DEEP YELLOW LIMITED — Major Shareholding Notification 2008

Sep 18, 2008

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PAL A DIN ENERGY LTD ACN 061 681 098

Ref: 107,111

18 September 2008

Company Announcements Office Australian Securities Exchange Limit e d 20 Bridge Street SYDNEY NSW 2000

By Elec t ronic Lodgement

Dear Sir/Madam

Acquisition of shares in Deep Yellow Ltd

Paladin advises that today it has a c quired 44,700,000 shares in Deep Yellow Ltd ( A SX:DYL) ( Deep Yellow ) taking its investment in this company from 15.3% to 19.29%. A Form 604 is attached .

Paladin recognises the extensive te n ement position of Deep Yellow and Deep Yellow’s strong uranium management and exploration team. The acquisition of the additional Deep Yellow sh a res is a strategic investment for Paladin.

Paladin looks forward to continuing to be a supportive shareholder of Deep Yello w . Information on Deep Yellow can be found at www.d e epyellow.com.au

Yours faithfully Paladin Energy Ltd

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JOHN BORSHOFF Managing Director

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme

To Company Name/Scheme Deep Yellow Limited ACN/ARSN 006 391 948

1. Details of substantial holder(1)

Name Paladin Energy Ltd ACN/ARSN (if applicable) 061 681 098

There was a change in the interests of the 18/09/2008 substantial holder on The previous notice was given to the company on 28/07/2008 The previous notice was dated 29/07/2008

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	Previous notice		Present notice
Class of securities (4)
	Person’s votes	Voting power (5)	Person’s votes	Voting power (5)
Ordinary Fully Paid Shares	171,558,461	15.30%	216,258,461	19.29%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

	ulars of each chaeme, since the s	ulars of each chaeme, since the s	nge in, or change in the nature of, a releubstantial holder was last required to give	nge in, or change in the nature of, a releubstantial holder was last required to give	vant interest of the sa substantial holdin	ubstantial holder or an associate ing notice to the company or scheme	ubstantial holder or an associate ing notice to the company or scheme	voting securities of thare as follows:	voting securities of thare as follows:	voting securities of thare as follows:
Date			Person whose relevant interest				Consideration given in		’	ected
	of change		changed	Natur	e of change (6)		relations to change (7)		Persons votes aff
18/0	9/2008		Paladin Energy Ltd	On m	arket purchase		$ 11,005,140		44,700,000

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevantinterest	Registered holder ofsecurities	Person entitled to beregistered as holder(8)	Nature of relevantinterest (6)	Class and number ofsecurities	Person’s votes
Paladin Energy Ltd	Paladin Energy Ltd		Beneficial	155,223,461	155,223,461
Paladin EnergyMineralsNL	Paladin EnergyMineralsNL		Beneficial	61,035,000	61,035,000

5. Changes in association

The persons who have become associates (2) of, cea s ed to be associates of, or have changed the nature of their associa t ion (9) with, the substantial holder in relation to voting interests in the company or s c heme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:
Name	Address
Paladin Energy Ltd	Grand Central, 1stFloor, 26 Railway Road, Subiaco, Western Australia, 6008
Paladin Energy Minerals NL	Grand Central, 1stFloor, 26 Railway Road, Subiaco, Western Australia, 6008

Signature

Print name GILLIAN SWABY Capacity Company Secretary Sign here Date 18/09/2008

DIRECTIONS

• (1) If there are a number of substantial holders with s imilar or related relevant interests (eg. a corporation and its related c o rporations, or the manager and trustee of an equity trust), the names coul d be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of e ach group, with the names and addresses of members is clearly set out in p a ragraph 6 of the form.

• (2) See the definition of “associate” in section 9 of th e Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in t h e body corporate or scheme multiplied by 100.

• (6) Include details of:

  • (a) any relevant agreement or other circu m stances because of which the change in relevant interest occurr e d. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, sche m e or arrangement, must accompany this form, together with a w ritten statement certifying this contract, scheme or arrangement; a nd

  • (b) any qualification of the power of pers o n to exercise, control the exercise of, or influence the exercis e of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securitie s to which the qualification applies).

• (7) Details of the consideration must include any an d all benefits, money and other, that any person from whom a releva n t interest was acquired has, or may, become entitled to receive in relation to t h at acquisition. Details must be included even if the benefit is conditi o nal on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person fro m whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine th e identity of the person (eg. if the relevant interest arises because of a n option) write “unknown”.

• (9) Give details, if appropriate, of the present associ a tion and any change in that association since the last substantial hold i ng notice.