YELLOWCAKE JV BEGINS EXPLORATION DRILLING AT JEEP, Wyoming Uranium Project; NI 43-101 Technical Report Filed

Yellowcake Mining Inc. is pleased to announce that along with its JV partner, it has begun a 6,000 m exploration drill program at the Jeep Property, which is located in the Gas Hills Uranium District of Wyoming.  Historically, the Gas Hills Uranium District is the second largest uranium producing area in the United States with cumulative production in excess of 100 million pounds.

 The Jeep property comprises 3,140 acres (1,270 ha) and includes two miles of contiguously staked lands lying south of the historical drilling area explored by Federal American Partners during the 1960s to early 1980s. Previous exploration drilling defined a roll-front deposit within groundwater hosting sandstones at depths of 280 to 320 feet. This previous drilling defined an open-ended deposit extending to the southern limit of the historical property boundary.  Significant infrastructure, including haulage roads, electrical power lines and a gas pipeline, exists on the property. 

 The current exploration program, which uses a conventional mud-circulating drill rig, is targeted for the area immediately south of the historical work completed by Federal American Partners. The intent is to further define and extend the known mineralized roll-front. The program is scheduled for completion by the end of the summer.

 We are also pleased to announce that an independent Technical Report has been completed and SEDAR filed for the Jeep property, prepared in compliance with Canada�s National Instrument 43-101.. The NI 43-101 report provides a Measured and Indicated mineral resource estimate totaling 483,395 lbs.U₃O₈ at an average grade of 0.08%.  An additional 168,000 lbs. have been classified as an Inferred mineral resource. Further details on the quantity and grade for each mineral resource category are summarized in the following table. 

Measured

Indicated

Inferred

The technical report was prepared by Charles D. Snow, Certified Professional Geologist (CPG, Wyoming), who is a qualified person under National Instrument  43-101. Mr. Snow has over 40 years of uranium exploration and mine development experience (Utah International/Pathfinder) in the Gas Hills and Shirley Basin Uranium Districts, Wyoming, two of the largest producing uranium districts in the world during the last uranium cycle.  In addition, Mr. Snow was involved with and directed much of the world's first in-situ leach mining of uranium deposits in Shirley Basin dating back to the early 1960s.

The new resource estimates are based on 376 exploration drill holes completed by previous mining companies.  Yellowcake�s JV partner Strathmore owns this drilling data, which includes drill hole location maps, cross-sections, drill hole data sheets and historical resource estimate reports.  For the mineral resource estimates, polygons, which were centered on the drill holes, were constructed by using perpendicular bisectors halfway between adjacent drill holes (also called areas of equal influence [AOI]).  Uranium content was previously calculated from gamma-ray logs for each hole by converting counts per second to % eU₃O₈ (equivalent).  Thickness and grade of the mineralized intercepts were assigned to each polygon for determining tonnage, with an assumed tonnage factor of 16 cubic feet per ton.  A grade cutoff of 0.035% eU₃O₈ and a thickness cutoff of 2 feet were used to calculate the resource; selected for direct comparison to the historically generated estimates of Federal American Partners and because it is recognized that low grade deposits which lie within sandstone-hosting aquifers confined by shale are amenable to recovery by the in-situ leach process. Historical drilling was conducted on a 200 foot by 200 foot grid, with significant offset drilling of 35 and 50 foot spacing along the mineralized trend.  The AOI of each polygon was limited by the position of adjoining drill holes or the maximum capped size of the measured (10,000 ft²), indicated (40,000 ft²) or inferred (160,000 ft²) resource category.

In the technical report, Mr. Snow writes:

"In the author�s opinion, there is excellent potential for discovery of additional uranium mineralization on the Jeep Property.  The mineralized trend is open on both ends, especially the southern extent, leaving considerable room to increase reserves from exploratory drilling.�  In addition, �The Jeep Property is considered a viable target for in-situ recovery of the uranium ore.  The ore is at depths of 280-320 feet, lying beneath the local water table and confined by bounding shale and mudstone.�  

 David Miller, Director of Yellowcake commented that he is "very pleased that Mr. Snow has again completed a thorough 43-101 technical report.  Mr. Snow is one of the preeminent uranium geologists in the world, having worked extensively in the Gas Hills uranium district discovering and mining significant uranium deposits.  I am very pleased with the progress made by the team at the Jeep project, and look forward to updating our shareholders on our exploration discoveries this summer.  I previously drilled on the property during the 1980s, having defined the southern limit of the ore body at that time.  The area to the south was never explored and it will be enjoyable to return to the property and watch the progression of the mineralized trend."

Terrence Osier, Senior Geologist coordinating the exploration from Strathmore�s Riverton office located 45 miles west of the Jeep project commented that he is �excited to begin exploring the Jeep ore body.  We believe a million pounds is needed to develop a  second satellite ISR operation, and we are half way there resource wise.  Jeep appears to have all the necessary parameters for successful in-situ recovery.  Also, the Gas Hills was the 2^nd largest US uranium mining district during the last cycle and much ore remains, possibly 100 million pounds.  We have aggressively acquired projects in the Gas Hills and I look forward to advancing our significant historically defined resources to production, in addition to exploring for and possibly finding the next Lucky Mc¹ on our vast district-wide holdings.�

The 43-101 technical report for the Jeep property can be viewed in its entirety on the Yellowcake Mining website www.yellowcakemining.com

 The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed by David Miller, President and Chief Operating Officer for Strathmore Minerals Corp., a qualified person under NI 43-101 guidelines. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability as defined by NI 43-101 guidelines.

 YELLOWCAKE MINING INC. (OTCBB: YCKM) is a Uranium company focused solely on exploring and developing Uranium properties in the United States. Current properties and potential future acquisitions give Yellowcake the expectation of near to medium term production. Yellowcake Mining successfully raised $6 million in February 2007, and there are currently 50,940,000 shares outstanding in the company.

Contact:

Yellowcake Mining Inc.

Carson Seabolt,  1-877-338-4438

www.yellowcakemining.com

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 it is our intent further define and extend the known mineralized roll-front; that the program is scheduled for completion by the end of the summer; that there is excellent potential for discovery of additional uranium mineralization on the Jeep Property and is a viable target for in-situ recovery of the uranium ore; and that we have the expectation of near to medium term production. 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, that we may not be able to raise sufficient funds to complete the payment obligations; that weather, new equipment may not perform as anticipated; logistical problems or hazards prevent us from exploration, development or from fulfilling our joint venture obligations once formed;the likelihood  that no resource is available for exploitation on these properties; that we may not be able to attract or retain key employees or advisors in the current competitive environment; that results that we have found in any particular holes are not necessarily indicative of larger areas of our property; we may not be able to reach agreement with Strathmore on aspects of our agreements; 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.

 Yellowcake Mining www.yellowcakemining.com