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Deep Yellow Appoints New Chairman, Confident Of Uranium Market Improvement

Deep Yellow (ASX: DYL) has appointed Gindalbie Metals (ASX: GBG) managing director Tim Netscher as its chairman with effect from 1 September 2013, succeeding Mervyn Greene who will remain as a non-executive director.

Netscher is confident that the uranium maket will improve despite current challenges as nuclear power moves to once again take a prominent place in the world's energy mix.

"Despite the difficult market conditions, DYL continues to work towards positioning itself to take advantage of this anticipated change in sentiment and I look forward to being part of leading DYL through this challenging but exciting phase of its development," he added.

Netscher has broad-based experience at executive level in the international mining industry, in roles spanning marketing, project and operations management and business development.

His previous experience includes a period as senior vice president of Newmont Asia Pacific; managing director of Vale Australia; senior vice president, director and COO of PT Inco; president and COO at QNI Pty Ltd (part of the BHP Billiton group); executive director of Impala Platinum Limited and project director, Business Development and Exploration at Billiton plc.

Netscher was also a non-executive director of Industrea Limited, an ASX 200 company, which was successfully sold to General Electric in November last year.

"The recent addition of both Tim and Christophe Urtel to our Board has strengthened it significantly and this change will continue and accelerate that process," Greene said.

"In addition our Managing Director, Greg Cochran, has been able to augment and strengthen our senior management team in Namibia.

"I know that Greg is looking forward to working with Tim, and we believe that these changes will allow DYL to create a strong market position and enhance shareholder value as the nuclear fuels sector responds to increased demand amid a time of significant supply constraint."

Deep Yellow had in May lodged separate Environmental Scoping Reports for two of its Namibian uranium project with the Department of Environment and Tourism of Namibia.

The Environmental Scoping Reports confirm the framework and process to be undertaken for the Environmental Impact Assessment for both projects.

Impact assessments have already begun on the ground and interested and affected parties and public notifications have already been posted.

Omahola is located within Namibia's 'Alaskite Alley', which includes the Rossing uranium mine and Husab uranium project. Structures along this trend are associated with higher grade alaskites.

During the March quarter the project saw an increase in total resource base to 48.7 million tonnes at 420 parts per million U3O8 for a contained resource of 45.1 million pounds of U3O8 at the 250 parts per million cut-off.

The Tumas Project consists of Zone 1 and Zone 2 Resources located in the southern and western parts of the project area.

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