Deep Yellow Limited announced that it’s wholly owned Namibian operating subsidiary, Reptile Uranium Namibia Limited has received confirmation that the company’s Exclusive Prospecting Licences 3496, 3497 and 3499 have been renewed in full for a further two years to June 5th 2013. This is the second time that the EPL’s have been renewed in full and will allow DYL to continue to focus on expanding the resource base for its flagship Omahola Project.

Key Points;
1. Three Exclusive Prospecting Licences, held by DYL’s wholly owned Namibian subsidiary Reptile Uranium Namibia Limited have been renewed in full for a further 2 years with no further conditions.

2. This is the second renewal granted in full for Exclusive Prospecting Licences 3496, 3497 and 3499.

3. EPL’s 3496 and 3497 hold the bulk of the company’s priority projects, including the Omahola Uranium Project and the Shiyela Iron Project.

4. The renewal will allow the Company to continue its focus on the detail drill out of uranium resources for the Omahola Project, investigate other ‘lookalike’ targets and undertake further evaluation of the extensive mineralized palaeochannel systems within these tenements.

The bulk of the company’s advanced projects are located on EPL 3496, which include the high grade Ongolo Alaskite deposit and its recently discovered satellite deposit MS7 as well as the high grade INCA deposit and its lookalike INCA FS. The Shiyela Iron deposit is also on EPL 3496 whilst RUN’s extensive palaeochannel system straddles EPL’s 3496 and 3497.

Mr Greg Cochran MD of Deep Yellow was pleased with the news, which gives the company certainty and will allow it to pursue its exploration strategy and ultimately execute its objective of developing its flagship Omahola Project. The renewals in full, without additional conditions attached, are a testimony to the quality of the work that has been done exploring these tenements to date and recognition of the significant investment made by DYL over the past 5 years in proving up approximately 75 Mlbs of U3O8 resources on EPL’s 3496 and 3497 alone.