Deep Yellow Upgrades, Expands JORC Resources At Namibian INCA Uranium Deposit

Deep Yellow (DYL) has upgraded and expanded the mineral resource estimate at its INCA uranium deposit in Namibia. INCA is part of the Omahola Project controlled by DYL’s wholly-owned subsidiary Reptile Uranium Namibia (RUN).

On April 22, 2010, DYL unveiled the initial Indicated and Inferred Mineral Resource estimate in accordance with the JORC Code at INCA of 16 million tonnes at 400ppm eU3O8 for 6,366 tonnes (14Mlb) eU3O8 (as part the Omahola Project). This initial resource estimate was derived from an area approximately 500mt x 500mt. This area is now referred to as the 'INCA Main Resource Area’.

Since the time the initial resource drilling was completed, additional deep reverse circulation (RC) holes were drilled, diamond tails were completed on select holes, and downhole directional survey data was collected and processed.

This new information was provided to The MSA Group of South Africa (MSA) to allow MSA to complete an updated mineral resource estimate within the INCA Main Resource Area. This updated Mineral Resource estimate has increased total resources at INCA by approximately 17% to 17.1 million tonnes at 436ppm eU3O8 for 7,429 tonnes (16.4Mlbs) of U3O8 at 200 ppm cut-off.

In addition to increasing total resources, the updated mineral resource estimate also upgrades the classification of a large quantity of Inferred Resources to Indicated Resources.

The initial Mineral Resource estimate contained 6.0 million tonnes at 392ppm eU3O8 for 2,300 tonnes (5.0Mlbs) of U3O8 at 200ppm cut-off and the updated Mineral Resource estimate contains 10.9 million tonnes at 414ppm eU3O8 for 4,516 tonnes (10.0Mlbs) of U3O8 at 200ppm cut-off, thereby doubling the quantity of U3O8 classified as Indicated Resources in accordance with the JORC Code.

The results from continued drilling outside the INCA Main Resource Area have extended the main area of mineralization from approximately 500mt x 500mt to approximately 1,500mt x 500mt and have identified further extensions of mineralization to the north, east and south.

Drilling, geological interpretation and structural interpretation continue, and a further update to the Mineral Resource estimate, to include the extended areas of continuous mineralization, is expected by the end of the September quarter.