GBM

Macusani Yellowcake Inc. (TSX VENTURE:YEL)(FRANKFURT:QG1) (the "Company") is
pleased to announce the completion of a positive Preliminary Economic Assessment
("PEA") for the Colibri II/III uranium deposit located on the Macusani Plateau,
Puno in southeastern Peru. The PEA is based on a NI 43-101 technical resource
report dated April 2010 by the Mineral Corporation. (Please note that all dollar
figures are quoted in US dollars except where indicated).


The PEA was prepared by GBM Minerals Engineering Consultants Limited ("GBM") of
the U.K. The PEA supports a robust, positive investment return at a $65 per lb
long term U3O8 price. The pre-tax internal rate of return ("IRR") is estimated
at 20.7% and the pre-tax net present value ("NPV") using a 13% discount rate was
calculated at $64.1 million on a 100% equity basis with a payback period of 5.32
years from the start of the two-year construction period (3.32 years from the
start of mining). Initial capital costs are estimated at $147.9 million
(including a contingency of $20.4 million) and total capital costs are estimated
at $162.2 million including the initial capital costs and $14.3 million of
sustaining capital. Total operating costs for the project are estimated at $250
million or $21.65 per pound of U3O8 (equivalent) produced.


The study assumes an open pit/heap leach operation that would produce an average
of 1.17 million lbs of U3O8 (equivalent) per year for ten years from 3.0 million
tonnes of mineralized material per year (plus 0.3 million tonnes of waste)
assuming a head grade of 200 ppm (0.02% or 0.40 lbs/short ton) and a uranium
recovery rate of 89%. The uranium would be recovered from the leach solution
using a continuous fixed bed ion exchange plant (or "CFIX").


Mr. Peter Hooper, CEO of the Company stated "We are very encouraged by the
positive results of this PEA which shows cash costs at approximately 50% of the
current uranium spot price. We are highly motivated to continue to develop
significant uranium resources on the Macusani Plateau to improve the economic
potential even further. We believe that the economic parameters demonstrated by
this study will also be applicable to the Company's higher grade Corachapi and
Kihitian projects located in the vicinity."


The key parameters and results are shown in the following table:

Preliminary Economic Assessment Highlights: Colibri II/III Deposit



Total U3O8 produced (1)                         11.7 million pounds      
Average head grade (U3O8)                       200 ppm or 0.020%        
Strip ratio (waste:mineralized material)        0.1:1                    
Average annual production U3O8                  1.17 million pounds      
Uranium recovery rate                           89%                      
Life of Mine                                    10 years                 
                                                                         
IRR (pre-tax)                                   20.7%                    
NPV at 13% (pre-tax)                            $64.14 million           
Payback period (2)                              5.32 years               
Direct unit cash costs                          $21.65/lb U3O8           
Initial capital costs (3)                       $147.9 million           
- including contingency of:                     $20.4 million            
Total capital costs (4)                         $162.2 million           
                                                                         
Long term uranium price                         $65 per lb U3O8          
Long term diesel price                          $0.70/litre              
Long term sulphuric acid price                  $100/tonne               
                                                                         
Notes:  (1) U3O8 grade and annual throughput are derived from preliminary   
         pit optimization information developed by Wardell Armstrong        
         International Ltd. NI 43-101 compliant mineral resources were      
         calculated by The Mineral Corporation and filed on SEDAR           
        (2) Includes two-year construction period. Payback from start of    
         mining is estimated at 3.32 years.                                 
        (3) Calculated to an accuracy of -15% to +25%.                      
        (4) Includes sustaining capital of $14.3 million.                   
                                                                            



The Colibri II/III properties are well located in the vicinity of a major
trans-continental highway as well as adequate fresh water supplies and available
electrical power. The PEA takes into account the high altitude location of the
project at approximately 4,330 metres (14,200 feet) above sea level which would
result approximately 30% reduction in the efficiency of certain electrical and
diesel equipment.


The PEA assumes that uranium mineralized material would be mined in a shallow
open pit at a rate of 3.0 million tonnes per year using blasting and front end
loaders. The limited overburden and shallow nature of the pit would result in a
very low stripping ratio of waste-to-mineralized material at 0.1:1 or 300,000
tonnes of waste per annum.


The run-of-mine mineralized material would be delivered to a crushing plant
adjacent to the pit then carried by conveyor belt to a series of 12 heap leach
cells. The mineralized material would be stacked on the cell pads and would be
irrigated with a diluted sulphuric acid solution. The resulting pregnant
solution would be collected in a pond then pumped to a holding tank in a
continuous fixed bed ion exchange plant ("CFIX" plant) located 1.5 kilometres
from the mine. The CFIX plant is composed of a series of vessels loaded with a
cationic resin which has a high affinity for uranyl sulphate where the pregnant
solution is concentrated. The concentrate solution is then reacted with hydrogen
peroxide to precipitate out the uranium as uranyl peroxide which is thickened
and dried to produce saleable yellowcake.  


The PEA is preliminary in nature and incorporates inferred mineral resources
that require additional geologic work to have economic considerations applied to
them. There is no certainty that the reserves development, production and
economic forecasts on which this PEA is based will be realized. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability.


Qualified Persons

Mr. Alex Mitchell, BSc (Hons), CEng, MIMMM, Principal Metallurgist with GBM
Mining Engineering Consultants Limited, an independent consultant, and Mr. Owen
Daniel Mihalop, BSc, MSc, CEng, MIMMM, Principal Mining Engineer and Technical
Director of Wardell Armstrong International Ltd., an independent consultant, are
Qualified Persons, as defined under National Instrument 43-101, and have
reviewed the scientific or 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 south-eastern 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'.


There are 59,881,284 common shares of Macusani Yellowcake Inc. outstanding.

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.

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