Macusani Yellowcake Announces the Resumption of Drilling at the Kihitian Uranium Property on the Macusani Plateau, Peru With Full Support of the Local Communities
Published : July 14, 2011
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Keywords :   Debt | Market | Peru | Uranium |

TORONTO, ONTARIO--(Marketwire - July 14, 2011) - Macusani Yellowcake Inc. (the "Company") (News - Market indicators)(FRANKFURT:QG1) is pleased to announce that drilling from the ongoing exploration program was restarted last week, as well as various other surface exploration activities.

As a result of the social unrest that occurred during the month of June 2011 in the province of Puno in southern Peru, after the recent general elections in the country, the Company had restricted its exploration activities to a minimum. The Company now confirms that exploration activities including, full drilling, were restarted last week.

The Company considers its relationships with the local communities of Corani, Isivilla and Tantamaco to be very good. The Company would like to emphasize that the above-mentioned communities support mining in the province and the various exploration activities in their areas. The local communities sent a large delegation to the Ministry of Energy and Mines in Lima and informed the Ministry that they are supportive of mineral exploration and mining activities on their surface right areas and specifically of the activities run by the Company in their areas of interest.

As presented in the local and international press and media, the town of Juliaca was badly affected by the strike as well as the provincial road and the general status of transport in Puno Province. Due to the blockage of the roads in the Province by the strikers, the Company was unable to transport drill cores to the CIMM Laboratory in Juliaca. These cores were recently dispatched to the laboratory and therefore more assay results are expected in the next few weeks.

The results attached in this press release are from platforms 15 and 17 on the Chilcuno Chico area of the Kihitian Property situated north of the adits dug by IPEN during the 1980s, at 150m towards N and 120m towards NW, respectively, as illustrated on Figure 1 (http://www.macyel.com/pr14jul2011/). Both boreholes are located next to the access road built by the Company towards the drilling area, on a lower elevation zone where Manto "A": was completely eroded and Manto "B" is closer to surface. These two platforms are 110m apart on a SW-NE direction.

In the two boreholes one can see various lower grade mantos starting almost from surface. The main uranium-bearing structure was intersected 12 metres with a weighted average grade of 0.173% U3O8 (3.46 lbs/ton), including 2.0m at 0.583% U3O8 (11.66 lbs/ton) and 3.0m at 0.282% U3O8 (5.64 lbs/ton) at a depth of 86m in borehole CH17-TNE.

In borehole CH15-TNW the main uranium zone was intersected 18 metres with a weighted average grade of 0.048% U3O8 (0.96 lbs/ton), including 5.0m of 0.139% U3O8 (2.78 lbs/ton) at a depth of 54 m from surface.

Both boreholes were drilled at 55 degrees. The intersections may not represent true widths. Details are shown in the table below.

  From To Intersection
(m)
Grade
(ppm)
Grade
(lbs)
PT-CH17-TNE- 123.00m depth 6.00 10.00 4.00 30 0.060
  49.00 51.00 2.00 40 0.080
  56.00 60.00 4.00 71 0.142
  69.00 79.00 10.00 45 0.090
  86.00 98.00 12.00 1,734 3.468
including 87.00 89.00 2.00 5,831 11.662
including 92.00 95.00 3.00 2,824 5.648
           
           
  From To Intersection
(m)
Grade
(ppm)
Grade
(lbs)
PT-CH15-TNW- 99.00m depth 2.00 6.00 4.00 307 0.614
  12.00 13.00 1.00 74 0.148
  18.00 20.00 2.00 45 0.090
  54.00 72.00 18.00 483 0.966
including 54.00 59.00 5.00 1,393 2.786
  87 92 5.00 24 0.048
  97 99 2.00 26 0.052

The Company's CEO, Peter Hooper, stated: "We are very pleased that full drilling activities have recommenced on the Kihitian uranium property as well as exploration activities on the Company's properties on the rest of the Macusani plateau. The drilling results at Kihitian continue to demonstrate high-grade uranium intersections in the Chilcuno area. The Company will continue its drilling activities during the winter season at Macusani and will periodically publish the results of this drilling."

Quality Control and Analytical Procedures

Core samples have been crushed and representative samples analysed for Uranium (U) abundance and a suite of 40 elements. The necessary analytical quality control and assurance has been completed by insertion of reference material, duplicate samples and blank material. After crushing, the core is placed in sealed bags and shipped to the CIMM's preparation laboratories in Juliaca. Following the preparation stage, the sample pulps are sent to CIMM analytical laboratory in Lima where U and a suite of forty other elements are analysed using ICP-MS methodology.

CIMM Peru is an ISO certified assay laboratory. The program is designed to include a comprehensive assay quality control routine comprising the systematic use of standards, blanks and field duplicate samples. Secondary laboratories are used for check assaying.

Qualified Person

Mr. Ian Foreman, P.Geo., of Foremost Geological Consulting, an independent consultant to the Company, 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 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'. The Company owns a 99.5% interest in the Kihitian project. The Company has a cash balance of approximately $14.7 million and no debt.

There are 107,775,714 common shares of Macusani Yellowcake Inc. outstanding.

Figure 1 is a drill hole location map of the portion of Kihitian explored by the Company to date and can be accessed on the Company's website by following the link below: http://www.macyel.com/pr14jul2011/.

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 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.

Macusani Yellowcake Inc.
Peter Hooper
President and CEO
+1-416-360-3402
peter@macyel.com
Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All

Macusani Yellowcake Inc.

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Macusani Yellowcake is a exploration company based in Canada.

Its main exploration property is MACUSANI PLATEAU in Peru.

Macusani Yellowcake is listed in Canada. Its market capitalisation is CA$ 19.7 millions as of today (US$ 16.4 millions, € 14.6 millions).

Its stock quote reached its highest recent level on February 11, 2011 at CA$ 1.23, and its lowest recent point on February 27, 2015 at CA$ 0.03.

Macusani Yellowcake has 262 890 016 shares outstanding.

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Financings of Macusani Yellowcake Inc.
2/25/2011Prices Prospectus Offering of Units
Nominations of Macusani Yellowcake Inc.
4/7/2011Announces Grant of Options/Resignation of Director
Project news of Macusani Yellowcake Inc.
7/14/2011(Macusani Plateau)Announces the Resumption of Drilling at the Kihitian Uranium...
Corporate news of Macusani Yellowcake Inc.
2/24/2015(Macusani Plateau)Acquires a New Mineral Concession With Surface Uranium Miner...
1/31/2015Macusani Yellowcake Proposes to Issue Shares to Settle Debt
1/6/2015Macusani Yellowcake Updates Corporate Plans
11/12/2014Macusani Yellowcake Provides Corporate Update/Announces Opti...
5/31/2014Azincourt Uranium and Macusani Yellowcake Extend Letter of I...
4/17/2014IIROC Trading Resumption - YEL
4/17/2014Macusani Yellowcake and Azincourt Uranium Sign Letter of Int...
4/16/2014IIROC Trading Halt - YEL
3/25/2014Macusani Yellowcake Announces Proposed Changes to Director N...
2/4/2013Announces Grant of Stock Options
4/14/2011Announces More High Grade Intersections at Chilcuno Chico Ta...
3/23/2011Completes $14.4 Million Unit Offering
3/17/2011Reprices Unit Offering/Files Final Prospectus
3/17/2011Refiles Disclosure Documents
2/16/2011Files Preliminary Short Form Prospectus for Offering of Unit...
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