VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 15, 2008 -- Yellowcake Mining Corp. (OTC BB:YCKM.OB - News) ("The Company"), has signed a Memorandum of Understanding with Korean Electric Power Corp. (KEPCO) http://www.kepco.co.kr/eng/. The agreement expresses mutual interest to cooperate in the evaluation of Yellowcake's Uravan-Beck Project in Colorado.

Dr. Bill Tafuri, Yellowcake's CEO states, "We are honored to have an organization as prestigious as KEPCO express interest in working with us, as we continue the evaluation of our Uravan-Beck Project."

The Beck property has 12 known deposits which have been subject to varying amounts of drilling in the past. Beck is in a historic uranium district with excellent infrastructure and a history of profitable mines. The Beck property represents Yellowcake's second major development property after the Juniper Ridge project in Wyoming.

LEGAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS

Forward-looking statements are statements that are not historical. Forward-looking statements in this news release include that Kepco may cooperate in the evaluation of our Uravan Beck Project. Risk Factors which may delay or prevent this from being achieved include that we may not reach final agreement with Kepco, and if we do achieve agreement, it may not be complied with. In addition, a history of profitable mines in the area is no guarantee of our ability to establish a profitable mine. Readers should refer to the risk factors outlined in our periodic reports filed on Edgar with the SEC.

     Contacts:
     Yellowcake Mining Corp.
     Andrew Fedak
     1-877-338-4438
     Website: http://www.yellowcakemining.com