TORONTO, ONTARIO — (Marketwired) — 05/28/13 — Macusani Yellowcake Inc. (the “Company”) (TSX VENTURE: YEL)(FRANKFURT: QG1) is pleased to announce assay results from an additional five drill holes from the ongoing drilling program at the Chilcuno Chico anomaly on the Kihitian Property in Puno, southeastern Peru. These results continue to extend both the Manto “A” mineralized zone and deeper Manto “B” zone. The best result was from drill hole PT-CH23-TSE, with a 13m intersection along Manto “B” from 247m to 260m, that returned a weighted average of 1,962ppm U3O8 (or 3.852 lbs/ton) including two higher-grade zones: the top zone of 3m that averaged 800ppm U3O8 (or 1.600 lbs/ton) and the bottom zone of 5m that averaged 4.491ppm (or 8.982 lbs/t) – see below for all results.
“Our latest drill results continue to extend Manto “B” as a continuous mineralized sequence occurring under the entire Chilcuno Chico area. We believe that excellent open pit mining potential exists on the periphery of the area where the manto is thicker. The core would be an underground target with a very steady orientation, inclination, thickness and grade, which may be suitable for mechanized underground techniques.” said Dr. Laurence Stefan, President and CEO. “The drill results and related geological model continue to suggest that Manto “B” is a continuous mineralized layer that extends onto the neighbouring properties that the Company acquired as a result of the merger with Southern Andes Energy in 2012.”
Selected assay results from boreholes drilled at Chilcuno Chico include:
(i) The widths above are drill intercepts and not true widths. True widths have not been determined.
(ii) Note: hole ended in mineralization.
These results are from holes drilled towards the south and southwest from the existing geological resource within the Chilcuno Chico target on the Kihitian concession. To date, drilling within the Chilcuno Chico anomaly has delineated an area of approximately 920 m by 900 m where Manto “B” remains open in all directions. Although Manto “A” shows continuity there is less consistency with respect to its shape and the occurrence of uranium mineralization compared to Manto “B”.
Current Exploration
At present, the Company is operating six diamond drill rigs on the Macusani plateau: three drills on the Kihitian project (one drill at Quebrada Blanca and two drills at Chilcuno Chico) and three drills at the Tupuramani anomaly that represents the westward extension of the existing geological resource calculated at Colibri 2 and 3.
This phase of intense drilling will end within the next 45 days. A resource estimation has already been started by Mineral Corporation in Johannesburg, South Africa and will be released when completed. Concurrently, a Preliminary Economic Assessment started by GBM in London, UK is continuing and will be completed once the new geological resources at Chilcuno Chico, Quebrada Blanca and Tupuramani are estimated.
Previous assay data, maps and a sample cross section are available on the Company–s website at .
Quality Control and Analytical Procedures
Core samples have been crushed and representative samples analyzed 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, Peru. 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 and approved the scientific and technical data contained in this release.
About Macusani Yellowcake
Macusani Yellowcake Inc. is a Canadian uranium exploration and development company focussed on the exploration of its properties on the Macusani Plateau in southeastern Peru. The Company owns a 99.5% interest in concessions that cover over 90,000 hectares (900 km2) and are situated near significant infrastructure. Macusani Yellowcake is listed on the TSX Venture Exchange under the symbol –YEL– and the Frankfurt Exchange under the symbol –QG1–. The Company has 159,473,613 shares outstanding. For more information please visit .
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.
Laurence Stefan
President and CEO
+1-416-628-9600
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