TORONTO, ONTARIO — (Marketwire) — 08/10/11 — Macusani Yellowcake Inc. (the “Company”) (TSX VENTURE: YEL) (FRANKFURT: QG1) is pleased to announce additional assay results from the drilling program on two platforms, PT-CH17 and PT-CH2, at the Chilcuno Chico area on the Kihitian Property on the Macusani Plateau in Puno, Peru. The exploration program, which targeted the deeper Manto “B” zone, intersected 11 m with a weighted average grade of 2,042 ppm U3O8 (or 4.084 lbs/ton) from 85 to 96m. This intersection represents the high-grade portion of a larger 27 m intersection (from 74 to 101m) with a weighted average grade of 862 ppm U3O8 (or 1.724 lbs/ton).
President and CEO, Peter Hooper, stated: “We are very pleased that the drilling campaign at Kihitian continues to trace the deeper Manto “B” zone with high grades. Our exploration to date has demonstrated consistent, high grading uranium values over good widths and we remain optimistic that the Manto “B” zone could develop into an economic underground deposit.”
Assay results are shown in following table:
Platform 17 is located 120m to the northwest of the adits which were excavated by IPEN during the 1980–s, while Platform 2 is situated 200m to the north of the same adits, as illustrated on Figure 1 (). Platforms CH17-TNW and CH2-TSE are 210m apart and located 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.
In borehole CH17-SW the Manto “B” zone intersected between 74.00 to 101.00m for 27 metres with a weighted average grade of 0.0862% U3O8 (1.724 lbs/ton), including 11m of 0.2042% U3O8 (4.084 lbs/ton) at a depth between 85.00 to 96.00m from surface.
Borehole CH2-TSE intersected the mineralized Manto “B” zone between 50.00 and 55.00m for 5 metres with a weighted average grade of 0.0699% U3O8 (1.398 lbs/ton).
Borehole CH2-TSE was drilled inclined at 55 degrees towards SE while borehole CH17-TNW was drilled inclined at 55 degrees towards NW. The mineralized intersections may not represent true widths.
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.
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 south-eastern Peru. The Company owns a 99.5% interest in concessions which cover over 24,000 hectares (240 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 107,775,714 shares outstanding. For more information please visit .
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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