(MENAFN - ABN Newswire)
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) provides the 2018 Annual Report including audited financial statements for the year ended 30 June 2018.
Deep Yellow Limited (Deep Yellow or the Company) is an advanced stage uranium exploration company with a clear growth strategy to establish a multi-project global uranium development platform. Led by Paladin Energy founder John Borshoff, Deep Yellow has the expertise and capability to achieve its strategy during a countercyclical period for uranium investment.
The Company has a cornerstone suite of projects in Namibia, a top-ranked African mining destination with a long, well regarded history of safely and effectively developing and regulating its considerable uranium mining industry.
Deep Yellow holds four key contiguous Exclusive Prospecting Licences (EPLs) covering 1,590km2 within the heart of what is a world recognised, prospective uranium province of high significance. The tenements are strategically located amongst the major uranium mines of this region - 20km south of the Husab/RÃ¶ssing deposits and 40km southwest of the Langer Heinrich deposit.
Deep Yellow has a two-pronged growth strategy involving the growing of its existing uranium resources in Namibia and has already made a significant new discovery called Tumas 3 in March 2017 following up with a revised resource expanded by 32% in July 2018. In parallel, the Company will pursue accretive, counter-cyclical acquisitions to create a multi-project uranium platform.
HIGHLIGHTS OF THE 2018 FINANCIAL YEAR
Key achievements in the Company are as follows:
- The Tumas 3 uranium discovery made on the 100% owned Reptile Project achieved a maiden Inferred Resource of 23.4Mlb grading 382ppm eU3O8.
- Continued drilling of paleochannels extended the uranium mineralisation at Tumas 3 and confirmed the highly prospective nature of the palaeochannels, 85km of which remain to be properly tested.
- The joint venture on the Nova Project with Japan Oil, Gas and Metals National Corporation (JOGMEC), the minerals investment arm of the Japanese government, over two tenements in Namibia where JOGMEC can earn 39.5% on expenditure of A$4.5 million, continued to its second full year.
- Deep Yellow commenced trading on the United States OTCQB venture market platform giving potential to significantly expand its shareholder investor base.
To view the full report, please visit:
John BorshoffManaging Director/CEOT: +61-8-9286-6999Email: