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DEEP YELLOW LIMITED — Capital/Financing Update 2018
Apr 17, 2018
64808_rns_2018-04-17_3275dc3f-663e-49d7-b262-a3e459dee48f.pdf
Capital/Financing Update
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ASX Announcement
ASX: DYL
18 April 2018
JOGMEC APPROVES ANNUAL BUDGET OF $1.3M ON NOVA JV
Deep Yellow Limited 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).
Yours faithfully
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JOHN BORSHOFF Managing Director/CEO Deep Yellow Limited
For further information, contact:
John Borshoff Phone: +61 8 9286 6999 Managing Director/CEO Email: [email protected]
For further information on the Company and its projects, please visit the website at: www.deepyellow.com.au
Unit 17, Spectrum 100‐104 Railway Road 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: [email protected] / Website: www.deepyellow.com.au