Macusani Yellowcake Inc. and Azincourt Uranium Inc. announced that they have completed the previously announced acquisition by Macusani of all of Azincourt's adjacent uranium properties located on the Macusani Plateau in south-eastern Peru. Pursuant to the terms of the acquisition transaction, Ted O'Connor, current President and CEO of Azincourt, has been appointed as Chief Executive Officer of Macusani and Laurence Stefan, current President and CEO of Macusani, has been appointed as President and Chief Operating Officer. Mr. O'Connor and Ian Stalker, Chairman of Azincourt, also join Alan Ferry, Laurence Stefan, Richard Patricio and Marc Henderson on the six member board of directors of Macusani.

To create vacancies on the board of directors for the appointment of Messrs. O'Connor and Stalker, Jean-Pierre Chauvin and Aaron Keay have resigned as directors of Macusani.