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Deep Yellow Shares On The Move

Deep Yellow's (ASX: DYL) shares have been on an upward trajectory in the last three weeks, rising 38.89% to the current price of $0.025 this morning.

The company had in November renewed the three Nova Joint Venture Exclusive Prospecting Licences in Namibia for a further two years.

This gives it more time to search for higher grade alaskites, specifically on EPL3669 and EPL3670, using results from the target generation study.

Deep Yellow has a 65% interest in the Nova JV. Its partners are Toro Energy (ASX: TOE) with 25% and Namibian empowerment partner Sixzone Investments with 10%.

It had earlier in 2013 demonstrated that its Omahola project had encouraging heap leach potential.

Alaskite is the main source of ore hosting uranium at Omahola, which hosts a resource of 48.7 million tonnes at 420 parts per million U3O8 and is located within Namibia's 'Alaskite Alley', which includes the Rio Tinto's (ASX: RIO)Rossing uranium mine and Taurus Minerals' Husab uranium project.

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