2005 News Releases
Exploration Drilling of Four Gold Zones on Ardeen Mine Property, Shebandown Camp, Thunder Bay, Ontario
December 28, 2005
Wide spread gold mineralization on Waverly and Western Zone
Waverly, Western, Middle and Contact Zones assessed
New Base metal Chert Exhalite marker found
Toronto, Ontario, Canada, December 28, 2005 – Mega Uranium Ltd. (“Mega”) (MGA-TSX-V) is pleased to provide an activity update on the Ardeen Mine – Shebandowan property.
A total of 13 drill holes have been completed to date which tested five different areas on the property, none of which were in the vicinity of the Ardeen Mine itself.
New geophysical targets or extensions of untested surface showings were the priority of this first phase of work with four of the target areas being extensions of gold showings. Approximately 50 km of ground geophysics (IP-resistivity) are in progress with more ground geophysics being planned for 2006. A 1676 km time domain helicopter borne electromagnetic (EM) and magnetic survey was flown in July, 2005 at 100 m spacing over the entire property with overlap onto adjoining claims held in Hamlin, Deaty Creek, Powell and Obadinaw.
Many different styles of anomaly patterns were outlined by this EM survey including possible VMS targets, shear zones and iron formations. The major rock units such as the basalt sequence that hosts the Ardeen Gold Mine and felsic (rhyolite) units that are favourable for base metals were outlined.
The group will be undertaking additional drilling to trace this favourable mineralization within the context of the widening Shebandowan camp drilling program. A summary from each area will be presented separately once detailed interpretation has been completed in early 2006.
East West Resource Corporation (TSX-V: EWR) and Maple Minerals, a division of Mega Uranium Ltd (TSX-V: MGA) can each earn a 30% interest in the Ardeen Shebandowan property from Pele Mountain Resource Corporation (TSX-V: GEM) by spending $2.5 million on exploration over 5 years and completing a feasibility study. Pele Mountain Resource Corporation would then retain a 40% interest. To date over $400,000 has been spent on the Ardeen program since July 2005.
The project set out above is being supervised by R. Middleton, P.Eng. who is the qualified person and responsible for quality control of the assaying and reporting. More details are available on SEDAR at www.sedar.com.
Mega Uranium is a Toronto based resource company with property interests in Australia, Argentina, Mongolia, Africa and Canada. For more information about Mega, please visit the company’s website at www.megauranium.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 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