Massive Merger in Peru Creates Major Uranium Company

Massive Merger in Peru Creates Major Uranium Company

Azincourt and Macusani Form Global Uranium Player

VANCOUVER, B.C., April 30, 2014 (GLOBE NEWSWIRE) -- China's government
confirmed 2013 uranium imports reached 19,000 tons of uranium concentrate,
exceeding current demand by 7,000 tonnes. China plans to install 50 GW of
nuclear capacity by 2017, a 300% increase from currently levels of about 16
GW.

On April 17, 2014 Macusani Yellowcake (TSX-V:YEL) (FRANKFURT:QG1.F) and
Azincourt Uranium (TSX-V:AAZ) announced a planned merger that will create one
of the largest undeveloped uranium projects in the world.

The merged companies will have a total combined resource of 49.67 M lbs of
Measured and Indicated (M&I) contained U[3]O[, ]and 47.49 Mlbs of inferred
contained U[3]O[8].

Azincourt CEO and President  Ted O'Connor spent the last decade assessing
uranium projects around the globe.He previously worked in senior management
positions at Cameco Corporation – an $8 billion company and one of the world's
largest uranium producers. AAZ's chairman, Ian Stalker, is the former CEO of
UraMin which was sold to Areva for $2.5Bn.

Ted O'Connor will be appointed as CEO of Macusani following completion of the
transaction, and Laurence Stefan, current President and CEO of Macusani, will
continue his role as President and COO. Mr. O'Connor and Ian Stalker, Chairman
of Azincourt, will also join a six member board of directors of Macusani.

The deal appears highly advantageous for current AAZ shareholders and
indicates a good entry point for savvy commodity investors.

Azincourt retains its joint venture in Saskatchewan, Canada with the Athabasca
Basin's leading exploration company, Fission Uranium, exploring the highly
prospective Patterson Lake North (PLN) property, while gaining 68 million
common shares of Macusani, a larger uranium company in Peru.

The PEA's base case evaluation concludes a post-tax Net Present Value of $417
million – 15 times the current combined market capitalisation of both
companies.

Macusani and Azincourt will combine their respective Management Teams and
Board of Directors to create a wider, deeper pool of expertise to drive
development and capital market activity as well as minimising the related
overhead costs.

"This transaction represents an inflection point for both Macusani and
Azincourt," stated Ted O'Connor, current President and CEO of Azincourt. "As a
former Director with Cameco, I've had the opportunity to evaluate uranium
projects all over the world and I believe that the investment community will
be very hard-pressed to identify an investment opportunity in the uranium
sector that is more attractive in the context of the current market than
Macusani."

The Athabasca Basin of Saskatchewan, Canada hosts the world's richest uranium
deposits. Fission Uranium recently reported a drill interval of 38% U3O8 over
10.5 metres. That is approximately 380 times richer than the world average
grade of 0.1% U3O8.

Fission Uranium's stock price has increased 178% in the last 12 months based
on the results of a strategic drill program on the Patterson Lake South
uranium property.

Last month, David A. Talbot, a senior uranium analyst with Dundee Capital
Markets, initiated coverage on Azincourt with a "BUY, Venture Risk, No
Target."

"We believe that investors should buy Azincourt Uranium for its prospectivity
in the Athabasca Basin," wrote Talbot. "It's our opinion that PLN represents a
top three location in the PLS discovery area, and this new player has one of
the best technical teams drilling the ground."

PLN is adjacent to Fission Uranium's shallow depth, high-grade uranium
discovery at Patterson Lake South. Fission Uranium's spin out company, Fission
3.0, is the new partner and operator on this project, with the same technical
and management team as Fission Uranium.

On April 24, 2014 Azincourt exercised a Year 2 Option with Fission 3.0 at PLN,
announcing an aggressive exploration program beginning immediately on quality
targets.

The initial exploration program completed in 2014 proved the prospectivity of
the conductive/structural systems that were drill tested, as well as
identifying a new 8.5 km northern conductor system target. Other targets were
refined throughout the entire project area.

Azincourt will continue funding exploration work into Year 2 of its earn-in
Option at the PLN project. Work is starting well ahead of the June 19
anniversary date

AAZ plans to complete DC Resistivity surveys on the northern conductor and
Broach Lake Conductor systems with line cutting and grid preparation already
underway. Diamond Drill holes are also planned for the summer and fall as
follow-up on the A1 and A4 conductors and on any land-based resistivity
targets.

The merger positions Azincourt shareholders to own twodistinct uranium
investments with different risk/return characteristics:Macusani, a pure-play,
dominant uranium development company focused inPeru, and Azincourt, an
Athabasca-focused uranium exploration company.

China has 28 reactors under construction with five scheduled to be connected
to the grid in 2014. China is suffocating in a cloud of pollution. Nuclear is
the only solution. Domestic uranium mining currently supplies about 25% of
China's uranium demand.

Azincourt is currently trading at .17 with a market capitalisation of $8.4
million.

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CONTACT: Azincourt Uranium Inc. (TSX-V:AAZ)
         Suite 800 - 789 W.Pender Street
         Vancouver, B.C. V6C 1H2
         Toll-Free: 1-855-237-6274
         Phone: 604-662-4955
         Email: info@azincourturanium.com
 
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