Combined annual report for EL 23636 and EL 23637 Huckitta Project for the period 26 May 2008 to 25 May 2009

Abstract

Exploration Licences 23636 and 23637 were acquired from Tanami Exploration NL (TENL) under the terms of a Heads of Agreement between Deep Yellow Limited (DYL) and TENL. Exploration Licence 23636 was transferred to DYL effective 2 August 2007 and Exploration Licence 23637 was transferred effective 23 April 2007. The tenements were acquired to explore for uranium mineralisation; EL 23636 to test the Delny-Mt Sainthill Shear Zone to the west of the Molyhill minesite and EL 23637 to test a north-south oriented calcrete drainage feature draining the granites and skarns adjacent to the Molyhill minesite. Exploration on the tenements forming the Huckitta project had been delayed pending the issue of an Aboriginal Areas Protection Authority Certificate in respect of EL 23637. When issued, in August 2008, the Authority Certificate indicated a Restricted Works Area over approximately half of the tenement area reducing the prospectivity of the project area. Given the financial climate in the second half of 2008, a decision was made to focus manpower on more prospective tenure within the Northern Territory. Exploration Licences 23636 and 23637 were due to expire in 2009 and a decision was made to not seek renewal of either licence. As no exploration work was conducted on the Huckitta tenements during the year we are lodging a nil report for the period ended 25 May 2009.