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MENAFN - ProactiveInvestors - Australia - 05/12/2012

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(MENAFN - ProactiveInvestors - Australia) Deep Yellow (ASX: DYL) expects to be awarded a mining licence for the Shiyela Iron Project in Namibia soon.

Its 95% owned subsidiary Shiyela Iron has been issued a Notice of Preparedness to Grant a Mining Licence for the project from the Ministry of Mines and Energy.

Shiyela Iron intends to accept the standard terms and conditions contained within the notice of preparedness and it is expected that the Minister of Mines will now direct the Mining Commissioner to issue a mining licence.

The area covered by the licence, ML176, is contained within Reptile Uranium Namibia's 100% owned EPL3496 and covers for base and rare metals, precious metals and industrial minerals.

Reptile is Deep Yellow's wholly owned Namibian operating subsidiary.

The company is currently finalising a resource update for Shiyela as well as a new scoping study that incorporates the encouraging results of the additional drilling and metallurgical testwork conducted earlier in the year.

 






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