MT ISA DISTRICT / SHERRIN CREEK

Deep Yellow announced initial Indicated and Inferred resources estimates for uranium prospects in the Mount Isa District, Queensland. At a 300 ppm U3O8 cut-off the Indicated and Inferred Mineral Resource estimate for the Isa West - Thanksgiving, Bambino and Eldorado North Prospects and the Queens Gift and Slance Prospects totals 3.64 million tonne at 420 ppm U3O8 for 1,540 tonne (3.4 Mlbs) of U3O8.

Deep Yellow Limited updated drill results in projects in the Mt Isa District in Queensland, Australia. The Mount Isa district 2009 RC programme currently totals 155 holes for 22,138 metre drilled and 6,850 samples collected. RC drilling programmes have been concluded at Isa West and Queens Gift. RC drilling at Slance NW has commenced and the Leichhardt JV programme is expected to commence in November and finish before mid December. Diamond drilling at Queens Gift and Ewen is also expected to be completed at the same time weather permitting. From Isa North, Queens Gift Prospect, best results include 38 metre at 426 ppm U3O8 from 197 metre. Downhole gamma results (eU3O8) from RC drilling on the Slance NW Prospect has returned significant mineralisation, namely, 28 metre at 1,074 ppm eU3O8 from 107 metre and 15 metre at 661 ppm eU3O8 from 155 metre. At Isa West, the second phase of RC drilling is now complete. Of significance are the final deep intercepts at ± 200 metre vertical depth at the Thanksgiving and Bambino Prospects. Thanksgiving Prospect intersections include, 18 metre at 454 ppm U3O8 from 246 metre and from the Bambino Prospect intersections include, 15 metre at 509 ppm U3O8 from 194 metre.

Deep Yellow released an exploration update which focussed drilling to delineate JORC Code mineral resources at various prospects in the Mount Isa district continues to achieve the primary objective by returning wide intercepts of ± 400 ppm U3O8 that are continuous to depth. Significantly, RC drilling at the Queens Gift Prospect has intersected ‘blind mineralisation’ at depth in the Eastern Zone with potential width and grade to sustain underground mining. From the Queens prospect found 15m at 725 ppm eU3O88 from surface and 19m at 1,000 ppm eU3O8 from 274m. Drilling at the Thanksgiving and the Bambino prospect returned 39m at 394 ppm U3O8 from 183m and 36m at 431 ppm U3O8 from 178m respectively.