Mega Uranium Mining & Exploration in  Canada, Cameroon, Australia, Argentina, Bolivia, Columbia and Mongolia.

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Mega Uranium Ltd.
211 Yonge Street, Suite 502
Toronto, Ontario, Canada
M5B 1M4

Phone 416.643.7630
Fax 416.941.1090
 

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2004 News Releases

Maple Closes $2.7 Million Financing


March 16, 2004

TORONTO, Ontario (March 16, 2004) – Maple Minerals Corp. (“Maple”) (TSXV: MPM) is pleased to announce that it has raised $ 2,710,198.55 pursuant to its financing originally announced on February 23, 2004. In connection with the financing Maple issued, subject to final TSX Venture approval, 3,474,922 non flowthrough units at a price of $0.65 per non flow-through unit (for a total of $2,258,699.30 in non flowthrough funds), and 601,999 flow-through units at a price of $0.75 per flow-through unit (for a total of $451,499.25 in flow-through funds). Each non flow-through unit consists of one common share and one-half of one share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one common share at an exercise price of $0.90 for a period of 18 months from closing. Each flow through unit cons ists of one flow-through common share and one-half of one flow-through share purchase warrant. Each whole flow-through share purchasewarrant entitles the holder to acquire one common share at an exercise price of $1.00 for a period of 18 months from closing. Securities issued pursuant to the financing have a 12 month hold period; however assuming proposed securities le gislation becomes effective on March 30, 2004, as previously announced by regulatory authorities, the securities will have a four month hold period which expires on July 13, 2004.

Toll Cross Securities Inc. acted as lead agent in the financing.

Proceeds of the sale of the units will be used for exploration of the Corporation’s properties and for general corporate purposes.

Maple is a Toronto based resource company with properties in Africa and Canada. For more information about Maple, please visit the company’s website at www.mapleminerals.com. This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks.

These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forward-looking statements.

The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.

Contact: L.M. (Gino) Falzone President (416) 941-9600