TORONTO, ONTARIO — (Marketwire) — 07/28/11 — Macusani Yellowcake Inc. (the “Company”) (TSX VENTURE: YEL)(FRANKFURT: QG1) is pleased to announce additional assay results from the drilling program from two platforms at the Chilcuno Chico area on the Kihitian Property on the Macusani Plateau in Puno, Peru. These results continue to extend the deeper Manto “B” zone. The best result was a 37m intersection from 168 to 205m that graded 1,020 ppm U3O8 (or 2.040 lbs/ton). This intersection included a high-grade zone of 3.0m that graded 11,996 ppm U3O8 (or 23.992 lbs/ton). (These intersections do not represent true widths.)
The results included in this press release belong to platforms 14 and 17 on the Chilcuno Chico area of the Kihitian Property.
Platform 17 is located 120m to the NW of the adits excavated by IPEN during the 1980–s, while platform 14 is situated 400m to the SW of the same adits, as illustrated on Figure 1 (). Borehole CH17-SW was drilled next to the access road built by the Company to the drilling area, on a lower elevation zone where Manto “A” was completely eroded and Manto “B” is closer to surface. Borehole CH14-V is located above the existing workings in the higher part of the Chilcuno Chico mountain, in an area where both mineralized levels, “A” and “B”, were theoretically preserved. These two platforms are 350m apart on a SW-NE direction.
The vertical borehole drilled on platform 14 (CH14-V) intersected the mineralized level “A” over a thin sequence between 106.00 and 108.00m for 2 metres with a weighted average grade of 0.0209% U3O8 (0.418 lbs/ton) and level “B” between 168.00 and 205.00m along 37 metres running at 0.102% U3O8 (2.04 lbs/ton) including 3m at 1.199% U3O8 (23.99 lbs/ton) at a depth between 198.00 and 201.00m.
In borehole CH17-SW level “B” was intersected between 69.00 to 93.00m for 24 metres with a weighted average grade of 0.0402% U3O8 (0.804 lbs/ton), including 8m of 0.111% U3O8 (2.22 lbs/ton) at a depth between 82.00 to 90.00m from surface.
Borehole CH14-V was vertically drilled while borehole CH17-SW was drilled inclined at 55 degrees towards SW. The mineralized intersections may not represent true widths. Details are shown in the table above.
The Company–s CEO, Peter Hooper, stated: “We are very pleased that full drilling activities have recommenced on the Kihitian uranium property and continue to demonstrate high-grade uranium intersections in the Chilcuno area. The Company intends to continue its drilling activities during the winter season at Macusani and will periodically publish more results”.
Quality Control and Analytical Procedures
Core samples have been crushed and representative samples analysed for Uranium (U) abundance and a suite of 40 elements. The necessary analytical quality control and assurance has been completed by insertion of reference material, duplicate samples and blank material. After crushing, the core is placed in sealed bags and shipped to the CIMM–s preparation laboratories in Juliaca. Following the preparation stage, the sample pulps are sent to CIMM analytical laboratory in Lima where U and a suite of forty other elements are analysed using ICP-MS methodology.
CIMM Peru is an ISO certified assay laboratory. The program is designed to include a comprehensive assay quality control routine comprising the systematic use of standards, blanks and field duplicate samples. Secondary laboratories are used for check assaying.
Qualified Person
Mr. Ian Foreman, P.Geo., of Foremost Geological Consulting, an independent consultant to the Company, is a Qualified Person as defined under National Instrument 43-101, and has reviewed the scientific and technical data contained in this release.
Equicom Engaged to Provide Investor Relation Services
Subject to regulatory approval, Macusani has engaged The Equicom Group Inc. (“Equicom”) to provide investor relations services for the Company in North America. Equicom is a wholly-owned subsidiary of TMX Group Inc, and provides strategic communications services to approximately 100 public companies across a diverse range of industries from its offices in Toronto, Calgary and San Diego. In consideration for the services to be provided, Macusani has agreed to pay Equicom from existing working capital a fee of $7,000 per month during the initial 6 month contract term. The contract automatically renews for successive 12 month periods and can be terminated by the Company at any time on 90 days– prior written notice. Neither Equicom nor any of its principals have an ownership interest, directly or indirectly, in Macusani or its securities, and Macusani has not granted Equicom or its principals any right to acquire any such interests.
AXINO AG (“AXINO”) of Stuttgart, Germany will continue to represent the Company in the European financial markets.
About Macusani Yellowcake
Macusani Yellowcake Inc. is a Canadian uranium exploration company with over 24,000 hectares (240 km2) of mineral properties in southeastern Peru, on the Macusani Plateau. The shares are traded on the TSX Venture Exchange under the symbol –YEL– and on the Frankfurt Exchange under the symbol –QG1–. The Company owns a 99.5% interest in the Kihitian project.
There are 107,775,714 common shares of Macusani Yellowcake Inc. outstanding.
This news release includes certain forward-looking statements concerning the future performance of Macusani–s business, operations and financial performance and condition, as well as management–s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in the Company–s recent securities filings available at . Actual events or results may differ materially from those projected in the forward-looking statements and Macusani cautions against placing undue reliance thereon. Neither Macusani nor its management assume any obligation to revise or update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Macusani Yellowcake Inc.
Peter Hooper
President and CEO
+1-416-360-3402