Macusani Yellowcake Inc.
TSX VENTURE : YEL

Macusani Yellowcake Inc.

July 31, 2008 16:46 ET

Macusani Yellowcake Announces Reinstatement Of Consulting Arrangement With IQuanox Inc.

TORONTO, ONTARIO--(Marketwire - July 31, 2008) - Macusani Yellowcake Inc. (TSX VENTURE:YEL) ("Macusani") is pleased to announce that its consulting arrangements with Toronto-based IQuanox Inc. ("IQuanox") have been reinstated. In conjunction with the listing of Macusani on the TSX Venture Exchange (the "Exchange") in November 2007, the Exchange requested that the consulting arrangements with IQuanox be suspended pending a review by the Exchange. The Exchange review has now been completed and the consulting arrangements reinstated. Under the consulting arrangements, administrative and management support services are provided by IQuanox to Macusani at a cost of $8,000 per month payable in cash, or at Macusani's option and subject to regulatory approval, in common shares of Macusani. The services are provided through IQuanox exclusively by Mr. Robert W. Harris.

In 2004, Mr. Harris entered into a settlement agreement with the Ontario Securities Commission to settle a proceeding brought by the Ontario Securities Commission alleging, among other things, insider trading and the failure to file insider reports by Mr. Harris. Under the terms of the settlement agreement, Mr. Harris was reprimanded, required to pay a settlement payment and the costs of the hearing and investigation, and prohibited from trading in securities for a period of 24 months, and prohibited from serving as a director or officer of an issuer for a period of 24 months. All payments were made by Mr. Harris and all restrictions agreed to in the settlement agreement have now expired.

About Macusani Yellowcake Inc.

Macusani controls over 20,000 hectares (2,000 km2) of mineral properties on the Macusani plateau in Peru.

There are 24,296,285 common shares of Macusani outstanding, 32,876,260 common shares, fully diluted.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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