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Deep Yellow Limited

ASX AnnouncementASX Code: DYL

13 December 2010

DEEP YELLOW ISSUES POSITIVE GRADE CORRECTION
FOR ONGOLO ALASKITE PROJECT IN NAMIBIA

Deep Yellow Limited (ASX Code: DYL) is pleased to announce that a change of analytical procedure has resulted in a significant increase in the uranium assay grades for previously reported samples from the Ongolo Alaskite project in Namibia (Figure 1), operated by DYL's wholly-owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN).

Chemical assays reported in the 29 April 2010 ASX announcement on the discovery of alaskitehosted uranium mineralisation, and in subsequent announcements on 23 August and 9 September 2010, were obtained using X-ray florescence (XRF) analysis of powder samples (powder-XRF). These samples were re-assayed using XRF analysis of 'fused' samples (fusion-XRF), and resulted in an average increase in uranium grade of approximately 30%. As shown in Table 2, the weighted average grade increased from 453 ppm U3O8 with powder-XRF assays to 587 ppm U3O8 with fusion-XRF assays.

The change in analytical procedure for the Ongolo Alaskite project samples stemmed from observed differences between powder-XRF assays and downhole gamma logging results (eU3O8); confirmation from ANSTO that the eU3O8 was not erroneous due to disequilibrium of uranium and its daughters; and confirmation from ANSTO and Mintek that using alternative analytical procedures resulted in higher uranium grades than reported by RUN using powder-XRF.

POSITIVE GRADE CORRECTION AT ONGOLO ALASKITE
PROJECT IN NAMIBIA

Assays from the fusion-XRF analytical procedure serve to further substantiate the significance of the discovery of alaskite-hosted uranium mineralisation at Ongolo by significantly increasing the uranium grade. The fusion-XRF procedure will be used for chemical analyses of all samples of alaskite-hosted uranium mineralisation going forward.

Drilling at Ongolo has been increased with four RC drilling rigs and one diamond rig working to delineate the presently interpreted two kilometre strike length mineralised zone, in anticipation of a Mineral Resource estimate in the 1st Quarter 2011.

For more information, please visit http://202.66.146.82/listco/au/deepyellow/press/p101213.pdf.


Source: Deep Yellow Limited
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