Macusani Yellowcake Inc.
TSX VENTURE : YEL

Macusani Yellowcake Inc.

December 01, 2008 17:55 ET

Macusani Yellowcake Inc.: Resource Statement Completed Showing Significant New Uranium Deposit

Indicated Resource 1,306,835 lbs of U3O8 at grade of 0.41 lbs per tonne Inferred Resource of 9,834,656 lbs of U3O8 at a grade of 0.41 lbs per tonne (Both of the above figures are at a cut off of 100 U ppm.)

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2008) - Macusani Yellowcake Inc. (the "Company")(TSX VENTURE:YEL) is pleased to announce the completion of a resource estimate for its Colibri II and Colibri III properties located on the Macusani Plateau in the Puno District in southern Peru.

Peter Hooper, President of Macusani stated: "This resource statement was compiled by the "The Mineral Corporation" of South Africa. The results of our first 69 diamond drill holes were entered into the Data Mine package, which gave the results shown in the following table. This is a remarkable achievement as Macusani Yellowcake has discovered and outlined a significant uranium deposit in only two years since the incorporation of the Company."

The total in the ground numbers at zero cut off are:

Indicated Resource of 2,333,708 lbs at a grade of 0.22 lbs per tonne,

Inferred Resource of 16,293,713 lbs at a grade of 0.24 lbs per tonne.

The Company has drilled a further 49 diamond drill holes, all of which are mineralized. When the assay results of these boreholes have been received, the resource estimate will be updated.

Given below is the Mineral Corporation resource estimate:



Identified Indicated Mineral Resources - Colibri II

---------------------------------------------------------------------------
Cut-Off Average U U Content Tonne Above Average U Tonnage
(Uppm) Grade Above Above Cut-Off Cut-Off Grade Above Proportion
Cut-Off (ppm) (lbs U3O8) (Million) Cut-Off (lbs Above Cut-
(U3O8) per Off Grade
tonne)
---------------------------------------------------------------------------
0 83 2,333,708 10.834 0.22 100.0%
---------------------------------------------------------------------------
25 85 2,310,550 10.463 0.22 96.6%
---------------------------------------------------------------------------
50 114 1,936,075 6.534 0.30 60.3%
---------------------------------------------------------------------------
75 138 1,620,007 4.517 0.36 41.7%
---------------------------------------------------------------------------
100 159 1,306,835 3.168 0.41 29.2%
---------------------------------------------------------------------------
125 193 928,967 1.850 0.50 17.1%
---------------------------------------------------------------------------
150 221 714,576 1.244 0.57 11.5%
---------------------------------------------------------------------------


Identified Inferred Mineral Resource - Colibri II

---------------------------------------------------------------------------
Cut-Off Average U U Content Tonne Above Average U Tonnage
(Uppm) Grade Above Above Cut-Off Cut-Off Grade Above Proportion
Cut-Off (ppm) (lbs U3O8) (Million) Cut-Off (lbs Above Cut-
(U3O8) per Off Grade
tonne)
---------------------------------------------------------------------------
0 94 16,293,713 66.540 0.24 100.0%
---------------------------------------------------------------------------
25 97 16,144,991 64.177 0.25 96.4%
---------------------------------------------------------------------------
50 118 14,555,391 47.365 0.31 71.2%
---------------------------------------------------------------------------
75 133 12,951,637 37.416 0.35 56.2%
---------------------------------------------------------------------------
100 159 9,834,656 23.729 0.41 35.7%
---------------------------------------------------------------------------
125 195 7,004,963 13.829 0.51 20.8%
---------------------------------------------------------------------------
150 246 4,744,419 7.419 0.64 11.1%
---------------------------------------------------------------------------


Total Identified Mineral Resource - Colibri II

The identified Mineral Resources are based on samples taken from crushed diamond drilled core. 17 drilling platforms with up to 5 planned boreholes per platform were drilled at -90 degrees (1 borehole) and -55 degrees (4 boreholes) provided 8739 x 1m sample composites.

Core samples have been crushed and representative samples analysed for U abundance. The necessary analytical quality control and assurance has been completed by insertion of reference material, duplicate samples and blank material. The Mineral Corporation has taken random independent samples of crushed core and had them analysed for uranium.

The Mineral Resources have been estimated via a Datamine block model that reconciles well with an alternate estimation based on a classical statistical methodology. The Datamine model models the U abundance from surface to a maximum depth of 127m below surface.

Qualified Person

David Robert Young, is a professional geologist and Director of The Mineral Corporation based in Johannesburg, South Africa, and independent consultant to the Company. Mr. Young has a Bachelor of Science Honours degree in geology from London University, Chelsea College (1974) and is a practising geologist registered with the South African Council for Natural Scientific Professions; Registration Number 400989/83. He is a "qualified person" as that term is defined in National Instrument 43-101 and has prepared or supervised the preparation of the scientific or technical data forming the basis of this release.

About Macusani Yellowcake Inc.

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

There are 32,421,284 common shares of Macusani Yellowcake Inc. outstanding.

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

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