance, July 31, 2012</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="14%"> 1,558,812 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="14%"> 4.95 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="18%"> 1.45 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Issued</td> <td align="left" width="1%"> </td> <td align="right" width="14%"> 2,600,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="14%"> 2.50 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="18%"> 5.00 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Expired</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> (1,008,812 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 7.06 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Balance, July 31, 2013</td> <td align="left" width="1%"> </td> <td align="right" width="14%"> 3,150,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="14%"> 2.25 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="18%"> 4.55 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Issued</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 1,859,524 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="14%"> 2.60 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="18%"> 3.00 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> Balance, July 31, 2014 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 5,009,524 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="14%"> 2.38 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="18%"> 3.08 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 4348983 3.57 0.79 1276280 9.36 0.75 -112451 3.16 1.32 -3954000 4.90 0 1558812 4.95 1.45 2600000 2.50 5.00 -1008812 7.06 0 3150000 2.25 4.55 1859524 2.60 3.00 5009524 2.38 3.08

8579750 1.79 7.40 1372521 3.00 9.29 -272625 1.93 6.21 -120375 3.18 9.08 9559271 1.95 6.52 155000 2.27 9.51 -519909 0.37 3.53 -42673 5.37 0 -185500 2.79 7.22 8966189 2.02 5.72 -713900 0.41 2.75 -41575 4.85 0 -223500 3.46 5.48 7987214 2.10 4.97

0.33 0.70 2001191 0.41 2001191 0.41 0.71 2.45 3790250 2.37 3770250 2.37 2.46 5.90 2195773 3.19 2192440 3.19 7987214 2.10 7963881 2.10 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="7" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended July 31, </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2014 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2013</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2012</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Stock-Based Consulting Fees </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Common stock issued for consulting services</td> <td align="left" width="1%"> $ </td> <td align="right" width="12%"> 1,101,932 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="12%"> 120,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="12%"> 167,374 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Common stock issued for Yuty Settlement Agreement</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 190,500 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">     Options issued to consultants</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 74,992 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 297,400 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 763,848 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,176,924 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 607,900 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 931,222 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Stock-Based Management Fees </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Common stock issued for bonuses</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 55,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">     Options issued to management</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 834,219 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 55,000 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 834,219 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Stock-Based Wages and Benefits </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">     Options issued to employees</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 82,321 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 407,887 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,144,062 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 82,321 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 407,887 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,144,062 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Stock-based compensation charged to inventory</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (4,795 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (53,872 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (166,813 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 1,309,450 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 961,915 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 2,742,690 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 1101932 120000 167374 0 190500 0 74992 297400 763848 1176924 607900 931222 55000 0 0 0 0 834219 55000 0 834219 82321 407887 1144062 82321 407887 1144062 -4795 -53872 -166813 1309450 961915 2742690 750000000 0.001 3380954 2.10 7100003 0.55 2.60 1.89 50000000 34400000 22500000 7100000 4800000 0.20 3100000 15600000 18700000 18700000 291697 280045 1.70 474788 100000000 20968743 6246078 3.60 38692 115000 34247 406615 346598 631250 387842 2600000 2.50 7500000 7958941 7540000 1.32 18 48748 5.13 23.08 28273 38773 3.59 2795225 2795225 0 21906 1.36 28273

NOTE 11:  LOSS PER SHARE The following table reconciles weighted average number of shares used in the computation of basic and diluted loss per share for Fiscal 2014, 2013 and 2012: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="7" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended July 31, </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Numerator </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2014 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2013</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2012</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Net Loss for the Year</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (25,975,107 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (21,863,091 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (25,083,720 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Denominator </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Basic Weighted Average Number of Shares</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 89,136,505 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 85,380,412 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 78,325,648 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Dilutive Stock Options and Warrants</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);">Diluted Weighted Average Number of Shares</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 89,136,505 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 85,380,412 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 78,325,648 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> Net Loss per Share, Basic and Diluted </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (0.29 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (0.26 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (0.32 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> </tr> </table> For Fiscal 2014, 2013 and 2012, all outstanding stock options and share purchase warrants were excluded from the computation of diluted loss per share since the Company reported net losses for those periods and their effects would be anti-dilutive.

-25975107 -21863091 -25083720 89136505 85380412 78325648 0 0 0 89136505 85380412 78325648 -0.29 -0.26 -0.32

NOTE 12: INCOME TAXES At July 31, 2014, the Company had U.S. and Canadian net operating loss carry-forwards of approximately $101.8 million and $6.0 million in Canadian dollars, respectively, that may be available to reduce future years’ taxable income. These carry-forwards will begin to expire, if not utilized, commencing in 2023. Future tax benefits which may arise as a result of these losses have not been recognized in these consolidated financial statements, as their realization has been determined not likely to occur and accordingly, the Company has recorded a full valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The Company reviews its valuation allowance requirements on an annual basis based on projected future operations. When circumstances change resulting in a change in management’s judgement about the recoverability of future tax assets, the impact of the change on the valuation allowance will generally be reflected in current income. A reconciliation of income tax computed at the federal and state statutory tax rates including the Company’s effective tax rate is as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="7" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended July 31, </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2014 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2013</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2012</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Federal income tax provision rate</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 35.00% </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 35.00% </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 35.00% </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">State income tax provision rate, net of federal income tax effect</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 0.22% </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 0.10% </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 0.18% </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Total income tax provision rate</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 35.22% </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 35.10% </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 35.18% </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> The actual income tax provisions differ from the expected amounts calculated by applying the combined federal and state corporate income tax rates to the Company’s loss before income taxes. The components of these differences are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="7" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended July 31, </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2014 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2013</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2012</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Loss before income taxes</td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="12%"> 26,044,816 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 21,873,844 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 25,145,508 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Corporate tax rate</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 35.22% </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 35.10% </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 35.18% </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected tax recovery</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 9,172,984 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 7,677,719 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 8,846,190 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">(Increase) decrease resulting from</td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   Foreign tax rate differences</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (286,071 </td> <td align="left" bgcolor="#e6efff" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (211,744 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (660,185 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> </tr> <tr valign="top"> <td align="left">   Permanent differences</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (585,482 </td> <td align="left" width="2%"> ) </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (193,821 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (864,911 </td> <td align="left" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   Prior year true-up</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 79,672 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 522,982 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 723,571 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">   State tax rate true-up</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 199,795 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (58,729 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 59,559 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   Other</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (87,134 </td> <td align="left" bgcolor="#e6efff" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (49,289 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (2,207 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">   Change in valuation allowance</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (8,419,286 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (7,684,149 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (8,021,670 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Tax adjustment from operations</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 74,478 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,969 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 80,347 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Unrealized (loss) gain, other comprehensive income</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (4,769 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 7,784 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (18,559 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Deferred income tax benefit</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 69,709 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 10,753 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 61,788 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> The Company has incurred taxable losses for all years since inception and accordingly, no provision for current income taxes has been recorded for the current or any prior fiscal year. During Fiscal 2014, the Company recorded a deferred income tax benefit of $69,709 (Fiscal 2013: $10,753 ; Fiscal 2012: $61,788) on the consolidated statements of operations. The components of loss (income) from continuing operations before income taxes, by tax jurisdiction, were as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="7" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended July 31, </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2014 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2013</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">2012</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">United States</td> <td align="left" bgcolor="#e6efff" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" width="12%"> 25,009,106 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 21,105,334 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 22,586,744 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Canada</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (155,408 </td> <td align="left" width="2%"> ) </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (125,652 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (101,683 </td> <td align="left" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Paraguay</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,191,118 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 894,162 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2,660,447 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 26,044,816 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 21,873,844 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 25,145,508 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> The Company’s deferred tax assets (liabilities) are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> July 31, 2014 </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="12%">July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Deferred tax assets (liabilities)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">   Mineral property acquisitions</td> <td align="left" width="1%"> $ </td> <td align="right" width="12%"> 1,644,916 </td> <td align="left" width="2%"> </td> <td align="left" width="1%">$</td> <td align="right" width="12%"> 1,169,831 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   Exploration costs</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 11,424,636 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 9,714,579 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">   Stock option expense</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 4,924,354 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 4,461,072 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   Depreciable property</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (430,745 </td> <td align="left" bgcolor="#e6efff" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (110,031 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> </tr> <tr valign="top"> <td align="left">   Inventories</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (1,143,744 </td> <td align="left" width="2%"> ) </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (551,954 </td> <td align="left" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   Asset retirement obligations</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (429,710 </td> <td align="left" bgcolor="#e6efff" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (523,265 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> </tr> <tr valign="top"> <td align="left">   Other</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 201,876 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 214,811 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">   Loss carry forward</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 37,271,811 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 30,681,618 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 53,463,394 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 45,056,661 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Valuation allowance</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (53,468,163 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (45,048,877 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left">Deferred tax assets</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (4,769 </td> <td align="left" width="2%"> ) </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 7,784 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Deferred tax assets (liabilities), other comprehensive income</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 4,769 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (7,784 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Deferred tax liabilities</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">   Mineral property acquisition</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (711,477 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (781,186 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Net deferred tax liabilities</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (711,477 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> ) </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> (781,186 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> </tr> </table> As the criteria for recognizing future income tax assets have not been met due to the uncertainty of realization, a valuation allowance of 100% has been recorded for the current and prior years. The Company’s U.S. net operating loss carry-forwards expire as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);">July 31, 2023</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 180,892 </td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2024</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 228,757 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2025</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 507,833 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2026</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 5,895,221 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2027</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 3,892,722 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2028</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 9,913,533 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2029</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 8,469,032 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2030</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 7,319,644 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2031</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 14,420,187 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2032</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 15,014,013 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2033</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 16,332,007 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">July 31, 2034</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 19,614,639 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 101,788,480 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> For U.S. federal income tax purposes, a change in ownership under IRC Section 382 may have occurred in a prior year. If an ownership change has occurred, the utilization of these losses against future income would be subject to an annual limitation. The annual limitation would be equal to the value of the Company immediately prior to the change in ownership multiplied by the IRC Section 382 rate in effect during the month of the change. The Company’s Canadian net operating loss carry-forwards in Canadian dollars expire as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);">July 31, 2027</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 183,105 </td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2028</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 629,788 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2029</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 769,072 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2030</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,360,900 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2031</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,210,551 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2032</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 761,843 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2033</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 69,854 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">July 31, 2034</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 61,855 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 6,046,968 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table>

0.3500 0.3500 0.3500 0.0022 0.0010 0.0018 0.3522 0.3510 0.3518

26044816 21873844 25145508 0.3522 0.3510 0.3518 9172984 7677719 8846190 -286071 -211744 -660185 -585482 -193821 -864911 79672 522982 723571 199795 -58729 59559 -87134 -49289 -2207 -8419286 -7684149 -8021670 74478 2969 80347 -4769 7784 -18559 69709 10753 61788

25009106 21105334 22586744 -155408 -125652 -101683 1191118 894162 2660447 26044816 21873844 25145508

1644916 1169831 11424636 9714579 4924354 4461072 -430745 -110031 -1143744 -551954 -429710 -523265 201876 214811 37271811 30681618 53463394 45056661 -53468163 -45048877 -4769 7784 4769 -7784 -711477 -781186 -711477 -781186

180892 228757 507833 5895221 3892722 9913533 8469032 7319644 14420187 15014013 16332007 19614639 101788480 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);">July 31, 2027</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 183,105 </td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2028</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 629,788 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2029</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 769,072 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2030</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,360,900 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2031</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,210,551 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">July 31, 2032</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 761,843 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">July 31, 2033</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 69,854 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">July 31, 2034</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 61,855 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 6,046,968 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> 183105 629788 769072 1360900 2210551 761843 69854 61855 6046968 101800000 6000000 69709 10753 61788 1.00

NOTE 13: SEGMENTED INFORMATION The Company currently operates in a single reportable segment and is focused on uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates. At July 31, 2014, long-term assets located in the U.S. were $40,221,692, or 75% of the Company’s total long-term assets of $53,340,286. The table below provides a breakdown of the Company’s long-term assets by geographic segment: <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> July 31, 2014</td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Balance Sheet Items</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="7" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);"> United States</td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" nowrap="nowrap" width="1%">  </td> <td colspan="1" rowspan="2" style="text-align: center; white-space: nowrap; vertical-align: middle; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);"> Canada  </td> <td align="center" nowrap="nowrap" width="2%">  </td> <td align="center" nowrap="nowrap" width="1%">  </td> <td colspan="1" rowspan="2" style="white-space: nowrap; text-align: center; vertical-align: middle; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);"> Paraguay  </td> <td align="center" nowrap="nowrap" width="2%">  </td> <td align="center" nowrap="nowrap" width="1%">  </td> <td colspan="1" rowspan="2" style="white-space: nowrap; text-align: center; vertical-align: middle; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);"> Total  </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Texas</td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Arizona</td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Other States</td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Deferred Financing Costs</td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%"> 167,621 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%">   - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%">   - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%">   - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%">   - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%"> 167,621 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Mineral Rights and Properties</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 14,732,677 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 10,791,861 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 883,606 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 13,080,555 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 39,488,699 </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Property, Plant and Equipment</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 7,966,833 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 465 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 12,960 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 25,079 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 8,005,337 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Reclamation Deposits</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 5,662,814 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 15,000 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 815 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 5,678,629 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Total Long-term Assets</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 28,529,945 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 10,806,861 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 884,886 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 12,960 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 13,105,634 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 53,340,286 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> July 31, 2013</td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Balance Sheet Items</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="7" style="border-bottom: 1px solid rgb(0, 0, 0);"> United States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" width="1%">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">  Canada</td> <td style="text-align: center; vertical-align: middle;">  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">  Paraguay</td> <td style="text-align: center; vertical-align: middle;">  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">  Total</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Texas</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Arizona</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Other States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Deferred Financing Costs</td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%"> 200,141</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%">   -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%">   -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%">   -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%">   -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%"> $</td> <td align="right" bgcolor="#e6efff" width="9%"> 200,141</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Mineral Rights and Properties</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 16,911,826</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 10,712,052</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 1,081,419</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 13,080,555</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 41,785,852</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Property, Plant and Equipment</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 8,597,774</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 4,297</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 24,459</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 34,840</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 33,907</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 8,695,277</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Reclamation Deposits</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 6,025,095</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 15,000</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 814</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> -</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> -</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 6,040,909</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Total Long-term Assets</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 31,734,836</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 10,731,349</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 1,106,692</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 34,840</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 13,114,462</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> 56,722,179</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> </div> The table below provides a breakdown of the Company’s operating results by geographic segment. All intercompany transactions have been eliminated. <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="16" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year ended July 31, 2014</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td colspan="1" rowspan="2" style="text-align: left; vertical-align: middle;"> Statement of Operations</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="7" style="border-bottom: 1px solid rgb(0, 0, 0);"> United States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" width="1%">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">   Canada</td> <td style="text-align: center; vertical-align: middle;">  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);"> Paraguay  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">   Total</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Texas</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Arizona</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Other States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1pt solid;"> Sales</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td>  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Costs and Expenses:</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">     Cost of sales</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> - </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Inventory write-down</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 804,060 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 804,060 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">     Mineral property expenditures</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 7,362,492 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 328,479 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 258,408 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> - </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 1,211,269 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 9,160,648 </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     General and administrative</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 5,726,867 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 187,997 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 85,027 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 3,822,974 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 2,931 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 9,825,796 </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">     Depreciation, amortization and accretion</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 2,348,846 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 758 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 7,470 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 23,720 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 12,072 </td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 2,392,866 </td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">     Impairment loss on mineral properties</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 440,115 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 5,041 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 208,068 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 653,224 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 16,682,380 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 522,275 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 558,973 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 3,846,694 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,226,272 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 22,836,594 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Loss from operations</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> (16,682,380 </td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> (522,275 </td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> (558,973 </td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> (3,846,694 </td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> (1,226,272 </td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> (22,836,594 </td> <td align="left" bgcolor="#e6efff" width="2%"> )</td> </tr> <tr> <td>  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Other (income) and expenses</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 3,185,554 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 20,588 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 2,148 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (68 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 3,208,222 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> Loss before income taxes</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (19,867,934 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%">  ( 542,863 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (558,973 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (3,848,842 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (1,226,204 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (26,044,816 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> </table> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="16" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year ended July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td colspan="1" rowspan="2" style="text-align: left; vertical-align: middle;"> Statement of Operations</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> United States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" width="1%">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">  Canada</td> <td style="text-align: center; vertical-align: middle;">  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">  Paraguay</td> <td style="text-align: center; vertical-align: middle;">  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">  Total</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Texas</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Arizona</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Other States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1pt solid;"> Sales</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 9,026,325</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 9,026,325</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td>  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Costs and Expenses:</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">    Cost of sales</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 8,016,265</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 8,016,265</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">    Inventory write-down</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 425,208</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 425,208</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">    Mineral property expenditures</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 8,335,503</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 177,644</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 440,679</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 1,056,865</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 10,010,691</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">    General and administrative</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 5,979,855</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 211,838</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 178,161</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 4,458,715</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 4,360</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 10,832,929</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">    Depreciation, amortization and accretion</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,468,144</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 3,033</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 31,862</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 36,968</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 11,854</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,551,861</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 24,224,975</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 392,515</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 650,702</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 4,495,683</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,073,079</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 30,836,954</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Loss from operations</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (15,198,650</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (392,515</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (650,702</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (4,495,683</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (1,073,079</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (21,810,629</td> <td align="left" width="2%"> )</td> </tr> <tr> <td bgcolor="#e6efff">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Other (income) and expenses</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 51,153</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 21,509</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> -</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,480</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (10,927</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 63,215</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Loss before income taxes</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (15,249,803</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (414,024</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (650,702</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (4,497,163</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (1,062,152</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (21,873,844</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> </table> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);">  </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" colspan="16" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year ended July 31, 2012</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td colspan="1" rowspan="2" style="text-align: left; vertical-align: middle;"> Statement of Operations</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> United States  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" width="1%">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);"> Canada </td> <td style="text-align: center; vertical-align: middle;">  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">  Paraguay</td> <td style="text-align: center; vertical-align: middle;">  </td> <td style="text-align: center; vertical-align: middle;">  </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">  Total</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Texas</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Arizona</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Other States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1pt solid;"> Sales</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 13,757,400</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   -</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 13,757,400</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr> <td>  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> <td width="1%">  </td> <td width="9%">  </td> <td width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Costs and Expenses:</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="left" bgcolor="#e6efff" width="9%">  </td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">    Cost of sales</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 8,112,040</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 8,112,040</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">    Inventory write-down</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> -</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left">    Mineral property expenditures</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 11,429,645</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 465,131</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 209,067</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> -</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 2,834,879</td> <td align="left" width="2%">  </td> <td align="left" width="1%">  </td> <td align="right" width="9%"> 14,938,722</td> <td align="left" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">    General and administrative</td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 9,113,348</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 340,879</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 349,203</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 4,179,124</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 54,420</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> <td align="left" bgcolor="#e6efff" width="1%">  </td> <td align="right" bgcolor="#e6efff" width="9%"> 14,036,974</td> <td align="left" bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">    Depreciation, amortization and accretion</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,105,190</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,769</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 110,853</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 49,273</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 8,472</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,275,557</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 29,760,223</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 807,779</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 669,123</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 4,228,397</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 2,897,771</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 38,363,293</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left"> Loss from operations</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (16,002,823</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (807,779</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (669,123</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (4,228,397</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (2,897,771</td> <td align="left" width="2%"> )</td> <td align="left" width="1%">  </td> <td align="right" width="9%"> (24,605,893</td> <td align="left" width="2%"> )</td> </tr> <tr> <td bgcolor="#e6efff">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> <td bgcolor="#e6efff" width="1%">  </td> <td bgcolor="#e6efff" width="9%">  </td> <td bgcolor="#e6efff" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> Other (income) and expenses</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 387,344</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 195,342</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> -</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (11,634</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (31,437</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 539,615</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);"> Loss before income taxes</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (16,390,167</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (1,003,121</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (669,123</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (4,216,763</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (2,866,334</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (25,145,508</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%"> )</td> </tr> </table> </div>

167621 0 0 0 0 167621 14732677 10791861 883606 0 13080555 39488699 7966833 0 465 12960 25079 8005337 5662814 15000 815 0 0 5678629 28529945 10806861 884886 12960 13105634 53340286

200141 0 0 0 0 200141 16911826 10712052 1081419 0 13080555 41785852 8597774 4297 24459 34840 33907 8695277 6025095 15000 814 0 0 6040909 31734836 10731349 1106692 34840 13114462 56722179

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="16" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> Year ended July 31, 2014 </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td colspan="1" rowspan="2" style="text-align: left; vertical-align: middle;"> Statement of Operations </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="7" style="border-bottom: 1px solid rgb(0, 0, 0);"> United States </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" width="1%"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">   Canada </td> <td style="text-align: center; vertical-align: middle;"> </td> <td style="text-align: center; vertical-align: middle;"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);"> Paraguay   </td> <td style="text-align: center; vertical-align: middle;"> </td> <td style="text-align: center; vertical-align: middle;"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">   Total </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Texas </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Arizona </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> Other States </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1pt solid;"> Sales </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Costs and Expenses: </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Cost of sales </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     Inventory write-down </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 804,060 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 804,060 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Mineral property expenditures </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 7,362,492 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 328,479 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 258,408 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 1,211,269 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 9,160,648 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">     General and administrative </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 5,726,867 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 187,997 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 85,027 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 3,822,974 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 2,931 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 9,825,796 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">     Depreciation, amortization and accretion </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 2,348,846 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 758 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 7,470 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 23,720 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 12,072 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 2,392,866 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">     Impairment loss on mineral properties </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 440,115 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 5,041 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 208,068 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 653,224 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 16,682,380 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 522,275 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 558,973 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 3,846,694 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,226,272 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 22,836,594 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Loss from operations </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (16,682,380 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (522,275 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (558,973 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (3,846,694 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (1,226,272 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> (22,836,594 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> Other (income) and expenses </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 3,185,554 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 20,588 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 2,148 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (68 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 3,208,222 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);"> Loss before income taxes </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (19,867,934 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%">  ( 542,863 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (558,973 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (3,848,842 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (1,226,204 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $ </td> <td align="right" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (26,044,816 </td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> </tr> </table>

0 0 0 0 0 0 0 0 0 0 0 0 804060 0 0 0 0 804060 7362492 328479 258408 0 1211269 9160648 5726867 187997 85027 3822974 2931 9825796 2348846 758 7470 23720 12072 2392866 440115 5041 208068 0 0 653224 16682380 522275 558973 3846694 1226272 22836594 -16682380 -522275 -558973 -3846694 -1226272 -22836594 3185554 20588 0 2148 -68 3208222 -19867934 542863 -558973 -3848842 -1226204 -26044816

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="center" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="16" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">Year ended July 31, 2013</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td colspan="1" rowspan="2" style="text-align: left; vertical-align: middle;">Statement of Operations</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">United States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" width="1%"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);"> Canada</td> <td style="text-align: center; vertical-align: middle;"> </td> <td style="text-align: center; vertical-align: middle;"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);"> Paraguay</td> <td style="text-align: center; vertical-align: middle;"> </td> <td style="text-align: center; vertical-align: middle;"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);"> Total</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Texas</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Arizona</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Other States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1pt solid;">Sales</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 9,026,325 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 9,026,325 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Costs and Expenses:</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">   Cost of sales</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 8,016,265 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 8,016,265 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   Inventory write-down</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 425,208 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 425,208 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">   Mineral property expenditures</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 8,335,503 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 177,644 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 440,679 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 1,056,865 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 10,010,691 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   General and administrative</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 5,979,855 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 211,838 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 178,161 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 4,458,715 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 4,360 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 10,832,929 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">   Depreciation, amortization and accretion</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,468,144 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 3,033 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 31,862 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 36,968 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 11,854 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,551,861 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 24,224,975 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 392,515 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 650,702 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 4,495,683 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,073,079 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 30,836,954 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Loss from operations</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (15,198,650 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (392,515 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (650,702 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (4,495,683 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (1,073,079 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (21,810,629 </td> <td align="left" width="2%">)</td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Other (income) and expenses</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 51,153 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 21,509 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,480 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (10,927 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 63,215 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Loss before income taxes</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (15,249,803 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (414,024 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (650,702 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (4,497,163 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (1,062,152 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (21,873,844 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> </tr> </table>

9026325 0 0 0 0 9026325 8016265 0 0 0 0 8016265 425208 0 0 0 0 425208 8335503 177644 440679 0 1056865 10010691 5979855 211838 178161 4458715 4360 10832929 1468144 3033 31862 36968 11854 1551861 24224975 392515 650702 4495683 1073079 30836954 -15198650 -392515 -650702 -4495683 -1073079 -21810629 51153 21509 0 1480 -10927 63215 -15249803 -414024 -650702 -4497163 -1062152 -21873844

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-top: 1px solid rgb(0, 0, 0);"> </td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="16" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">Year ended July 31, 2012</td> <td align="left" style="border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td colspan="1" rowspan="2" style="text-align: left; vertical-align: middle;">Statement of Operations</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">United States  </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" width="1%"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">Canada </td> <td style="text-align: center; vertical-align: middle;"> </td> <td style="text-align: center; vertical-align: middle;"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);"> Paraguay</td> <td style="text-align: center; vertical-align: middle;"> </td> <td style="text-align: center; vertical-align: middle;"> </td> <td colspan="1" rowspan="2" style="text-align: center; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);"> Total</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Texas</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Arizona</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">Other States</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1pt solid;">Sales</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 13,757,400 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%">   - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 13,757,400 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Costs and Expenses:</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="9%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">   Cost of sales</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 8,112,040 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 8,112,040 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   Inventory write-down</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">   Mineral property expenditures</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 11,429,645 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 465,131 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 209,067 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 2,834,879 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="9%"> 14,938,722 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">   General and administrative</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 9,113,348 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 340,879 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 349,203 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 4,179,124 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 54,420 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="9%"> 14,036,974 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">   Depreciation, amortization and accretion</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,105,190 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,769 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 110,853 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 49,273 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 8,472 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 1,275,557 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 29,760,223 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 807,779 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 669,123 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 4,228,397 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 2,897,771 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 38,363,293 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Loss from operations</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (16,002,823 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (807,779 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (669,123 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (4,228,397 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (2,897,771 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="9%"> (24,605,893 </td> <td align="left" width="2%">)</td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="9%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Other (income) and expenses</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 387,344 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 195,342 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> - </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (11,634 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> (31,437 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="9%"> 539,615 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">Loss before income taxes</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (16,390,167 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (1,003,121 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (669,123 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (4,216,763 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (2,866,334 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="9%"> (25,145,508 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">)</td> </tr> </table>

13757400 0 0 0 0 13757400 8112040 0 0 0 0 8112040 0 0 0 0 0 0 11429645 465131 209067 0 2834879 14938722 9113348 340879 349203 4179124 54420 14036974 1105190 1769 110853 49273 8472 1275557 29760223 807779 669123 4228397 2897771 38363293 -16002823 -807779 -669123 -4228397 -2897771 -24605893 387344 195342 0 -11634 -31437 539615 -16390167 -1003121 -669123 -4216763 -2866334 -25145508 40221692 0.75 53340286

NOTE 14: SUPPLEMENTAL CASH FLOW INFORMATION During Fiscal 2014, the Company issued 635,303 restricted shares with a fair value of $1,101,932 for consulting services. During Fiscal 2014, the Company issued 30,386 restricted shares with a fair value of $55,000 to two directors of the Company for bonuses. During Fiscal 2014, the Company issued 30,304 restricted shares with a fair value of $34,850 as part of an annual advance royalty payment for the Workman Creek Project. During Fiscal 2014, the Company paid $217,269 for transaction costs incurred in connection with the ATM Offering. In connection with Credit Facility in July 2013 and the first draw-down of $10 million in gross proceeds, the Company incurred debt financing costs of $418,477 which were included in accounts payable and accrued liabilities at July 31, 2013 and subsequently paid during Fiscal 2014.

635303 1101932 30386 55000 30304 34850 217269 10000000 418477

NOTE 15: COMMITMENTS AND CONTINGENCIES The Company is renting or leasing various office or storage space located in the United States, Canada and Paraguay with total monthly payments of $20,171. Office lease agreements expire between October 2014 and January 2016 for the United States and Canada. The aggregate minimum payments over the next five years are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);"> July 31, 2015</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="12%"> 227,423</td> <td align="left" bgcolor="#e6efff" style="border-top: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);"> July 31, 2016</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">  </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 36,869</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">  </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);">  </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%"> $</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="12%"> 264,292</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">  </td> </tr> </table> The Company is committed to pay its key executives a total of $511,321 per year for management services. The Company entered into a multi-year uranium sales contract in June 2011, as amended in January 2012, requiring the delivery of a total 320,000 pounds of U3O8 by the Company over a three-year period starting in August 2011. The sales price was based on published market price indicators at the time of delivery. During Fiscal 2012, the Company fulfilled its first-year delivery obligations under this contract. During Fiscal 2013, the Company fulfilled its second-year delivery obligation in full and third-year delivery obligation in part under this contract. During Fiscal 2014, the remaining delivery commitment of 30,000 pounds under this contract was cancelled at no cost to the Company. <p align="justify" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"> On or about March 9, 2011, the Texas Commission on Environmental Quality (the “TCEQ”) granted the Company’s applications for a Class III Injection Well Permit, Production Area Authorization and Aquifer Exemption for its Goliad Project. On or about December 4, 2012, the U.S. Environmental Protection Agency (the “EPA”) concurred with the TCEQ issuance of the Aquifer Exemption permit (the “AE”). With the receipt of this concurrence, the final authorization required for uranium extraction, the Goliad Project achieved fully-permitted status. On or about May 24, 2011, a group of petitioners, inclusive of Goliad County, appealed the TCEQ action to the 250 th District Court in Travis County, Texas. A motion filed by the Company to intervene in this matter was granted. The petitioners’ appeal lay dormant until on or about June 14, 2013, when the petitioners filed their initial brief in support of their position. On or about January 18, 2013, a different group of petitioners, exclusive of Goliad County, filed a petition for review with the Court of Appeals for the Fifth Circuit in the United States (the “Fifth Circuit”) to appeal the EPA’s decision. On or about March 5, 2013, a motion filed by the Company to intervene in this matter was granted. The parties attempted to resolve both appeals and, to facilitate discussions and to avoid further legal costs, the parties jointly agreed, through mediation which was initially conducted through the Fifth Circuit on or about August 8, 2013, to abate the proceedings in the State District Court. On or about August 21, 2013, the State District Court agreed to abate the proceedings. The EPA subsequently filed a motion to remand without vacatur with the Fifth Circuit wherein the EPA's stated purpose was to elicit additional public input and further explain its rationale for the approval. In requesting the remand without vacatur, which would allow the AE to remain in place during the review period, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal of the AE. The Company and the TCEQ filed a request to the Fifth Circuit for the motion to remand without vacatur, if granted, to be limited to a 60 -day review period. On December 9, 2013, by way of a procedural order from a three-judge panel of the Fifth Circuit, the Court granted the remand without vacatur and initially limited the review period to 60 days. In March of 2014, at the EPA’s request, the Fifth Circuit extended the EPA’s time period for review and additionally, during that same period, the Company conducted a joint groundwater survey of the site, the result of which reaffirmed the Company’s previously filed groundwater direction studies. On or about June 17, 2014, the EPA reaffirmed its earlier decision to uphold the granting of the Company’s existing AE, with the exception of a northwestern portion containing less than 10% of the uranium resource which was withdrawn, but not denied, from the AE area until additional information is provided in the normal course of mine development. On or about September 9, 2014, the petitioners filed a status report with the State District Court which included a request to remove the stay agreed to in August 2013 and to set a briefing schedule (the “Status Report”). In that Status Report, the petitioners also stated that they had decided not to pursue their appeal at the Fifth Circuit. The Company continues to believe that the pending appeal is without merit and is continuing forward as planned towards uranium extraction at its fully-permitted Goliad Project. <p align="justify" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"> On or about April 3, 2012, the Company received notification of a lawsuit filed in the State of Arizona, in the Superior Court for the County of Yavapai, by certain petitioners (the “Plaintiffs”) against a group of defendants, including the Company and former management and board members of Concentric. The lawsuit asserts certain claims relating to the Plaintiffs’ equity investments in Concentric, including allegations that the former management and board members of Concentric engaged in various wrongful acts prior to and/or in conjunction with the merger of Concentric. The lawsuit originally further alleged that the Company was contractually liable for liquidated damages arising from a pre-merger transaction which the Company previously acknowledged and recorded as an accrued liability, and which portion of the lawsuit was settled in full by a cash payment of $149,194 to the Plaintiffs and subsequently dismissed. The court dismissed several other claims set forth in the Plaintiffs’ initial complaint, but granted the Plaintiffs leave to file an amended complaint. The court denied a subsequent motion to dismiss the amended complaint, finding that the pleading met the minimal pleading requirements under the applicable procedural rules. In October 2013, the Company filed a formal response denying liability for any of the Plaintiffs’ remaining claims and is vigorously defending against any and all remaining claims asserted under this lawsuit. The parties have exchanged preliminary disclosure statements, and formal discovery has commenced. A trial date has been set for April 2016. The Company continues to believe that this lawsuit is without merit, and intends to file a dispositive motion prior to the deadline set by the court.

227423 36869 264292 20171 511321 320000 30000 60 60 0.10 149194