DEEP YELLOW LIMITED — Capital/Financing Update 2011

Nov 15, 2011

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ASX Announcement

ASX: DYL

16 November 2011

MORE HIGH GRADE INTERCEPTS CONFIRMED AT THE MS7 DEPOSIT

KEY POINTS

• More shallow high grade intercepts from infill and grid extension RC drilling at the MS7 Deposit have been confirmed by XRF Fusion chemical assays.

• Selected results include these outstanding intersections:

• ALAR764 25 metres at 405 ppm U3O8 from 66 metres

• ALAR789 21 metres at 1,245 ppm U3O8 from 156 metres

• ALAR795 11 metres at 686 ppm U3O8 from 45 metres

• Additional chemical assay results will soon follow for other high grade intersections at MS7 from both RC and diamond drilling.

• Coffey Mining (Perth) will undertake a Resource upgrade for the MS7 deposit on assay data received up to 19 November.

• Drilling continues around MS7 and southwest from Ongolo towards MS7 testing the potential that the two deposits may ultimately join up.

Advanced stage uranium e xplorer Deep Yellow Limited (ASX: DYL ) is pleased to announce that its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN) has received chemical assay results confirming more high-grade intercepts from the ongoing drilling programme at its MS7 deposit in Namibia.

“The news from our exploration efforts at MS7 and Ongolo just keeps getting better” said Deep Yellow’s Managing Director Greg Cochran. “We are increasingly optimistic that these two deposits will lay the foundation for the ultimate development of our Omahola project, with production complimented by ore from INCA at similar grades and even higher grade material sourced from the physically beneficiated Tubas Red Sand deposit. We will be eagerly awaiting the outcome of the MS7 upgrade once Coffey has received all the results from these recent assays.”

The MS7 discovery was made in May this year and a maiden JORC compliant Inferred resource of 2.7 Mt at 400 ppm U3O8 for 2.3 Mlbs U3O8 at a 300 ppm cut-off was announced in early October. The resource was classified as Inferred as there was a large amount of chemical assay data outstanding and infill drilling was ongoing.

The latest results come from the infill drilling programme shown in Figure 1 and will be included in the next resource upgrade for MS7, anticipated by the end of November. The location of current drilling operations is shown in Figure 2.

Level 1, 329 Hay Street, Subiaco, WA 6008 / PO Box 1770, Subiaco, WA 6904 Tel : 61 8 9286 6999 / Fax : 61 8 9286 6969 / ABN 97 006 391 948 Email: info@deepyellow.com.au / Website: www.deepyellow.com.au

MORE HIGH GRADE INTERCEPTS FROM MS7 DEPOSIT

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MS7’s main mineralised zone extends about 600 metres along strike and is up to 300 metres wide and is open to depth below 200 metres.

A complete list of the latest chemical assay results from MS7 can be found in Appendix 1, whilst selected significant results include:

• ALAR760 14 metres at 404 ppm U3O8 from 38 metres

• o ALAR764 25 metres at 405 ppm U3O8 from 66 metres o ALAR769 17 metres at 502 ppm U3O8 from 156 metres o ALAR775 21 metres at 411 ppm U3O8 from 35 metres and 28 metres at 537 ppm U3O8 from 209 metres

• ALAR776 17 metres at 405 ppm U3O8 from 102 metres

• o ALAR789 21 metres at 1,245 ppm U3O8 from 156 metres o ALAR795 11 metres at 686 ppm U3O8 from 45 metres

The wide relatively shallow intercepts overall show good continuity section to section as well as continuity to depth.

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Figure 1: MS7 Alaskite Deposit – Resource Outline and RC Drilling Update

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MORE HIGH GRADE INTERCEPTS FROM MS7 DEPOSIT

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Figure 2: Location Map INCA- MS7 - Ongolo Area

Ends

For further information regarding this announcement, contact:

Greg Cochran Phone: +61 8 9286 6999 Managing Director Email: info@deepyellow.com.au Media Phone: +61 8 6314 6302 Annette Ellis Email: aellis@purplecom.com.au For further information on the Company and its projects - visit the website at www.deepyellow.com.au

About Deep Yellow Limited

Deep Yellow Limited (DYL) is an ASX-listed, advanced stage uranium exploration Company with extensive operations in the southern African nation of Namibia and in Australia. It also has a listing on the NSX.

DYL’s primary focus is in Namibia where its operations are conducted by its 100% owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN). Its flagship is the Omahola Project currently under Pre-Feasibility Study with concurrent resource drill-outs on the high grade Ongolo Alaskite – INCA trend. It is also assessing the Shiyela Magnetite deposit located just 45 kilometres from the Namibian port of Walvis Bay.

In Australia the Company is focused on resource delineation of mid to high grade discoveries in the Mount Isa district in Queensland and also owns the Napperby Uranium Project and numerous exploration tenements in the Northern Territory.

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MORE HIGH GRADE INTERCEPTS FROM MS7 DEPOSIT

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Appendix 1:

MS7 Deposit Fusion XRF Chemical Assay Results – November 2011

Hole	mE	mN	Azi	TD	Dip	Depth (m)	Depth (m)	Interval	SS Fusion cU3O8 (ppm)	GTM
						From	To	(m)
ALAR693	494950	7481250	180	202	-60	152	155	3	465	1,395
and						170	177	7	599	4,193
ALAR707	495252	7481499	180	199	-60	126	134	8	475	3,800
ALAR713	495150	7481500	180	271	-60	140	146	6	508	3,048
and						230	243	13	406	5,278
ALAR715	495050	7481300	180	219	-60	201	208	7	433	3,031
ALAR760	495050	7481050	180	100	-60	38	52	14	404	5,656
ALAR762	494800	7481150	180	117	-60	84	87	3	408	1,224
ALAR763	495250	7481350	180	121	-60	47	50	3	415	1,245
ALAR764	495150	7481350	180	181	-60	66	91	25	405	10,125
and						120	125	5	415	2,075
ALAR765	494950	7481199	180	169	-60	121	127	6	491	2,946
ALAR769	495250	7481450	180	181	-60	156	173	17	502	8,534
ALAR775	495050	7481349	180	245	-60	5	11	6	433	2,598
and						24	27	3	405	1,215
and						35	56	21	411	8,631
and						209	237	28	537	15,036
ALAR776	495050	7481450	180	241	-60	102	119	17	405	6,885
ALAR789	495137	7481601	180	229	-60	156	177	21	1,245	26,145
ALAR795	495000	7481050	180	103	-60	45	56	11	686	7,546
ALAR796	494950	7481099	180	103	-60	29	33	4	593	2,372

Notes: TD is total depth of hole; U3O8 is a chemical assay by Fusion XRF. GTM is grade thickness metre and is calculated by multiplying the interval (m) x U3O8 (ppm)

Values of approximately 400 ppm U3O8 are deemed to be significant by DYL in this environment and therefore lower average values are not reported .

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MORE HIGH GRADE INTERCEPTS FROM MS7 DEPOSIT

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Compliance Statements:

Namibia

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Leon Pretorius, a Fellow of the Australasian Institute of Mining and Metallurgy. Dr Pretorius, Managing Director of Reptile Uranium Namibia (Pty) Ltd has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Pretorius consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the MS7 Mineral Resource is based on work completed by Mr Neil Inwood; for the INCA Mineral Resource on work completed by Mr Neil Inwood and Mr Steve Le Brun – Mr Inwood will supply consent for the Inca Resource; and for the Ongolo Mineral Resource on work completed by Mr Neil Inwood and Mr Doug Corley. Mr Inwood is a Fellow of the Australasian Institute of Mining and Metallurgy and Mr Corley is a member of the Australian Institute of Geoscientists. Messrs Inwood and Corley have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Messrs Inwood and Corley consent to the inclusion in the report of the matters based on his information in the form and context in which it appears. Messrs Inwood and Corley are full-time employees of Coffey Mining.

The information in this report that relates to the Aussinanis and Tumas Mineral Resources is based on work completed by Mr Jonathon Abbott who is a full time employee of Hellman and Schofield Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy. Mr Abbott has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and as a Qualified Person as defined in the AIM Rules. Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Tubas Red Sand Mineral Resource is based on information compiled by Mr Mike Hall, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hall is Consulting Geologist Resources with the MSA Group and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Information in this report has also been verified by Mr Mike Venter, who is a member of the South African Council for Natural and Scientific Professions (SACNASP), a ‘Recognised Overseas Professional Organization’ (ROPO). Mr Venter is Regional Consulting Geologist, with The MSA Group and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Venter has visited the project sites to review drilling, sampling and other aspects of the work relevant to this announcement. Mr Venter consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Tubas Mineral Resource is based on information compiled by Mr Willem H. Kotzé Pr.Sci.Nat MSAIMM. Mr Kotzé is a Member and Professional Geoscientist Consultant of Geomine Consulting Namibia CC. Mr Kotzé has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Kotzé consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Where eU3O8 values are reported it relates to values attained from radiometrically logging boreholes with Auslog equipment using an A675 slimline gamma ray tool. All probes are calibrated either at the Pelindaba Calibration facility in South Africa or at the Adelaide Calibration facility in South Australia.

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