DEEP YELLOW = PALD. RES. 2

WKN: 481592 aktuell bei 0,10€ Deep Yellow looking offshore

Monday, February 20, 2006Ben SharplesURANIUM explorer Deep Yellow is looking to raise more than $A16.6 million for future acquisitions and exploration, and has also farmed-in to copper junior Matrix Metals' tenement holdings in the Mt Isa-Cloncurry region of Queensland.  
Deep Yellow will raise the equity through a one for two non-renounceable entitlement issue priced at A7.5c, with the company signalling its intention to investigate offshore opportunities by indicating it would no longer restrict its activities to Australia.The company also revealed that it has the right to earn a 51% stake in Matrix Metals' 5000 square kilometre tenement holding in Queensland by spending $A3 million over a three-year period.The uranium explorer said it plans to get on the ground conducting mapping, geochemical sampling and drilling on a number of targets by the next quarter. An evaluation by Matrix of past uranium exploration work and mining carried out in the region has reportedly identified 15 occurrences of uranium mineralisation or anomalism within close proximity to the Mary Kathleen mine and Valhalla and Skal. Deep Yellow managing director DR. Leon Pretorius. Deep Yellow has projects in Western Australia, South Australia and the Northern Territory.Shares in Deep Yellow hit a 52-week low of 4.3c in March before gaining ground and hitting a 52-week high of 20c in September. The stock gained 0.9c (10.7%) to close at 9.3c Monday