TORONTO, ONTARIO — (Marketwire) — 10/12/11 — Macusani Yellowcake Inc. (the “Company”) (TSX VENTURE: YEL)(FRANKFURT: QG1) is pleased to announce additional assay results from the ongoing drilling program at the Chilcuno Chico anomaly on the Kihitian Property in Puno, Peru. These results continue to extend both the “A” zone and deeper Manto “B” zone. The best result was a 9 m intersection from 49 to 58 m that returned a weighted average of 1,448 ppm U3O8 (or 2.896 lbs/ton). This intersection included a higher-grade zone of 4.0 m that averaged 2,597 ppm U3O8 (or 5.194 lbs/ton). (Note that these intersections do not represent true widths.)
President and CEO, Peter Hooper, stated: “The assay results we are releasing today continue to demonstrate continuity at depth and along strike at our Kihitian targets. These results coupled with the previous drill results published over the past several months indicate the potential for a sizeable mineral resource at Kihitian of higher uranium grade.”
Assay results are shown in following table:
Previous assay data, maps and a sample cross section illustrating the A and B mineralized zones are available on the Company–s website at .
The Company is currently operating three drill rigs on the Kihitian property including a recently mobilized rig on the Quebrada Blanca anomaly 2 km NW of Chilcuno Chico. The Company expects to release additional assay results in the coming weeks and remains on target to publish an initial NI 43-101 resource estimate for Kihitian before the end of the year.
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 currently focussed on the exploration of its Kihitian Property on the Macusani Plateau in south-eastern Peru. The Company owns a 99.5% interest in concessions which cover over 50,000 hectares (500 km2) and are situated near significant infrastructure. Recent drilling carried out by the Company continues to demonstrate high-grade uranium intersections at Kihitian from which the Company plans to advance to a resource estimate by 2012. Macusani Yellowcake is listed on the TSX Venture Exchange under the symbol –YEL– and the Frankfurt Exchange under the symbol –QC1–. 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