Namibia Summary - June 2010

Deep Yellow Ltd (DYL’s) wholly owned subsidiary Reptile Uranium Namibia (Reptile) continues its intensive drill programmes on its tenements located southeast of Swakopmund (Figure 1) with up to seven RC and two diamond rigs operating since start-up of the 2010 exploration programme in late January.

Figure 1: Map showing Reptile’s four EPLs and projects, the three Nova JV EPLs plus uranium mines and projects held by other companies in the area

Significant events have included:

Initial Mineral Resource estimate for the Omahola Project established at 8,583 tonnes (18.9 Mlbs) uranium oxide (U3O8) in accordance with JORC Code, comprising:
1. INCA deposit with Indicated and Inferred Minerals Resources totalling 16,000,000 tonnes at 400 ppm eU3O8 for 6,366 tonnes (14 Mlbs) eU3O8, and
2. Tubas Red Sand deposit with Measured, Indicated and Inferred Resources totalling 13,846,700 tonnes at 160 ppm eU3O8 for 2,217 tonnes (4.9 Mlbs) eU3O8
SNC Lavalin appointed as consultants to complete the Omahola Project Pre-Feasibility Study
High grade alaskite hosted uranium mineralisation discovered at Tubas Alaskite project area with discovery hole ALAR13 returning chemical assays of:
1. 89 metres at 400 ppm cU3O8 from 128 metres, including:

- 11 metres at 710 ppm cU3O8 from 182 metres, and

- 16 metres at 600 ppm cU3O8 from 199 metres

ii. 102 metres continuous mineralisation to end of hole at 223 metres

Mineral Resource estimate completed for the Aussinanis uranium deposit in Namibia with:
1. 35 M tonnes at 237 ppm eU3O8 for 8,203 tonnes (18.1 Mlb) eU3O8 at 150 ppm U3O8 cut-off grade
2. Indicated and Inferred resources are reported in accordance with the JORC Code
3. Uranium mineralisation is present from surface to an average depth of 6 metres as carnotite hosted in sediments and calcrete
4. Deep Yellow assessing a move to a Conceptual Study for the determination of preliminary project economics
Continued aggressive exploration drilling programme in Namibia with 8-9 rigs completing more than 48,000 metres of reconnaissance and resource drilling
Continued strong cash position at end of Quarter at $32 million

Table 1: Schedule of DYL’s Mineral Resources - May 2010

Deposit	Category	Tonne	U3O8 (ppm)	U3O8 (%)	U3O8 (kg/t)	U3O8 (t)	U3O8 (lb)
REPTILE URANIUM NAMIBIA (RUN)
OMAHOLA PROJECT
INCA *♦	Inferred	10,000,000	402	0.040	0.40	4,066	9,000,000
INCA *♦	Indicated	6,000,000	392	0.039	0.39	2,300	5,000,000
Tubas Red Sand #♦	Inferred	10,674,200	158	0.016	0.16	1,685	3,710,600
Tubas Red Sand #♦	Measured/ Indicated	3,172,500	168	0.017	0.17	532	1,172,668
OTHER RUN PROJECTS
Tumas *	Inferred	1,000,000	360	0.036	0.36	360	793,800
Tumas *	Indicated	9,000,000	343	0.034	0.34	3,087	6,806,835
Tubas #	Inferred	77,278,820	228	0.023	0.23	17,620	38,852,100
Aussinanis x♦	Inferred	29,000,000	240	0.024	0.24	6,960	15,344,173
Aussinanis x♦	Indicated	5,600,000	222	0.022	0.22	1,243	2,740,787
RUN PROJECT TOTAL		151,725,520	250	0.025	0.25	37,853	83,420,963

Figures have been rounded to reflect the accuracy of estimates and include rounding errors

# 100 ppm cut-off x 150 ppm cut-off * 200 ppm cut-off ♦ eU3O8 ppm Conversion 1 kg = 2.205 lb

The three Reptile Exclusive Prospecting Licences (EPLs) that expired in June have been renewed in their entirety for a further two years.

Reptile has entered into an agreement with a Namibian Black Economic Empowerment Group (BEE) and has agreed terms for the establishment of a Trust to address the local Community requirements as set out by the Ministry of Mines and Energy (MME).

Reptile and Nova Energy Namibia (a subsidiary of ASX listed Toro Energy Ltd (Toro)) have also entered into a Joint Venture on the three EPLs held by Nova which abut Reptile’s tenements. Nova has also entered into BEE agreements which met with the MME’s requirements to allow renewal of the EPLs to take place. The initial work on these tenements will be to carry out airborne geophysical surveys which will take place during the next quarter.

FUTURE ACTIVITIES

JORC Code estimations on INCA; and Tuba-Tumas palaeochannel as infill drilling progresses.
Scoping through to feasibility studies on the viability of INCA and the Red Sand to produce 1,000 to 1,500 tonne per annum of U3O8 at a feed grade of +400 ppm.
Ongoing drilling to test the extent of INCA and similar anomalies elsewhere.
Reconnaissance drilling on the stratigraphic horizon hosting Extract Resources’ Rossing South deposits where it occurs in the Reptile and possibly Nova EPLs.
Drill testing of airborne geophysical anomalies on the Nova EPLs.