Reptile Uranium Receives EPLs From NMME For Additional Two Years

Published: 22-Jun-2009

Reptile Uranium Namibia PTY Ltd (Reptile Uranium), a subsidiary of Deep Yellow Limited (Deep Yellow), has been granted three exclusive prospecting licenses (EPLs) for further two years by the Namibian Ministry of Mines and Energy (NMME). Reptile Uranium is exploring for uranium on four 100% held EPLs and on three where it is earning 65% through a joint venture with Nova Energy Namibia (a wholly owned subsidiary of Toro Energy).

Three of the four wholly held EPLs namely EPL 3496 Tubas, EPL 3497 Tumas and EPL 3499 Ripnes came due for renewal on June 5, 2009 after expiration of their first three-year grant period. Application and motivation for their renewal without reduction in area was lodged by Reptile management in March.

Since March any application to the NMME for a new EPL or renewal of any existing EPL once processed by the NMME has appended to it three new conditions, namely that any funds raised in respect of the EPL be deposited in Namibia; the EPL shall not be issued unless the applicant proves it has allocated certain previously disadvantaged Namibians (Black Economic Empowerment or BEE) shares in the applicant; and, have in place a plan and commitment to empower the nearby community (Broad Based Economic Empowerment or BBEE) once a mineable deposit is found.

Reptile Uranium, in a proactive approach, met with the Deputy Minister of the MME and other senior officials in February 2009 to discuss BEE and BBEE involvement in its activities once projects had been defined and Mining Licences were applied for.

Reptile Uranium then set about formulating a BEE and BBEE Charter which it presented to the MME and subsequently entered into an agreement with local BEE Company Oponona (Pty) LTD whereby it would acquire a 5% interest in any and all projects within the three EPL boundaries upon Reptile Uranium applying for a mining licence.

The directors and principals of Oponona, namely Ambassador Monica Nashandi, Ben Mulongeni and Jason Nandago are well respected Namibians with whom Reptile has built a good working relationship.

There is no immediate local community associated with these three EPL areas that could become directly involved in Reptile’s activities, but 40% of Oponona has been set aside for a BBEE Trust that will benefit previously disadvantaged Namibians and specifically assist with educating the youth of the general community closest to Reptile’s activities. Reptile has undertaken to fund the Trust immediately after making its first sales.

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