TORONTO, ONTARIO--(Marketwired - Feb. 24, 2015) - Macusani Yellowcake Inc. ("Macusani" or the "Company") (News - Market indicators)(FRANKFURT:QG1) is pleased to announce that the Company has acquired a small (300 ha) key mineral concession on the Macusani Plateau with a strong radiometrtic anomaly and uranium mineralization on surface. This concession became available for acquisition as a result of non-payment by third parties of the annual good standing fees and the Company, through its Peruvian subsidiary, Global Gold SAC, was able to claim this mineral concession for the nominal fee of US$ 1,000 payable to the Public Mining Registry in Lima.
Newly Claimed Mineral Concession
As a result of the difficult period that the junior mining companies are presently facing, small scale local owners and companies that view uranium as a non-core asset have decided to either not continue to pay the elevated mineral rights fees accumulated over the years or simply have dropped the legal rights to own and work those mineral concessions.
Having a superior knowledge of the metallogeny and mode of occurrence of the uranium mineralization founcd on the Macusani Plateau, Macusani Yellowcake was able to act rapidly and at nominal cost to claim this small area with known uranium mineralization extending along known uranium-bearing structures identified by drilling on neighbouring concession owned by the Company. This new concession covers 300 ha and the cost to acquire it was the nominal fee of US$ 1,000.
According to Peruvian legislation when the good-standing fees are not paid on time the dropped areas revert to the state and at a certain time announced by the Public Mining Registry in Lima, the same concessions or parts thereof become available for acquisition, and may be reclaimed. The Company claimed one of the concessions that became "free" over an area that has known uranium mineralisation and a strong radiometric anomaly on surface.
This newly claimed concession lies between Macusani Yellowcake's drilled uranium occurrences known as Agaton to the west and Sayanas to the east. The Company was able to complete radiometric prospecting on the new ground between the known uranium occurrences and a strong radiometric anomaly was encountered on surface. This concession area is covered by thicker than normal soil and colluvial material displaying a lower radiometric background as the radioactivity is masked by the thick cover, however, the rhyolite outcrops on the new concession are highly anomalous (see attached map). Both Agaton and Sayanas were drilled by pre-decessor company, Solex and the first ever geological resource for these two occurrences is currently being modelled by third-party consultants with the expectation to incorporate these deposits and enlarge the company's existing resource base.
Qualified Person
Mr. Ted O'Connor, P.Geo., CEO and Director of Macusani and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.
Upcoming Events
Macusani Yellowcake will be attending the PDAC 2015 Convention in Toronto, Canada from Sunday, March 1 - Wednesday, March 4, 2015 (booth #3107).
About Macusani Yellowcake
Macusani Yellowcake Inc. is a Canadian uranium exploration and development company focused on the exploration of its properties on the Macusani Plateau in southeastern Peru. The Company controls mineral concessions that cover over 100,000 hectares (1000 km2) and are situated near significant infrastructure. Macusani is listed on the TSX Venture Exchange under the symbol 'YEL' and the Frankfurt Exchange under the symbol 'QG1'. The Company has 259,738,126 shares outstanding. For more information please visit www.macyel.com.
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Twitter: www.twitter.com/macusani/
Neither 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.
Forward Looking Information
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 "would", "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, general business, economic, competitive, political and social uncertainties 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 the Company nor their management assume any obligation to revise or update these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
To view the attached map, click on the following link: http://media3.marketwire.com/docs/993686m.pdf
