TORONTO, ONTARIO--(Marketwire - June 9, 2010) - Macusani Yellowcake Inc. (TSX VENTURE:YEL)(FRANKFURT:QG1) (the "Company") is pleased to announce further positive drilling results for the Colibri 2 and 3 uranium deposit located on the Macusani Plateau, Puno in southeastern Peru. The results continue to return significant high grade uranium mineralization over long intervals including 47.0 metres with a weighted average of 0.202% U3O8 (154.20 feet grading 4.04 pounds of U3O8 per ton).
|Borehole DD1 Vertical-P37-Col II
Peter Hooper, President stated that "These results represent the most significant intersection received to date on the Colibri 2 and 3 properties and supports our belief that the Company's Macusani Plateau properties contain sizable economic uranium deposits. Earlier this year we released results from our Kihitian concession that exhibited grades of up to 11% U3O8 [see Jan 13, 2010 press release]; the results we are announcing today provide further evidence there are areas of high-grade uranium concentration on the Macusani Plateau." The results above are from an infill hole that was completed after the NI 43-101 resource report for these properties was filed (April 13, 2010).
About the Colibri 2 and 3 Properties
Last month the Company released an updated 43-101 report for the Colibri 2 and 3 properties which outlined indicated resources of 2,095,658 lbs of U3O8 at a grade of 0.44 per short ton and inferred resources of 14,492,321 lbs of U3O8 at a grade of 0.34 per short ton (see April 14, 2010 press release). The Company has also completed a preliminary economic assessment for the Colibri 2 and 3 properties which indicates a pre-tax IRR of 20.7% at US$65 U3O8 long term price (see April 26, 2010 press release).
Mr. Ian Foreman, P.Geo., of Foremost Geological Consulting, an independent consultant, is a Qualified Person as defined under National Instrument 43-101, and has reviewed the scientific and 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, 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'.
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.
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.