Macusani Yellowcake Inc.
TSX VENTURE : YEL
FRANKFURT : QG1

Macusani Yellowcake Inc.

March 23, 2011 09:51 ET

Macusani Yellowcake Completes $14.4 Million Unit Offering

TORONTO, ONTARIO--(Marketwire - March 23, 2011) - Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL) (FRANKFURT:QG1) is pleased to announce that it has completed its previously announced short form prospectus offering of units (the "Units") raising gross proceeds of $14,444,658. The Company has issued and sold today, through M Partners Inc., Raymond James Ltd. and Euro Pacific Canada Inc. (collectively, the "Agents"), 24,074,430 Units at a price of $0.60 per Unit. Each Unit consisted of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.85 for a period of 24 months from the closing of the offering.

In connection with the offering, the Agents have been granted 1,685,210 non-transferable options ("Compensation Options") to purchase Units. Each Compensation Option entitles the holder to acquire one Unit at a price of $0.60 for a period of 18 months from the closing of the offering.

The Company intends to use the net proceeds of the offering to fund further exploration of its Macusani Plateau properties in Peru and for working capital and general corporate purposes, as disclosed in the Company's (final) short form prospectus dated March 16, 2011.

About Macusani Yellowcake

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

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.

Neither the 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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