Macusani Yellowcake Inc.
TSX VENTURE : YEL
FRANKFURT : QG1

Macusani Yellowcake Inc.

March 01, 2010 17:32 ET

Macusani Yellowcake Announces Updated Uranium Resource Report on the Colibri 2 and 3 Property

Indicated Resource of 2,095,658 lbs of U3O8 at Grade of 0.44 per Short Ton

Inferred Resource of 14,492,321 lbs of U3O8 at Grade of 0.34 per Short Ton

(Both of the above figures are at a cut-off of 75 U ppm.)

TORONTO, ONTARIO--(Marketwire - March 1, 2010) - Macusani Yellowcake Inc. ("Macusani" or the "Company") (TSX VENTURE:YEL)(FRANKFURT:QG1) is pleased to announce the results of an updated NI 43-101 compliant resource estimate on the Company's Colibri 2 and 3 uranium property on the Macusani Plateau in southern Peru. The resource estimation was completed by The Mineral Corporation, South Africa. A complete NI 43-101 technical report containing the updated resource estimate will be filed on SEDAR as soon as available.

Macusani's CEO, Peter Hooper, stated that "We are encouraged by the improved resource estimate, which show increased grades of the indicated and inferred resources at the 75 ppm cut-off grade by approximately 36% and 6% respectively."

The total in ground numbers at 75 ppm cut off are:

  • Indicated Resource of 2,095,658 lbs at a grade of 0.44 lbs per short ton.
  • Inferred resource of 14,492,321 lbs at a grade of 0.34 lbs per short ton.

"We are pleased that the quality, quantity and continuity of this deposit has improved and we look forward to the results of a Preliminary Economic Assessment (PA) of the Colibri 2 and 3 deposit expected later this quarter."

The new resource estimate was calculated based on 123 drill holes compared with 69 drill holes used in the previous estimate that was first reported in a press release dated December 4, 2008. The new resource table appears below followed by explanations provided by The Mineral Corporation (in quotations) describing the methodology of the resource estimation.

Identified Indicated Mineral Resources – Colibri 2 and 3
Cut-Off (Uppm) Cut-Off (U lbs/ton) Average U Grade Above Cut-Off (ppm) Average U Grade Above Cut-Off (lbs/ton) U Content Above Cut-Off (lbs U3O8) Tonne Above Cut-Off (Million) Average U Grade  Above Cut-Off (lbs (U3O8) per tonne Tonnage proportion Above Cut-Off Grade Short Ton Above Cut-Off (Million) Average U Grade  Above Cut-Off (lbs U3O8 per Short Ton)
25 0.05 90 0.18 3,036,182 12.905 0.24 100.0% 14.225 0.21
50 0.10 143 0.29 2,457,768 6.598 0.37 51.1% 7.272 0.34
75 0.15 188 0.38 2,095,658 4.290 0.49 33.2% 4.728 0.44
100 0.20 236 0.47 1,784,519 2.908 0.61 22.5% 3.206 0.56
125 0.25 291 0.58 1,529,303 2.020 0.76 15.7% 2.227 0.69
150 0.30 356 0.71 1,317,637 1.424 0.93 11.0% 1.570 0.84
Identified Inferred Mineral Resources – Colibri 2 and 3
Cut-Off (Uppm) Cut-Off (U lbs/ton) Average U Grade Above Cut-Off (ppm) Average U Grade Above Cut-Off (lbs/ton) U Content Above Cut-Off (lbs U3O8) Tonne Above Cut-Off (Million) Average U Grade  Above Cut-Off (lbs (U3O8) per tonne Tonnage proportion Above Cut-Off Grade Short Ton Above Cut-Off (Million) Average U Grade  Above Cut-Off (lbs U3O8 per Short Ton)
25 0.05 64 0.13 28,461,072 169.839 0.17 100.0% 187.213 0.15
50 0.10 105 0.21 19,953,493 73.003 0.27 43.0% 80.471 0.25
75 0.15 142 0.28 14,492,321 39.207 0.37 23.1% 43.218 0.34
100 0.20 185 0.37 10,568,454 21.920 0.48 12.9% 24.162 0.44
125 0.25 216 0.43 8,749,436 15.566 0.56 9.2% 17.158 0.51
150 0.30 267 0.53 6,657,683 9.603 0.69 5.7% 10.586 0.63
 

 "The Mineral Resources of December 2008 have been updated on the basis of new drilling and analytical results. The identified Mineral Resources are based on samples taken from crushed diamond drilled core. Twenty-seven drilling platforms (17 in 2008) with up to 5 boreholes per platform were drilled, typically 1 borehole at -90˚ and a fan of 4 boreholes at -55˚ providing some 6980m of sampling data (4361m in 2008).

Core samples have been crushed and representative samples analysed for Uranium (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 U.

The estimation methodology employed uses Indicator Kriging (IK) to determine the probability of material being above a cut-off of 26ppm U, and Simple Kriging (SK) to estimate the grade above this cut-off. The model reconciles well with an alternate estimation based on a classical statistical methodology. "

Qualified Person

Mr. David Robert Young, B. Sc. (Hons), FGSSA, MSAIMM, FAusIMM, Pr Sci Nat (400989/83) of The Mineral Corporation, South Africa, an independent consultant to the Company, is a Qualified Person as defined under National Instrument 43-101, and has reviewed the scientific or technical data contained in this release.

About Macusani Yellowcake

Macusani Yellowcake Inc. is a Canadian uranium exploration company with over 24,000 hectares (240 km2) of mineral properties in south-eastern Peru. The shares are traded on the TSX Venture Exchange under the symbol 'YEL' and on the Frankfurt Exchange under the symbol 'QG1'.

There are 59,881,284 common shares of Macusani Yellowcake Inc. outstanding.  

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 www.sedar.com. 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.

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

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