Partial relinquishment report for EL 24547 Nonouba for the period 17 August 2007 to 16 August 2009

Abstract

Exploration Licence 24547 was granted to Deep Yellow Ltd on 17 August 2007. The Nonouba tenement, covering 200 blocks, is located approximately 70 kilometres southwest of Alice Springs. The Nonouba ground was previously explored for uranium by Uranerz from 1972-1983. Uranerz identified two prospects, Daria and Nonouba, and returned assays up to 1,900 ppm U3O8 over 0.5m, hosted by carbonaceous-pyritic Undandita Sandstone. The target is roll front uranium mineralisation as delineated at the Angela-Pamela project of Paladin/Cameco. Throughout the first reporting period exploration work was limited to planning a drilling programme and conducting a reconnaissance visit in preparation for the programme. An Authority Certificate with 11 Exclusion Zones was issued on 30 August 2008 and an Authorisation under the Mining Management Act was granted on 1 September 2008 allowing the drilling programme to commence. DYL relinquished an area of 22 blocks within EL 24547 at the end of the second year of term and sought a partial waiver from relinquishment in order to retain 178 blocks for the third year of term.