The Ministry of Mines and Energy has written a Notice of Preparedness to Grant Shiyela Iron Ltd a Mining License for its estimated NAD 2 billion Iron Project.
In a statement released this week to shareholders, Shiyela Iron, a local unit of Australian exploration company, Deep Yellow said that it intends to accept the standard terms and conditions contained within the notice of preparedness.
The statement said that "Therefore, in accordance with Namibia's Minerals Act, 1992, it is expected that the Minister of Mines will now direct the Mining Commissioner to issue a Mining License to the company."
The Shiyela Iron project is located in the environmentally sensitive Namib Naukluft Park, which is used primarily for tourism. The area is contained within Reptile Uranium Namibia's 100% owned EPL3496 which is rich in Base and Rare Metals, Precious Metals and Industrial Minerals. Reptile is Deep Yellow's wholly owned Namibian operating subsidiary.
Mr Greg Cochran MD of DYL's said that "We are delighted to receive notification of preparedness to grant a Mining License for the Shiyela Iron Project. Environmental approval was already obtained early in 2012 and this is another major step forward for the project. I would like to acknowledge the support shown for the project by the Namibian Government, in particular the Ministry of Mines and Energy and the Ministry of Environment and Tourism and members of the RUN team involved in the Project."
Deep Yellow said that it is currently finalizing a resource update for the project as well as a new scoping study which has incorporated the encouraging results of the additional drilling and metallurgical test work conducted earlier in the year.
