Apr 08, 2008 10:51 ET
Macusani Yellowcake Provides Update on Activities/Strike Length Now One Kilometre
TORONTO, ONTARIO--(Marketwire - April 8, 2008) - Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL) has today mailed to shareholders and placed on the Company's website (www.macusaniyellowcake.com), an update on the Company's activities. For full details please refer to the letter to shareholders that follows this news release.
About Macusani Yellowcake Inc.
Macusani Yellowcake controls over 49,000 hectares of mineral properties (Macusani, Munani, Lagunillas and Rio Blanco) in Puno in southeastern Peru. A 20,000 m diamond drilling program is underway on the Macusani Plateau along a 4 km long radiometric anomaly. Macusani believes that the properties located on the Macusani plateau are underlain by uraniferous volcanic rocks similar to those currently being drilled on nearby properties.
There are 24,296,285 common shares of Macusani Yellowcake Inc. outstanding, 32,876,260 common shares, fully diluted.
MACUSANI YELLOWCAKE INC.
Suite 850, 141 Adelaide Street West,
Toronto, Ontario M5H 3L5
Strike Length Now One Kilometre April 8, 2008
To Our Shareholders:
Uranium, on the Macusani Plateau in southeastern Peru, has been known since the original aerial radiometric surveys were carried out by the British in the early 1980's, and the OECD Nuclear Energy Agency has written reports. The Plateau covers an area that exceeds 2000 sq. kilometres in size and extends southeast into Bolivia. Your company controls over 49,000 hectares on the Macusani Plateau and in the region. The properties on the Plateau have in excess of 12 significant radiometric anomalies and is currently drilling its first anomaly which is over 4 kilometers long and up to 600 meters wide. Drilling thus far has all 31 holes mineralized over a strike length of one kilometer.
Cameco Corp, plus about six junior exploration companies, are busy on the Plateau.
We have discovered, and continue to expand, what we hope will become a large tonnage open pit mine with low costs of production. Recent recovery tests are in excess of 96%. Your company expects to have a National Instrument 43-101 compliant resource estimate for you by the third quarter of this year.
The Two Oceans highway, from southern Peru to Brazil, is only 2 kilometres from our Colibri property and provides easy access for equipment to site.
There also are high voltage power transmission lines on the Plateau, and plenty of water, so that the necessities for mineral production are available.
We have now completed 31 holes on the Macusani Plateau, all of which were mineralized, and assays have been reported on 21 of them (www.macusaniyellowcake.com). The best grades were up to 8.2 lbs/ton through 12 metres.
Step-out drilling, to lengthen the strike, has been successful, and we have now demonstrated continuity for 1000 metres on our 4800 metre radiometric anomaly. The anomaly is about 600 metres wide, of which we have proven about 310 metres. To date, the depth averages about 50 metres with the deepest mineralization of 70 metres.
We intend to complete drilling the first 2 kilometres of the anomaly by June, then expect to deliver a 43-101 compliant resource estimate by the third quarter.
We have been fortunate to have two expert technical advisors on the project.
Dr. Alan Clark, former professor at Queens University, is the leading geologic authority on the Plateau, and he provides useful, and timely, advice on our drilling plan.
David Robertson is a senior consultant to leading mining companies and is recognized for his work with geologic discoveries.
Both men provide valuable insights, and advice, to the company.
We will provide regular updates to you, and if you have any questions, I encourage you to visit our website (www.macusaniyellowcake.com), and in addition, I can be contacted by:
telephone: (416) 360-3402
Peter Hooper, President
Mr. Ian Foreman P.Geo., of Foremost Geological Consulting, an independent consultant, is a Qualified Person, as defined under National Instrument 43-101, and has prepared or supervised the preparation of the scientific or technical data included in this letter.
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.