2005 News Releases
Mega Announces Closing of Maureen Uranium-Molybdenum Acquisition
Toronto, Ontario, Canada, December 9, 2005 – Mega Uranium Limited ("Mega") ("MGA":TSXV) is pleased to announce that it has completed its acquisition agreement with Georgetown Mining Ltd. ("GML") and O’Rourke Geological Contractors Pty Ltd. (“OGC”), to acquire 100% of the uranium-molybdenum-fluorite mineralization contained within GML's properties in the Georgetown area of Queensland, Australia (the Georgetown Project), including the Maureen uranium-molybdenum-fluorite deposit as described in Mega’s press release dated November 18, 2005 (see press release on www.megauranium.com or www.sedar.com).
The properties, covering a total area of some 1,580 sq. km., comprise 15 granted Exploration Permits and two granted Mining Leases, plus 10 Mining Lease Applications, which are expected to be granted in due course.
Under the Agreement, Mega has acquired rights to 100% of the uranium-molybdenum-fluorite mineralization in the properties for total payments of $A1.1 million, 2.1 million Mega shares, and a 0.75% NSR royalty on any uranium-molybdenum production.
Mega plans to focus initially on confirming and extending the Maureen resource and to conduct an airborne magnetic/radiometric survey of the whole ground package to highlight other targets. Mega also plans to engage an Independent Qualified Person to establish a resource that is 43-101 compliant.
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 Mega’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. Mega Uranium disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Mega does have an ongoing obligation to disclose material information as it becomes available.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please contact:
Mega Uranium Ltd.
Sheldon Inwentash, CEO
Telephone: (416) 643-7630