Macusani Yellowcake Inc.
TSX VENTURE : YEL

Macusani Yellowcake Inc.

November 30, 2009 19:45 ET

Macusani Yellowcake Announces Completion of $2.83 Million Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2009) - Macusani Yellowcake Inc. ("Macusani" or the "Company") (TSX VENTURE:YEL) is pleased to announce that it has completed a non-brokered private placement of 14,150,000 common shares of the Company at a price of $0.20 per share raising gross proceeds of $2.83 million. The common shares issued pursuant to the private placement are subject to a four month hold period.

Khan Resources Inc. (TSX:KRI) ("Khan") of Toronto, Canada purchased 10 million shares of the offered shares and now owns approximately 17.9% of the outstanding Macusani common shares following the placement. In connection with Khan's purchase, the Company has granted to Khan an anti-dilution right allowing Khan to participate on a pro-rata basis in certain share issuances by the Company in the 30 month period following closing so that, at its option, Khan can maintain, but not increase, its percentage shareholding. The anti-dilution right expires in the event that Khan's percentage shareholding drops below 10%. 

Peter Hooper, CEO and a Director of the Company is also a Director of Khan.

Macusani's CEO, Peter Hooper, stated that "We welcome the addition of Khan as a significant shareholder, which adds confidence to our plans to grow our uranium resources in the Macusani area of Puno, Peru. We are excited that Khan has chosen Macusani as a its first target in its diversification of its uranium portfolio."

The proceeds from the private placement will be used for working capital as well as to complete a Preliminary Economic Assessment ("PEA") of the Colibri II/III uranium deposit, to complete a NI 43-101 resource study of the Corachapi uranium deposit and to begin preliminary exploration (including drilling) on the Kihitian uranium property. Macusani acquired the Corachapi and Kihitian properties from Ram Resources Limited of Australia (formerly Contact Uranium Limited) earlier this year (see Press Release dated June 30, 2009).

About Macusani Yellowcake

Macusani Yellowcake owns over 22,000 hectares (2,000 km2) of mineral properties on the Macusani Plateau in Peru.

There are 55,881,284 common shares of Macusani Yellowcake Inc. outstanding.

About Khan Resource Limited

Khan is a Canadian company engaged in the acquisition, exploration and development of uranium properties. Its current activities are focused on the Dornod area in northeastern Mongolia, the site of a former Russian open-pit uranium mine. Khan holds interests in the Main Dornod Property, licensed for mining, and in the Additional Dornod Property, licensed for exploration. The Company's website is www.khanresources.com.

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.

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