Macusani Yellowcake Expands Drilling Program at Kihitian Uranium Project in Peru and Issues Stock Options
TORONTO, ONTARIO -- (Marketwire) -- 08/31/11 -- Macusani Yellowcake Inc. (the 'Company') (TSX VENTURE: YEL) (FRANKFURT: QG1) is pleased to announce the expansion of its drilling program at Kihitian Uranium Property on the Macusani Plateau in Puno, Peru and issue of stock options.
Update on Kihitian Project Exploration Programme
The exploration programme at Kihitian is progressing with two drills currently turning at the Chilcuno Chico anomaly. To date the Company has completed 44 drill holes with the objective of extending the strike of both the A and B mineralized zones. Drilling thus far has resulted in an increased strike length of 400 metres on the A zone and 700 metres on the B zone.
Exploration is being expanded to the Quebrada Blanca anomaly. Currently, a third drill rig has mobilized to commence drilling. A recently completed ground radiometric survey for this anomaly shows encouraging results. Further assay results are expected in the coming weeks.
Grant of Stock Options
Subject to regulatory approval, the Company has granted stock options to acquire an aggregate of 2,390,000 common shares to directors, officers, employees and consultants of Macusani and its Peruvian subsidiary under its stock option plan. Each option is exercisable for a three year period to acquire one common share at a price of $0.25 per share. The options granted vest as to one-quarter immediately and a further one-quarter on each of the 6, 12 and 18 month anniversaries of the date of grant.
About Macusani Yellowcake
Macusani Yellowcake Inc. is a Canadian uranium exploration and development company currently focussed on the exploration of its Kihitian Property on the Macusani Plateau in south-eastern Peru. The Company owns a 99.5% interest in concessions which cover over 50,000 hectares (500 km2) and are situated near significant infrastructure. Recent drilling carried out by the Company continues to demonstrate high-grade uranium intersections at Kihitian from which the Company plans to advance to a resource estimate by 2012. Macusani Yellowcake is listed on the TSX Venture Exchange under the symbol 'YEL' and the Frankfurt Exchange under the symbol 'QC1'. The Company has 107,775,714 shares outstanding. For more information please visit www.macyel.com.
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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.
Contacts:
Macusani Yellowcake Inc.
Peter Hooper
President and CEO
1-416-360-3402
peter@macyel.com