Yellowcake Mining Inc.
OTC Bulletin Board : YCKM

Yellowcake Mining Inc.

May 08, 2008 06:00 ET

Yellowcake Mining Corp. Acquires Valuable Drill Hole Data Base at Uravan-Beck Project

Yellowcake Sampling Averages 0.49% U3O8 at the Return Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2008) - Yellowcake Mining (OTCBB:YCKM) ("The Company") recently purchased a data base consisting of geologic reports and sections, and the results from more than 200 drill holes completed in 1982 to 1984 by a previous operator of the Return Mine. The Return Mine is located on the Uravan Beck property that the Company has optioned. The data from this drilling became the basis for a resource study prepared in 1985 for Wisconsin Public Service Corp. (WPSC). The report indicated that the diluted, in-place resource was 17,000 tons at 0.34% U3O8 and 1.44% V2O5. While we believe these data to be correct, this resource was described before NI 43-101 came into effect and is not compliant with those guidelines. It is apparent from the drill data that the ore bodies were not mined out or fully delineated, and additional drilling may develop additional resources beyond what has been already mined by prior owners.

Samples were recently collected by the Company from blasted but un-recovered mineralized rock in underground workings at the Return Mine. Six samples contained from 0.05 to 1.1% U3O8, and average 0.49% U3O8, and from 0.34 to 1.8% V2O5, and average 1.5% V2O5.

Bill Tafuri, Yellowcake President/CEO, says, "It is encouraging to see that Yellowcake sampling in the Return Mine confirms the past production grades and that additional ore was left un-mined. Our first phase of drilling this year will be targeted at developing additional resources in this area."

Several thousand tons of abandoned uranium-bearing dumps are situated adjacent to the Return Mine portal. Eight samples collected from the dumps, by the Company, contained from 0.08 to 0.24% U3O8, and average 0.16% U3O8, and from 0.50% to 1.1% V2O5, and average 0.78% V2O5.

All Company samples were six pound rock samples collected and maintained under the Company's supervision and chain-of-custody. The samples were chemically analyzed by ALS Chemex Labs., Vancouver. All of the Company's sampling was supervised by Richard Klatt, Yellowcake VP of Exploration, who is a Qualified Person under NI 43-101.

LEGAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS

Statements in this news release that are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include that additional drilling may develop additional resources. It is important to note that the Company's actual outcomes may differ materially from those statements contained in this press release. Factors which may delay or prevent these forward looking statements from being realized include misinterpretation of data, we may be unable to comply with required conditions for drilling, or drilling may not be permitted at all; that we may not be able to raise sufficient funds to complete the payment obligations or pay our operating expenses; that equipment may not perform as anticipated; that weather, logistical problems or hazards prevent us from exploration, development or from fulfilling our obligations; that we may not be able to attract or retain key employees or advisors in the current competitive environment; that results in any particular holes are not necessarily indicative of larger areas of the property; and that despite encouraging data there may be no commercially exploitable mineralization on the properties based upon the applicable world uranium prices and the quality or grade of the resource. Readers should refer to the risk disclosures outlined in our periodic reports filed on Edgar with the Securities and Exchange Commission.

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