The Nova JV, involving EPLs 3669 and 3667 is held in the corporate entity Nova Energy (Namibia) Pty Ltd in which Reptile Mineral Resources and Exploration (Pty) Ltd (RMR - wholly owned subsidiary of Deep Yellow) holds 65% (Manager), Nova Energy Africa Pty Ltd (wholly owned subsidiary of Toro Energy Limited, ASX listed) 25% and Sixzone Investments (Pty) Ltd 10%.
JOGMEC is currently earning a 39.5% equity interest in the Nova JV to be achieved after $4.5m has been spent by them over a four year period.
Work on the Nova JV is focussing on target definition and drilling to test for both basement related uranium targets (Rössing/Husab style deposits) and palaeochannel/calcrete associated uranium targets (Langer Heinrich style deposits).
About Deep Yellow Limited:
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) is a specialist uranium company implementing a new strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across the Company's uranium projects in Namibia and the pursuit of accretive, counter-cyclical acquisitions to build a geographically diverse asset portfolio.
In parallel to its expansion objectives, the Company has a cornerstone suite of projects in Namibia, a top-ranked African mining destination with a long, well regarded history of safely and effectively developing and regulating its considerable uranium mining industry.
Source:
Deep Yellow Limited
Contact:
John Borshoff Managing Director/CEO T: +61-8-9286-6999 F: +61-8-9286-6969 Email: john.borshoff@deepyellow.com.au www.deepyellow.com.au