Macusani Yellowcake Announces High Test SX/IX Recoveries at Colibri II/III Property/Progress Report

Macusani Yellowcake Inc. ("Macusani" or the "Company")(TSX VENTURE:YEL) is
pleased to announce that solvent extraction ("SX") tests on samples from the
Company's Colibri II/III property have returned very high uranium recoveries.
Uranium recoveries in excess of 98% were achieved from pregnant solutions
derived by leaching the crushed, mineralized core samples with sulphuric acid.
This laboratory test work will be followed up by testing in a mini SX pilot
plant in order to optimize the process at a larger scale.


Macusani's CEO, Peter Hooper, stated that "These recovery results continue to
increase our level of confidence that economic uranium mining will be feasible
on the Company's properties on the Macusani Plateau. We believe that this
positive recovery data, combined with upcoming NI 43-101 resource studies on
three of the Company's properties and the completion of a Preliminary Economic
Study of the Colibri II/III Property will create a strong case for pursuing
uranium mining development at Macusani."


Metallurgical Testing Yields High Recoveries

Macusani, through its Peruvian subsidiary, Global Gold SAC, continued
metallurgical investigation of the Macusani mineralized material and acid
solutions obtained as a result of the acid leaching of the same uranium-bearing
material.


At present metallurgical testing of the acid solutions using solvent extraction
("SX") recoveries and ion exchange ("IX") techniques are taking place.


The main objective of the SX testing was to understand the behaviour of various
organic solvents for uranium extraction from the existing leaching solutions.
The Company has previously obtained positive results in bottle roll and column
leaching tests.


These uranium-pregnant solutions used for the SX tests were grouped in solutions
of high-grade (870ppm U); medium-grade (276ppm U); and low-grade (34ppm U).


Part of the objectives of the tests was to establish certain technical
parameters such as: Organic/Aqueous ratio (O/A), pH, rotations per minute (rpm),
agitation time, etc.


The solvents used for the SX extraction were Alamine 336, Cyanex and Phosphoric
Acid.


The best extraction results were obtained using Alamine 336 that produced up to
98.92% extraction of the uranium from pregnant solutions (see graph below
showing the "% U Recovery" on the vertical scale vs. the "Organic/Aqueous Ratio"
on the horizontal scale.). As a result of these SX tests, the first "yellowcake"
concentrate was produced at Macusani on a laboratory scale. 


To view the graph associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/YEL0203.pdf 


These SX results are very encouraging and more tests are taking place at
present. An SX pilot plant has been contracted in Lima in order to optimise the
testwork and process of the existing pregnant solutions on a larger
pre-production scale.


This testwork was executed by TECMMINE, Ing. Jose Mallqui, under Global Gold, at
the location of the laboratory of Colibri Refinery in Lima, using CIMM Peru as
the certified laboratory for the uranium and other elements assays.


Update on Exploration and New Resource Development on the Macusani Plateau

During the current quarter, the Company is expected to report the following:



i.  an updated NI 43-101 resource estimate on the Colibri II/III property; 
    
ii. a Preliminary Economic Study on the Colibri II/III property; 
    
iii. a NI 43-101 resource estimate on each of the Corachapi and Kihitian
    properties; 
    
iv.  the mobilization and commencement of drilling on the high grade
    Kihitian property. 
    



The Company has started field work and a new drilling program at its own
concessions on the Macusani plateau, as follows:




-   Colibri II/III: The resource defined to date at Colibri II/III is being
    evaluated through an economic assessment study under the supervision of
    GBM of London, United Kingdom. A new NI 43-101 resource has been
    remodelled using the services of The Mineral Corporation of
    Johannesburg, South Africa. Drilling taking place at present is focused
    on obtaining reliable specific gravity data as well as rock mechanic
    studies for open pit design and optimization. A total of 20 technical
    and sterilization boreholes will be drilled at Colibri II/III during
    this campaign that would provide sufficient material for geo-mechanical
    studies, further metallurgical tests, pit design and setting the plant
    site. 
    
-   Corachapi: This area was drilled by the previous owner, RAM Resources
    Limited ("RAM")(formerly Contact Uranium Limited) but RAM had not used
    all the existing boreholes in their resource modeling and only 35% of
    the boreholes were assayed for uranium. Most of the measurements used in
    their evaluation were radiometric eU ppm equivalent. After acquiring the
    concession, Macusani has re-sampled all the boreholes and resent the
    core for assaying.
    
    A new drilling program consisting of 20 boreholes will twin some of the
    existing boreholes and enlarge the drilled exploration area along the
    extension of the radiometric anomaly as defined by RAM. According to the
    size of the radiometric anomaly, less than half has been drilled to
    date. Once the uranium assaying and confirmation drilling is completed,
    a NI 43-101 compliant resource will be estimated by The Mineral
    Corporation. 
    
-   Kihitian: Recently the Company sampled the accessible adits dug by IPEN
    during the 1980's in two areas, namely the Pinocho and Chilcuno Zones,
    results that have been published recently (see Press Releases dated
    December 14, 2009 and January 13, 2010, respectively). The channel
    sampling exhibited high uranium contents of up to 11.24% U3O8 (or 224
    lbs of U3O8 per short ton). A NI 43-101 compliant resource estimate is
    being modeled at present of the Chilcuno and Pinocho Zones by The
    Mineral Corporation using the underground sample results and the
    structural model developed on site.
    
    A new access road to the Kihitian property is being built at present
    allowing the Company to transport the drilling rigs on top of these
    highly mineralized structures and drill the entire lithostratigraphic
    sequence. In addition to the two known zones, a ground radiometric
    survey, that started in December 2009, has produced three more anomalies
    of potential high grade in the Kihitian concession. A new drilling
    program consisting of 20 exploration boreholes is expected to start in
    February 2010. 



Qualified Persons

Mr. Ian Foreman, P.Geo., of Foremost Geological Consulting, an independent
consultant to the Company, is a Qualified Person as defined under National
Instrument 43-101, and has reviewed the non-metallurgical scientific or
technical data contained in this release. Mr. Alex Mitchell, C, Eng., of GBM
Mineral Engineering Consultants, an independent consultant to the Company, is a
Qualified Person as defined under National Instrument 43-101, and has reviewed
the metallurgical scientific or technical data contained in this release.


About Macusani Yellowcake

Macusani Yellowcake owns over 24,000 hectares (240 km2) of mineral properties on
the Macusani Plateau in Peru.


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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