Jun 30, 2009 08:51 ET
Macusani Yellowcake Completes Purchase of Additional Uranium Concessions on Macusani Plateau, Peru
TORONTO, ONTARIO--(Marketwire - June 30, 2009) - Macusani Yellowcake Inc. ("Macusani" or "the Company") (TSX VENTURE:YEL) is pleased to announce that it has completed its previously announced acquisition of the Corachapi and Kihitian concessions on the Macusani Plateau in southeastern Peru, including all related data and equipment, from RAM Resources Limited ("RAM") of Perth, Australia (formerly Contact Uranium Limited). The consideration for the purchase was C$500,000, satisfied in cash. Macusani also assumed a 1% net smelter royalty obligation in respect of the Corachapi concessions in connection with the transaction.
The concessions are located in the vicinity of Macusani's other concessions in the northeastern portion of the Macusani Plateau. Significant prior exploration work was carried out on the concessions, including drilling and underground exploration. A resource was previously calculated for the Corachapi concession utilizing the JORC Code, which resource is not being adopted by Macusani. Macusani is in the process of recovering all prior exploration data for the concessions and entering it into the Company's computer model. Once complete, the calculation of a resource in accordance with National Instrument 43-101 by an independent third party is planned. A further exploration programme by the Company is also planned on the concessions, including infill and correlation drilling, to more fully explore the potential of the large radiometric anomalies contained within the concessions.
Peter Hooper, President of Macusani, stated, "This acquisition significantly improves our property portfolio on the Macusani Plateau and increases the prospect of developing an economic resource there."
The sale was approved by RAM shareholders in accordance with applicable corporate and Australian Stock Exchange requirements.
About Macusani Yellowcake Inc.
Macusani controls over 22,000 hectares (2,200 km2) of mineral properties prospective for uranium on the Macusani Plateau in Peru.
There are 41,731,284 common shares of Macusani Yellowcake Inc. outstanding (55,807,712 common shares, fully diluted).
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.
For more information, please contactMacusani Yellowcake Inc.