Epangelo in JV with Deep Yellow

Bemoans lack of state support

State owned mining entity, Epangelo mining has established a joint venture with uranium exploration company, Deep Yellow Limited for the development of the Aussinanis uranium project.
The two parties announced Tuesday that they had executed a Heads of Agreement to progress the Aussinanis Project located mostly within Exclusive Prospecting Licence (EPL) 3498. The project has a JORC Compliant Indicated and Inferred Mineral Resource of 34.6 M tonnes at 237 ppm U3O8 for 18.1 Mlb U3O8 at cut-off grade of 150 ppm U3O8.
As part of the agreement, Reptile Uranium, a local investment vehicle for Deep Yellow Limited (DYL) transferred its Aussinanis and Ripnes EPLs into a newly established company, Yellow Dune Uranium Resources while Epangelo acquired an initial 5% of Yellow Dune to fund testwork to demonstrate that the Aussinanis deposit can be upgraded by physical beneficiation.
Assuming that the testwork is successful, Epangelo will become the operator of the joint venture and would earn up to 70% in Yellow Dune by funding a pre-feasibility and bankable feasibility study. Reptile Uranium and Oponona will at that stage hold 20% and 10% respectively