JOGMEC Approves Annual Budget of $1.3M on Nova JV
JOGMEC Approves Annual Budget of $1.3M on Nova JV
Perth, April 18, 2018 AEST (ABN Newswire) - Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) is pleased to advise that Japan Oil, Gas and Metals National Corporation (JOGMEC), who are sole funding the Nova Joint Venture (Nova JV) in Namibia, have approved a program and budget of $1.3M over the next 12 months for the period ending 31 March 2019.

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 DYLDeep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) is a specialist differentiated uranium company implementing a new contrarian 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 global, geographically diverse asset portfolio. The Company's cornerstone suite of projects in Namibia is situated within a top-ranked African mining destination in a jurisdiction that has a long, well regarded history of safely and effectively developing and regulating its considerable uranium mining industry.

  


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



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