Macusani Yellowcake Inc.

Macusani Yellowcake Inc.

December 11, 2008 17:12 ET

Macusani Yellowcake Amends Stock Options

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2008) - Macusani Yellowcake Inc. (TSX VENTURE:YEL) (the "Company") announced today that, subject to applicable regulatory and shareholder approvals, its board of directors has approved amendments to all 3,397,000 incentive stock options outstanding under the Company's stock option plan. The amendments provide for a reduction in the exercise of each outstanding option, which currently range from C$0.50 to C$0.95 per share, to C$0.35 per share, and an extension of the expiry date for an additional 24 month period of each option which has been outstanding for at least one year, such that the options shall now expire between January 30, 2012 and November 20, 2012.

The exercise prices of all outstanding options are currently significantly higher than the trading price of the Company's common shares. Stock options provide an important compensation tool enabling the Company to retain, maintain and incentive its management, board and other service providers. The options are being repriced to ensure that they continue to provide incentives to the Company's service providers and that the interests of these service providers continue to be aligned with shareholders. The revised exercise price of $0.35 still remains at a significant premium to the most recent trading price of C$0.15.

An aggregate of 1,600,000 of these options are held by insiders and, in accordance with the TSX Venture Exchange policies, the amendments to such options are subject to the approval of the Company's "disinterested" shareholders. Approval to the amendments to the insider's options will be sought at the Company's annual meeting scheduled to be held on January 28, 2009. None of the amended options held by insiders may be exercised prior to such approval being obtained.

About Macusani Yellowcake Inc.

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

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

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